Did you know that there are many ways you can lower your mortgage payment? Many ways to lower your mortgage payment without refinancing, that is! For the majority of Americans, what they spend on their mortgage is their largest expense every month. With this being said, it would absolutely be helpful if you had extra spending money. Or extra money to be put toward other expenses.
To begin with, have you looked into if you have private mortgage insurance? If the value of your home is below 80%, it is not required for you to have mortgage insurance. If this is applicable to you, you may wind up saving hundreds of dollars each month. If you need help figuring out if this applies to you, your mortgage lender can help you. They would also be the ones to cancel your private mortgage insurance.
Your mortgage lender can also help you to make modifications to your loan. They can help to see what opportunities may be available to you that would help you save money. For instance, they may suggest your mortgage terms get changed. Perhaps from changing your terms, you would save money each month.
Another way to save money monthly is to decrease your homeowners insurance. In order to do this, you may need to switch policies…but, nothing wrong with that! Each provider offers different options and also has different costs. If you do not want to switch providers, if you were to raise your deductible, your monthly mortgage payment would be decreased. If you choose to do this, make sure you are still protected though. Make sure you are fully aware of the changes that were made.
You could also start to make extra payments when you can. For instance, if you are gifted a significant amount of money or save up a significant amount of money, you could put it toward a payment. This would decrease your monthly payments!
There are even more ways out there for you to save on your monthly payment. Sometimes it pays to be creative!