As the economy gets tougher, many people are trying to save as much money as they can on their monthly mortgage payment. Because so many people are in a situation where they can’t refinance, if you are in this situation, is there anything that you can do to save money each month without having to refinance?
Yes.
As you know, your mortgage payment is made up of Principal, Interest, Taxes and Insurance. If you refinance, then that will address the Principal and Interest – but if you don’t want to refinance (or can’t) then you can still save money each month on your taxes and insurance.
First, see if your property has been assessed a lower tax bill this year. If not, get on the phone with your county tax assessor and find out what it takes to dispute the assessment. You might be surprised to learn that by being a squeaky wheel you can actually save some money on your taxes.
Next, shop around for the best deal on homeowners insurance by getting multiple homeowners insurance quotes from companies you know and trust. There are also things that you can do to get a lower rating with your insurance company such as find one of the best home alarms and have it installed. Many times, home alarm companies will give you the hardware needed – and it will also save you money on your homeowners insurance.
By doing these two things, you can be sure that you are doing all you can to save money on your monthly mortgage payment — and in these tight times, you really can’t afford not to do all you can.
