Chances are, your mortgage payment is your most expensive monthly bill, which is why it is important to make sure that you take the time to look over it each month. Keep these tips in mind to ensure that you are not overpaying for your mortgage.
- Get rid of PMI – PMI, or private mortgage insurance, is only necessary if your mortgage balance is over 80 percent of your home’s value. If you can prove that your balance is less than 80 percent of your home’s value, you can get rid of PMI and save hundreds of dollars each month.
- Consider refinancing – if refinancing your home will help to lower the interest rate of your loan, you should seriously consider it. A lower interest rate will help to save thousands of dollars over the life of your mortgage.
- Know the real cost of repaying your mortgage – find out if it is worth it to repay your mortgage early, or if you should invest any extra money into another area of your life.
For all of your North San Diego real estate needs, contact The Alan Shafran Group.