Yes there is....
You prepay a sizeable chunk of principle. Many banks will allow you to do this and they adjust the payment WITHOUT having to do a re-fi...
Ask your bank how they can facilitate this...How do you save money on your mortgage payment?
Since you have the mortgage, and if you have an open end mortgage which means you can pay down the mortgage anytime, you can pay extra each month. You should request an amortization so you'll know how much you're paying each month.
The only way you can reduce the amount of money you are currently paying on your mortgage is by gettng a mortgage with a better interest rate. Of course , they may be penalties for changing mortgages, you would need to look at the small print on your mortgage agreement. =)
dont pay it and you will save 100% but you may risk losing your home.
It depends. If your interest is 6.5 like most people who have purchased recently, you will have to wait for interest rates to come down. This does not seem likely in the near future. Do not take out an equity loan to consolidate bills. Every year when you receive that nice refund take half of it to put it towards maintenance or taxes and the other half to send to pay down your mortgage. If you average an extra mortgage payment a year. You will shave off 6-7 years on a 30 year mortgage.
It depends on the terms of your mortgage. Some lenders only adjust over payments once a year, others allow for over payments at any time either as regular payments or as one off payments. The idea is you overpay in order to reduce your 'normal' monthly payment. Say you had a mortgage of 100,000 units and paid 675 units monthly, if your lender allowed you to make a single overpayment of 10,000 units you could reduce your monthly payments to 607 units. It will take you longer to achieve this reduction by making regular over payments but that is how you can do it. Alternatively you can ask to have the term of your mortgage extended. e.g. from 20 to 25 years. (100000 over 20 years is 745 units per month, compared to 100000 over 25 years is 675 units per month).
If you have PMI in your mortgage payment, you can get that cancelled once the loan balance reaches 80% or less of the value of the home. if your house is worth more than when you bought it, you can have it appraised to get that 80% LTV.
Make sure you have the best rate of homeowner's insurance. a cheaper policy will reduce your payment.
The only way to save on a mortgage in the long run is the get the best interest rates possible and pay as much extra as you can to reduce the life of the loan. There are Pick-a-pay loans that allow you to pay interest only or a full payment, but you generally lose money doing that over time.
you could refin i guess but that just means it will take longer to pay for your home -- best bet is to pay more than your payment and get it totally out of the picture!!!
You can only do this with agreement of your mortgage company.
Or you could get an interest only mortgage. That will lower your monthly payments but you'll still have to pay the capital off at the end of the mortgage term.
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