Today, the economy is changing daily and there is growth everywhere… population, climate, workforce, job market and the stock
market all have a direct impact on the real estate market. With that said, it’s very important to ensure you are getting the best
bang for your buck when it comes to your mortgage.
Homeowners have seen their property values increase in the double digits in 2020. I advise looking over your mortgage loan at least once
a year… assessing your property value, current rate, equity, and weighing all options and opportunities. I’d be more than happy to assist in
looking over your loan to determine what is best. Please contact me today.
- How much has my value increased? As home sales increase and the area around you develops, your property value will rise. It’s important to keep an eye on your equity.
- What is the best rate I can get? Lower rate = faster payoff, more equity, lower payment. Who wants to pay more interest than they have to? Even half of a percentage point could shave off hundreds of dollars a month that could be used to reinvest elsewhere.
- Can I lower my Homeowners insurance premium? Homeowners insurance is dictated by your credit and LTV (Loan to value %) … maybe you’re in better shape than you were in when your policy was created. Lower policy premium = lower mortgage payment
- Do I have the best loan type? Although an FHA loan may be the easiest to get into, it can be the most expensive loan to have. The Mortgage insurance is required through the life of the loan forcing you to pay an additional fee, sometimes hundreds of dollars monthly. On the other hand, conventional loans don’t require mortgage insurance after a certain point… for starters, the mortgage insurance on a conventional loan when it is required can be significantly less than it would be for an FHA loan.
- Can I Remove my Mortgage Insurance premium? For conventional loans with an LTV less than 80%, no PMI is required. Again, this typically saves homeowners hundreds of dollars a month. I’ve helped several clients switch from an FHA loan to a conventional loan with a lower rate and lower the Mortgage insurance or remove it all together.
There are several ways to reduce your payment, payoff your loan faster or even takes advantage of some equity without raising your payment at all. Let’s chat today to see what your options are!