Saturday, January 10, 2015 / by Martin Millner
It’s a new year, which means it’s a great time to consider making some changes. If you currently own a home in Yardley, you could potentially reduce your mortgage payments each month, which of course will save you money throughout the year and help you pay off your home quicker.
If you are paying a PMI (Private Mortgage Insurance), you could be adding hundreds to your mortgage each year. You’ll pay a PMI if your down payment was less than 20%. Here’s the trick: repay enough of your mortgage so that you’ve gained 20% equity in your house. Then you can contact your lender and ask how you can get the PMI removed. Lenders won’t automatically drop it – you will have to request for that to happen.
Extend the length of your loan to cut back your monthly mortgage payment. If you currently have a 15-year loan, extend it to a 30-year loan. Your interest rates will rise, however you will have lower payments. You can still make additional payments to help pay your loan off quicker.
If you are thinking of buying or selling your home in 2015, call me today at 215-519-1399 or visit my website for more information.