3 ways to lower your mortgage payment

There are 3 effective and easy ways to lower your mortgage payment

Lowering your mortgage payment by just $200 a month can really add up to money in your pocket

You can either use it to pay down your mortgage or invest it somewhere else

For most of us our mortgage payment is our biggest monthly expense


Here are 3 ways you can lower your monthly mortgage


Remove PMI or Private Mortgage Insurance 

Some of us when we purchased our house didn’t put down 20% so the mortgage company added in PMI

To remove PMI you must have at least 20% equity in the home.  

You can ask your lender to cancel PMI when you pay down your mortgage balance to 80% of the home’s original appraised value

Check with your lender to see if you can remove PMI 


Lower your interest rate and principal loan amount owed

Ask your lender if you now qualify for a better interest rate

Maybe your credit score has improved

You now have a longer work history

If you have a 30 year loan, consider a 15 year at a lower interest rate

Pay down your interest by paying for points

Each point is equal to 1% of the value of the loan

Consider another lender who may offer a lower rate


Review your current home insurance policy

Are you still getting the most competitive rate?

Most new homebuyers purchase a home insurance policy that was a recommendation from their real estate agent or lender

This may not be the most competitive policy in the market

In some cases coverages were removed so you could get approved to buy the house

If you have not reviewed your home insurance policy since you purchased your house you should get a professional review

Review price, protection and your deductible


You can lower your mortgage by lowering the cost of home insurance


The most simple way to lower your mortgage is by saving on your home insurance

It is not uncommon today to save over $1,000 annually

You can also assume more of the risk from the insurance company by taking on a higher deductible

When you transfer more of the risk from the insurance company to you, 

the price you pay for home insurance goes down

If you are ready for a professional review of your home insurance protection to see if lowering your home insurance without lowering your protection