Mortgage Savings Tips

          - If the mortgage rate drops at least 1% lower than what you are currently paying, consider refinancing
          - By making one extra mortgage payment per year, you can reduce the number of years it takes to pay off
            your mortgage. (Hint: making bi-weekly mortgage payments is an easy way to make the equivalent of a
            one-month extra payment a year)
          - The mortgage amortization period makes a big difference: if you had a $100,000 mortgage at 5% interest,
            your payments would only be $75 higher each month with a 20 year amortization, instead of 25 years…
            and you would save over $16,000 in interest!
          - Take advantage of early payments options such as making double-monthly payments or paying off a 
            lump sum each year
          - Any extra payment off the principle significantly reduces future interest payments.  Consider using your
            tax refund for this purpose and give yourself a bonus savings.
          - If interest rates on your mortgage have declined, continue making the higher payments that you were
            used to, and then pay off your mortgage that much sooner.

Save on Home Insurance Costs

While home insurance is worth every penny, who wouldn’t like to save a little money?  Here are some tips that can help you do that:

          - Buy home and auto insurance from the same insurer for reduced rates.
          - Compare rates between several insurers.  It may also be helpful to rely on referrals from people you trust.
          - Check with your insurer to see if you qualify for rate deductions if you update the security of your home.
          - Include only enough coverage to rebuild your home – don’t include the value of land in the
            amount of homeowner’s insurance you purchase.
          - Update old plumbing, heating or electrical systems to reduce the risk of damage from fire or water (and
            increase the value of your home!)
          - Ask your insurer if they offer non-smoking or seniors discounts.
          - Review your deductible: your premiums will be higher if your deductible is too low.
          - Inquire about group coverage through your employer or associations.
          - Avoid switching insurers if you can – staying with the same one can earn you loyalty discounts.
          - Check your policy on a yearly basis and adjust your coverage based on current values of your home and
            its contents.
          - Check the policy carefully for correct information: postal codes, ages and location addresses can affect
            your rate
          - If possible, pay up front rather than monthly.