How to Save Money On Your Mortgage Loan PaymentArticle Posted by Expert Author: Sam Stieler on 04/24/2013
For most Americans, the monthly rent or mortgage payment is the largest expense in our lives. As a result, if you want to make the largest impact on your budget it only makes sense that you'd start with your mortgage. Many people feel stuck and don't realize that there are actually a few ways you may be able to reduce your monthly mortgage loan payment. First of all, find out if you're eligible to refinance. Remember that there are fees involved so be sure that if you're given an offer to refinance that you'll be saving more than it will cost you to refinance.
If you're not eligible for a refinance or you find that it simply doesn't make financial sense, then consider making a large payment toward your principle balance. For example, use your tax return or a small inheritance. Instead of purchasing a new car or TV, make that payment against your mortgage. This will lower the overall balance due, which will make it easier to get a refinance. You could save a significant amount of money not just on your monthly payments but on the amount of interest you pay overall over the course of the loan. You can determine your optimal option by plugging in numbers to our online calculation tool. By seeing the actual numbers in black and white, you can ascertain whether a refinance is right for you.
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