Many homeowners want to reduce their monthly mortgage payments but hesitate to refinance. Refinancing can come with closing costs, new loan terms, and time-consuming paperwork. The good news is that there are several ways to lower your payment without refinancing. Recast Your MortgageOne option is a mortgage recast. This allows you to make a large lump-sum payment toward your principal balance, which lowers your monthly payments for the remainder of the loan. The benefit is that your … [Read more...]
Strategies to Save on Your Mortgage in a Rising Rate Environment
When interest rates climb, homeowners and buyers alike often feel pressure on their monthly budgets. Fortunately, there are strategies that can help you save money and manage your mortgage more effectively even in a rising rate environment. By making thoughtful adjustments and using available tools, you can still work toward long term financial security. Make Extra Payments Toward PrincipalOne of the simplest ways to reduce the total cost of your mortgage is by making extra payments directly … [Read more...]
What Is A Home Loan Offset Account And How Does It Work?
Looking for ways to reduce the amount of interest you pay on your mortgage and shorten its lifespan? A home loan offset account might be the solution. This financial tool allows you to reduce the interest on your mortgage by using the balance in a linked account to offset your loan amount. Let’s explore how it works and how you can benefit from it. What Is a Home Loan Offset Account? A home loan offset account is a transactional bank account linked to your mortgage. The balance in this … [Read more...]
How Everyone Can Reduce Their Monthly Mortgage Payment
For many people, their biggest monthly bill is their mortgage payment. Therefore, it should come as no surprise that there are a lot of people who are looking for ways to reduce their monthly mortgage payment. The positive news is that there are several ways to do so. By putting some of these tips to use, everyone can find a way to pay less every month on their mortgage, helping them save money for other expenses such as a new car, college expenses, or that next vacation. Shop Around Before … [Read more...]
