Refinancing a Mortgage
The importance of your credit report and score doesn't fade once you've become a homeowner. Your report and score play a key role in your future mortgage options, including refinancing.
How Do I Best Manage My Mortgage?
Home loan programs and rates are constantly changing. And, what's good for you now may not be the best program for you in three years. There are times when you should leave your mortgage alone, but there are also times when you may benefit from refinancing.
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Tips When Managing Your Mortgage
- Make extra payments. Split your single, monthly payment into two bi-weekly payments every other Friday (or whenever you get paid). If you did this for a year, you'd make 26 half-payments, which means you've made 13 full mortgage payments. Making one additional payment a year will save you thousands in interest over the life of the loan.
- Shop your homeowners insurance. You should be shopping around for a better deal on homeowners insurance at least every two years. Shopping around is a great way to save extra money. If your mortgage payment includes taxes and insurance, be sure to notify your mortgage company. If your premium is significantly reduced you could request that your escrow be reduced or that you get a refund from your escrow account.
- Don't change jobs. When qualifying for a loan, lenders look at your last two years of employment as well as your income. It's best to avoid switching jobs and gaps in employment.