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ennis
Apprentice
Joined: 30 Nov 2004
Posts: 4
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 Posted: 02/12/08 - 09:59 Post subject: |
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| Hello, guys. I took a mortgage several years ago. I think my rates are not affordable for me, so I am wondering something. Is there a way to reduce mortgage payment? If there is, I would like to know that. Your help will be more than appreciated. Thanks in advance. Bye! |
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marcelo
Apprentice
Joined: 06 Dec 2003
Posts: 7
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| Posted: 03/13/08 - 02:19 Post subject: |
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| Hi, there. There are several ways you can reduce your mortgage payment. First, you can avoid Private Mortgage Insurance (PMI). It is usually required by a lender if a homeowner has less than 20% equity. Lender won’t inform you when you can drop paying PMI. You can also try refinance at a lower rate. It will save you couple of hundred dollars. Every year try to make an extra payment. I hope some of these tips will help you. I hope you will manage. Good luck! |
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