Tuesday, July 9, 2013

Greetings Thrifty Friends,

There are certain expenses that most people overlook because they are "built-in." If you own a home your Private Mortgage Insurance might be one of them.

Keep pinchin' those pennies,
Penny

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TODAY'S THRIFTY TIP: Get rid of Private Mortgage Insurance.

If your down payment was less than 20 percent, you are probably paying PMI. Once you have a 20 percent cushion through reducing your debt and home appreciation (yes, prices do go up from time to time), contact your mortgage company to start the process of removing the PMI.


BONUS TIP: Refinance you mortgage.

Refinancing has been popular since rates have been so low. They are supposed to climb back up, but there are still deals out there. If you can reduce your interest rate by one percent or more, it is often beneficial to refinance. This is particularly true for those with high rates due to less than stellar credit scores. If your score has improved, you may qualify for a better rate.

Start by asking your current mortgage lender about lower rates. You can find a refinance calculator online to help you determine if refinancing is right for you.