also known as discount points. Points reduce your interest rate for an upfront fee. If you plan to stay in your home for a while, the interest savings over the life of the loan can make up for the upfront cost of buying points. ...
Why should I refinance my escrow account, and when should I do it? Refinancing is a good way to reduce monthly payment installments and interest rates. By refinancing, you will most likely save a lot of money, so it is highly recommended that you consider it. However, not everyone is eli...
Using legitimate payment channels can help reduce your risk of fraud. Some payment providers will provide you with some protection against fraud. Keep in mind, though, that not all payment providers were created equal. For example, PayPal does not cover the buyer if the car did not arrive as...
How to reduce bridge loan costs Applying for a bridge loan with the same lender as your new mortgage can lead to cost savings. In such cases, you might not need to pay additional underwriting or mortgage fees, as your bridge loan and new mortgage will be processed together. It’s advisabl...
Now that you know how to reduce mortgage fees, you should focus your attention on investing in real estate. Real estate should be a strong investment going forward due tonegative real mortgage ratesand work-from-home trends. If you don't have the downpayment to buy a property, don't want...
How does the home’s construction type impact insurance or other costs? What steps can homeowners take to lower their insurance costs? Sandra D. Adams, CFPLead Financial Planner/Partner at The Center for Financial Planning, Inc. Heidi Petschauer, CICPresident, Petschauer Insurance ...
change in your mortgage rate coinciding with an increase in your property tax assessment can be a source of concern. With many Americans including property taxes and insurance in their mortgage payment, also known as escrowing, lowering property taxes can be a great way to reduce monthly ...
How to calculate your mortgage recast Say, for example, your 30-year mortgage carries a balance of $200,000 at a 5 percent interest rate. The monthly payment is $1,074 (excluding escrow payments). After 10 years, your outstanding mortgage balance is $162,684. You then decide to make a...
These items are referred to as “above the line” because they reduce your income before taking any allowable itemized deductions or standard deductions.26 Step 4: Calculate Your Deductions (Standard or Itemized) The next step is to calculate your deductions. As mentioned above, you can either ...
PMI is intended to reduce a lender’s risk on loans where the borrower has less than 20% equity. If you have a conventional loan, you won’t have to pay PMI for your entire loan term. Instead, it automatically terminates once you’re scheduled to reach 78% LTV—that’s equal to 22%...