[Kde-i18n-vi] Save Money on Your Mortgage - Edward Palonek

[paul.kholer paul.kholer]

Edward  Palonek

You should say goodbye to PMI. You may not notice it in the crush of your
monthly mortgage statement, but many Americans pay for a line item called
PMI. PMI stands for "personal mortgage insurance," and lenders impose it on
customers who have less than twenty percent equity in their homes.

If you took advantage of a low-money-down offer, the PMI will protect the
bank if you go bankrupt. Once your equity has risen above twenty percent,
call your lender to cancel the PMI - you no longer need it. You should
eliminate force place insurance.

If you ever happen to let your homeowner's insurance lapse, your mortgage
lender can legally protect their assets by imposing a force-place insurance
policy on your account. A force-place insurance policy doesn't cover the
loss of your belongings in case of fire or theft. And you may have to pay
about four times as much per month for force-place insurance than you would
for the cheapest homeowner's policy. Keep your homeowner's insurance
current, and notify your lender immediately if you see a line item for
force-place insurance on your bill.

You should check for stealth benefits. A growing number of mortgage lenders
have grown some non-traditional revenue by selling other products and
services to their clients. Sometimes, you may not realize you're getting
billed for features like roadside assistance or travel agency services when
you receive your monthly statement. Scan your bill carefully each month and
call your lender to question anything on your bill that looks unfamiliar or
unauthorized. You should pay your mortgage every 15 days. A growing number
of homeowners use this trick to shave thousands of dollars in interest off
their mortgage expenses.

If your mortgage payment is due on the 30th of every month, and your lenders
receive your check on the 30th, everything's running according to schedule.

But, if you split your payment up so that they receive half on the 15th and
half on the 30th, you no longer have to pay interest on the half-payment you
made in the middle of the month. Although your monthly budget stays the
same, these little savings can add up to big windfalls over the course of a
thirty-year loan.
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