As a homeowner, there are many ways you can save money without refinancing.
First, you can have your conventional mortgage insurance removed. If you bought a house in the last five years, there is a good chance you can remove mortgage insurance because home values have gone up 8% to 10%.
You should also check on your home insurance. Insurance rates change all the time. For instance, if a company with higher exposure in certain areas gets hit by a storm, their rates will go up. A company with less exposure would probably keep the same rates despite the storm, giving you good coverage for less money. Switching insurance companies could save you a lot of money in the long run.
If you’re happy with your insurance, consider checking your utility rates. You don’t have much choice when it comes to things like gas, water, and trash. However, you can save money on your electricity, phone, cable, or internet bill. You can research different rates on your own by checking PowerToChoose.org or we can hook you up with a free concierge service that will shop the rates and get you the best program.
Finally, file that homestead exemption to save 15% to 20% on your property taxes. You have to be the owner of record on January 1st and you have three months to file the exemption. Once that exemption has been filed, it’s good for that year and all the other years you spend in that house.
As you can see, refinancing is not the only way you can save money on your house. If you have any questions for me, give me a call or send me an email. I would be happy to help you!