With a house payment being your most expensive bill each month it’s always a good idea to look for ways to reduce it. Here are some tips to consider:

  1. Refinance your mortgage – Current low interest rates and shorter fixed loan terms are great ways to cut your mortgage payment and even shorten your term thereby saving you thousands of dollars over time.  Closing costs and how long you intend to hold the property are important to consider before refinancing.
     
  2. Shop around for a great interest rate – With all the different lenders in town you’ll find huge differences in their fees and interest rates.  Make sure you know what is out there.  Click Here to go to our Mortgage Shopping Tips web page to get great advice on how to shop to get the best rate and fees.  You can also Click Here to shop directly with our Preferred Lenders that we trust and are known to have consistently low fees and low interest rates.

  3. Find out what your home is worth now – Even if your property has lost value due to a down economy it may mean that your property taxes have gone too…which could save you money.  Make sure your property tax assessments are consistent with what the real estate market is doing.  Feel free to call us if we can help you determine a rough value on your property.  Call our Stewart Realty office in Meridian at 208-887-5445 for further assistance.

  4. Improve your credit score – A good credit score will help you get a better interest rate.  However building good credit may take a while and the interest rate you are shooting for may change by the time your credit is improved.  Find out from your lender what kind of score will give you the kind of loans and rates you want.

  5. Make extra house payments – By increasing your mortgage payment a little each month or paying your payment ahead of time can repay your loan faster and cut interest costs in a big way over the life of the loan.  Before doing this make sure you have an ample Rainy Day Fund for the unexpected.

 

       Best Regards,

       Realtor’s at Stewart Realty, LLC, Meridian, Idaho - Toll Free: 866-787-5445

       Search our Real Estate Website at http://StewartRealtyllc.com