Decrease Your Mortgage Payment with These Proven Strategies

Transcript

Hello, Scott Dill from Texas Home Loans. Thank you for visiting our channel. We’d like to help you in many ways possible. If you want to give us a call, we can give you a low rate quote on the first call. Other than that, we would have to address a very important question today, a question I hear all the time, and it is how people feel that they’re overwhelmed by your mortgage payment.

So if you’re feeling overwhelmed by your mortgage payment, you’re not alone. A lot of people are, especially if you bought a house since the house prices went up. Or when the interest rates went up and God forbid when they both went up. So today we’ll take some, we’ll share some proven strategies to help you decrease your mortgage payment and save money in the process.

Strategy number one, refinance your mortgage. By refinancing, you can secure a lower interest rate and potentially ruin, lower your monthly payments. Check with, you can check with us, check with different lenders and we can see if that saves money. Now there’s always a cost, so you see if there’s an ROI on that as far as the cost per savings, we can do that right away.

It takes just a couple minutes. That’s not a big secret. A lot of banks try to hide that from you and they don’t want to give you that information, but you need that information. It’s your loan strategy. Number two, extend your loan term. If you’re on a 15 year, you can extend it out to a third year, decreases the payments, and then you can make extra payments if there’s no repayment penalty with no penalty at all.

Strategy number three, which is to make extra principal payments. This will shorten the term because it’ll cut off. Tom, bring your principal down. You only charge interest on the remaining principal. So the next payment, although it’ll look like it’s the same, a higher percentage will go towards your principal because you’re getting charged less interest as it goes down.

You get on the good side of compound interest. So making one extra payment per per year can drop seven years off your loan. That’s a huge, huge savings. Strategy number four, consider an adjustable rate mortgage. Sometimes an adjustable rate will give you a lower payment. It’ll stay fixed for three, five, seven, 10 years.

And then it’ll adjust later. But at that time you may have sold the property or refinanced. Strategy number five, evaluate your, evaluate your property taxes. You need to make sure that your property is getting assessed. Especially with these properties going up and down, up and down, the tax man is going to try to keep it up.

So you’re going to get comps. We can help you with that. We can get a qualified real estate professional, get recent sales. And you go to the county and you say, no, my house is not worth 685, 000. It’s worth more like 525, 000. That makes a big difference on your bottom line, sometimes more than your interest rate drop.

So there you have it. By implementing all these strategies, you can unlock the secrets to drop your mortgage payment and put money back in your pocket. Remember to research all of your options to get the quotes and talk to somebody who’s going to be honest with you up front like our company, we’re going to tell you exactly where the rates are.

We’re going to tell you whether it’s worth it. I tell people not to do refinances all the time. Although this other guy said it, other guys trying to steal your money. I can tell you a cost this and what gives you back that the ROI is not there. You need to wait or make extra principal payments. So thank you for watching.

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