![]() It's also possible to bring down energy costs slightly by simply changing the direction in which your ceiling fans operate come winter."If you currently pay $200 a month during the winter for your heating bill, and if you keep your home at 75 degrees, you could turn it down to 70 degrees and save $10 to $20 a month." "You can save from 1 percent to 2 percent for each degree of temperature you lower your winter thermostat setting," says Todd Christensen, education manager for the Idaho-based non-profit agency Debt Reduction Services. This is especially important given that the cost of energy has risen to its highest level in decades. This should be an obvious tip, but in case you're not already implementing this habit, turn your thermostat down and save yourself a few dollars on monthly heating bills."In today's digital age, it's very easy to find the lowest rates by plugging in your information online and generating quotes from multiple carriers at once to ensure you're getting the best rate," says Jonathan Svensson, co-founder, and partner with the financial platform Almvest. It's also worth noting that there are numerous online insurance marketplaces and price comparison websites these days, such as Policygenius and The Zebra. "Sometimes even just suggesting that you will leave your current carrier will result in receiving 'hidden discounts' that were never mentioned to you before." "Shopping around for insurance can save hundreds each year," says Martin Boonzaayer, CEO of The Trusted Home Buyer. Yet another way to save money on insurance policies is to make it a regular habit to shop around for the best, most competitive offers. "But make sure you work with your agent to understand all the ramifications of making such changes first." "Actual Cash Value is a less expensive option than Replacement Cost," explains Giulianti. In addition, inquire about whether your insurance provider offers a less expensive coverage option for damaged personal property known as Actual Cash Value (ACV), advises Giulianti. "If you have savings put away, consider increasing the deductible on your insurance policy, which will reduce your annual premium." "Check with your homeowner's insurance agent to find out where you might be able to intelligently save money off your premium," says Stacey Giulianti, of Peninsula Insurance. But that doesn't mean you can't call your insurance provider each year and review the various charges associated with your policy to identify opportunities to reduce any unnecessary costs. If you own a home, then having a homeowners insurance policy is a must in order to protect your investment and your personal belongings. But you'll save money by canceling it as soon as possible. In most cases, mortgage insurance is canceled automatically once your mortgage balance hits 78 percent or you're halfway through your loan term, whichever comes first. "If your mortgage balance has reached 80 percent-meaning you've made enough payments to gain 20 percent equity in your home-you can request that your mortgage insurance be canceled." "PMI simply protects the lender," says Kenny Li, CFA and director of investments for the asset management firm LNG MGMT. Many homeowners pay $100 or more each month for private mortgage insurance (PMI) and often doing so has no benefit."Generally, the longer you plan to stay, the more you'll be able to save by refinancing your mortgage." "Consider how long you're planning to stay in your current home," Walsh adds. ![]() For instance, it will not make sense to lay out thousands of dollars to refinance in pursuit of a lower monthly mortgage payment if you do not intend to continue living in your home for at least a few more years.RELATED: How to Pay Off Your Mortgage Early.When contemplating a refinance, however, be sure to consider the total cost of the process, including such expenses as an appraisal and legal fees, and closing costs, to make sure it's a step that ultimately saves you money. "Your mortgage should be reviewed every year to see if you can save on interest expenses by paying a lower interest rate." ![]() "Review your mortgage interest rate to see if you might be able to reduce the rate by refinancing," says Melissa Walsh, CFA, and CFP, with Florida-based Clarity Financial Design. ![]() With interest rates at historic lows amid the COVID-19 crisis, it is a particularly opportune time to consider refinancing your home mortgage.
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