Are you still paying more on your mortgage than you need to?

1. Do you have a conventional loan? If yes, go to number two. If no, unless your loan is paid off you may wish to look at refinancing but this will not help you.

2. Do you think your home is worth more than what you currently owe on it?  

3.  Do you think you have 20% of equity in your home? For example if your home is worth $100,000 and you owe $80,000 you have 20% equity.

4. You may wish to find out the neighborhood activity to be sure about what your home is possibly worth. I spoke with a gentleman last week that had no idea his house was worth as much as it currently is. He bought 9 years ago and has a beautiful home but had no idea it was worth as much as it currently is.  See our link below for area comparables sent to your by e-mail.

5. If you feel that you have 20% equity and are currently paying PMI which is mortgage insurance, you should call your lender to see if they will remove it. This insurance secures the lender that you will not default on your loan. I saved $79.00 per month off my payment that I sent to principal instead to pay off the loan early & drop the final amount of interest paid drastically. I was able to do this in less than 2 years of buying my home. **Many times the lender will require that you pay for an appraisal to be sure you have the equity, that is why I recommend being sure and checking your area comparables.

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