Is your monthly payment getting out of hand?

May 30 2018

Chances are, if you took out your mortgage loan more than a few years ago, you're probably paying more than you should. Mortgage rates are at historical lows, and unless you had perfect credit and flawless payment history at the time you applied, your current rate is probably higher than what today's market is offering.

That means there's room to save.

Through refinancing, you can take advantage of today's historically low rates and save significantly in the long term. Not only will refinancing to a lower rate decrease your monthly payment, but it will also lower the amount of interest you'll pay over time -- and that means thousands of dollars saved over the life of your loan.

Still, refinancing isn't the only way to lower your monthly mortgage costs. You can also:

Cancel your private mortgage insurance or PMI.
If you put less than 20 percent down on your home, you're likely paying PMI. As soon as you reach 20 percent equity, you're allowed to cancel PMI and stop paying those fees.  

Recalculate your escrow. 
Escrow payments are a forecasted analysis of what you might owe in next year's taxes and insurance, which you will receive at the end of the year. If you think it may be off or overinflated, request a reevaluation. Even a slightly lower payment can save you thousands over the course of the year.

Appeal your property taxes.
In today's market, many homes are over appraised, which means you could be overpaying in property taxes. Appealing your property taxes is a great way to save on the annual costs of homeownership and could even lower your escrow payments. Contact your county appraisal office for more information.

Are you ready to lower your mortgage payment or refinance your current loan? Get in touch with us today to discuss the various ways you could reduce your monthly payment.


Whether you are buying, selling, or refinancing, it is important to have an experienced mortgage professional to help you analyze your financing options, and make sure the closing goes smoothly. As a loan officer with Midwest Community Bank, I have the expertise and experience to get you the right mortgage, and to handle your transaction professionally. With my experience, and our rates and programs, you are sure to get the mortgage that is right for you. Please remember to get me involved early on in your home-buying process. Starting the Process not only gives you a better idea of what you can qualify for, it also gives you a stronger negotiation position when you find the home of your dreams.