The beginning of a new year is a great time to evaluate what your current goals and objectives are. When it comes to financial goals, you may resolve yourself to pay off debt, build your savings, or better prepare for your retirement. If you are a homeowner, you can use your house to bring your goals to fruition. Read further to learn of four New Year’s Resolutions that you can put on your list to help reach your financial goals.
Lower your Home Insurance Premium
If you have made any major repairs or improvements to your home in the last few years, you may be entitled to a discount or a lower quote for this year’s coverage. If you’ve updated your electrical wiring, for example, you may have reduced your risk of fire, lowering your premium. If you’ve installed a new roof recently, your home will be less susceptible to weather damage, which could lower your quote. You should call your insurance agency to make sure your insurance file is up to date. Don’t forget to shop around for quotes as well, to get the best deal possible.
Refinance your Mortgage
If the current mortgage rates are better than the one you are currently locked in at, if you want to pay down some of your debt or if you are in need of some cash flow, it may be a good time to refinance. You don’t have to stay loyal to your current lender if they aren’t offering you a competitive rate. It’s in your best interest to shop around for the best rate possible. There is no better time to sit down with a mortgage broker and identify the mortgage solution that makes the most sense for your short and long-term needs and goals.
Pay down your Mortgage Faster
If you make extra payments to your mortgage, you can dramatically reduce the time it takes to pay off your debt. Any extra money you pay on top of your required payment goes directly into paying your premium and not your interest. This means that the more payments you make, the less principal there will be to pay off, which can shorten the length of your mortgage considerably. Just be sure to talk to your lender or mortgage broker as some mortgages have pre-payment limitations.
For expert advice on any of these New Year’s Resolutions for homeowners, you should talk to a mortgage broker at The Mortgage Advisors today. We can help guide you through everything from mortgage pre-payments to mortgage re-financing.