Especially with the tough economy, many homeowners need to get a lower monthly mortgage payment. Im not talking about any kind of ARM (Adjusted Rate Mortgage) loans, which are a big reason for all the mortgage troubles now, but 2 other, easy things you can do to lower your monthly home loan payment, and keep it low.

1)If it has been a few years since you have purchased your home, now may me a good time to get a mortgage refinancing.
Especially lately, interest rates for mortgages have declined. Right now, many homeowners could get an interest rate that is half of their current rate. Also, always remember that your credit rating will play a role in your interest rates. Homeowners also need to know about the variety of loan refinancing options because the wrong one could cost you thousands of dollars, and make your financial situation even worse. Another thing to remember is that closing costs and fees are nearly always necessary.

2)Refinance your Home Loan to get out of paying PMI (Private Mortgage Insurance)
Generally, all homeowners who bought their home with anything less than 20% cash or equity were required by the lender to pay private mortgage insurance, or PMI. This insurance protects the mortgage lender from financial losses if the home is foreclosed on or lost by the homeowner. After a home has been paid for, there is absolutely no need for any type of PMI.

These 2 tips are easy enough to follow, and can save the average homeowner a lot of time, money, and hassle when they decide to refinance.

-M Petrone
www.RefinancingCondo.com

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