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Brampton

Fletcher's Meadow

Fletcher's Meadow  

Mount Pleasant

  Credit Valley

New Year's Resolutions For Homeowners

June 30, 2015

1.Get it Paid off: We all know that making extra payments can shorten the life of your mortgage loan, but do we really understand what that looks like?

Consider: The monthly principal and interest on a $150,000 mortgage with a 30-year term and an interest rate of 5.5 percent totals $852. Paying an extra one-twelfth of that amount, or $71, each month would increase the payment to $923, but also shorten the term by five years and one month, cutting the interest expense by $30,789.

2. Reassess: If your house has declined in value in recent years, you might be able to save some money in 2015. Review your property tax and request a hearing date within the required time if the assessed value is under what you are paying in taxes. If your property value has declined by 20%, in essence your property tax should decline as well, maybe even 20% worth.

3. Keep that Credit Score up: Everyone knows the value of a great credit score, especially when it comes to buying a house. You can borrow money in an instant, offered with a very low interest rate comparably speaking. If you missed or were late on any payments make a resolution to yourself to eliminate that in 2015


Tagged with: homeowners propertytax mortgage
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