It's the merry month of May and for me, that means the annual readjustment of the "big bills", otherwise known as "the mortgage". This is on top of the annual insurance for the property and fire insurance. Added up, it's enough to make me want to plead insanity. The things you do to keep your home!
It would be nice if the bank sent me a nice advance letter via email or post, how much higher I was going to have to shell out monthly and when that was going to start. However, I got the shock of my life when I was informed that I was already LATE in paying up! So naturally, we managed to incur late charges! Apparently for already two months! And customer service was horribly tied up all the time I was trying to get through!
Since this was as annoying as it can get, I've been reading up on the different options we have, not only to save my sanity, but also to save on money that increased mortgage rates have jacked up monthly. I found out that one of the good ways to manage this is to keep an eye out for good refinancing. How it works is that you get the benefit of lower monthly payments on a better over all deal. You really save with a mortgage refinance!
If you're like me, aiming to get the best deal on a new or existing loan, talk to a licensed professional, a good bank with a solid reputation or a trusted loan provider. It pays to explore all your options and the money you save could be put to other uses like another savings account, a dream vacation or even another property :)
Good luck to us all!
