(07-16-2020 09:21 PM)Fo Shizzle Wrote:  

(07-16-2020 08:16 PM)olliebaba Wrote:  

(07-16-2020 11:48 AM)Jugnaut Wrote:  

(07-16-2020 10:16 AM)DragonLair Wrote:  Going through the process now.

Going from 4.375 to 2.75.

Who are you using? And are you switching go 15 year from 30? I'm considering doing that.

What my wife did (she's the smart one) was choose the 30 year mortgage but went with the idea of paying it off in 15 with payments of that amount. But, even with that we paid if off in 11 years. We've been mortgage free for 9 years now and it sure is nice to see that money going to savings instead of to a mortgage company. For you youngsters it's better to go the 30 year route in case there's emergencies where a lower payment would be better and not worry about losing your home. That extra cash in such circumstances can sometimes bail you out. Just pay more into the mortgage every month if you can, you won't regret it. Another thing, if you can give 20% down you'll be able to manage your own PPI (can't remember what the letters stand for) and that will also save you money.

Good advice here. Pretty much how we paid off our last note. We basically made 14 payments per year and cut the term of the note down by just over 20 years. There were a few times that we needed the cash and did not pay extra. I highly recommend this method. Getting rid of your PMI is also something that many people forget about. When you have 20% equity you can dump that cost. You have to request that...and the bank is not going to tell you. They are perfectly happy for you to keep paying it. Also..get quotes on home insurance EVERY year. I think we reduced our cost 4 or 5 times over the term of the note. You just have to be proactive.

If you have a top company like USAA or Amica you should keep it even if you can save $100 or $200 with some noname company. Payout history and ease of claim service is vital. It also doesn't hurt when you get a dividend back each year.

In Florida I had to first insure with a crap 2nd tier insurance company (Florida Peninsula). I was insulted (with cancellation) every so often from them with stupid "jump through hoops" exercises to show I really appreciated their choice of giving me a policy.

USAA finally decided to insure me in coastal Florida about 18 months ago and I dropped Florida Peninsula ASAP. I also saved $600 a year with USAA.