Top Strategies to Save on Your Mortgage

Understand Your Mortgage Terms

Before you can start saving on your mortgage, you need to understand the terms. Read your mortgage agreement carefully. Know the interest rate, loan term, and any fees. This knowledge will help you make informed decisions.

Talk to your mortgage broker if you have questions. They can explain any confusing terms. Understanding your mortgage is the first step to saving money.

Make Extra Payments</. If it does, consider making bi-weekly payments instead of monthly. This adds one extra payment each year, reducing your principal more quickly.

Refinance Your Mortgage

Refinancing can be a great way to save money. If interest rates have dropped since you took out your mortgage, refinancing could lower your monthly payments. It can also shorten your loan term, saving you money in the long run.

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