How to Reduce your Total Morgage Payment

Your total monthly mortgage payment include for most people taxes, insurance, and PMI (Private Mortgage Insurance). Find two simple ways to eliminate your PMI and Reduce your Property Taxes.

Difficulty: Easy

Instructions

Things You'll Need:

• ASAP If you are paying PMI still and you think you have %20 equity in your property you need to call your mortgage company.
• Get an appraisal

1. Find out how much you owe on your home. Find out how much your property is worth. If you have 20% or more equity in your property and you are still paying PMI you should be able to have it dropped with a phone call to your mortgage company.

2. Your mortgage company may require you to have an appraisal done on your home to find out what the value is. Submit this to your mortgage company and they will drop PMI and you may even be entitled to a refund check for any over paid PMI.

3. While you are doing this you should contest your property values after you get your refund check and/or your pmi dropped and you might even be able to have your taxes reduced also.
   
   Good Luck.

[shedoesit]

on 8/9/2009 This is good advice. Thanks.

[mamade7]

on 3/2/2009 Great article and advice!5* plus a recomendation!

[Kallicat]

on 2/22/2009 Nice simple ideas. Too bad I wasn't paying PMI.