Do Your Own Maintenance: One of the downsides of owning your own home is that the maintenance bills can be quite significant. From plumbing to plastering and tiling to gardening, it isn’t long before you have racked up a monthly bill that is similar to your mortgage repayments.
If you are looking to save a lot of money, it is worth performing your own maintenance, at least where this is possible. Minor repairs can usually be done by the homeowner, whereas more technical things will still require the expertise of a contractor. But these difficult jobs don’t tend to come up very frequently.
Get Rid Of Private Mortgage Insurance: Not everyone will be eligible to get rid of their private mortgage insurance, but it is worth looking into as this could potentially save you a decent chunk of money each month.
As many as 18% of USA mortgages are covered by private mortgage insurance (PMI) and once you have taken it out, you must wait until you have paid 78% of the debt before requesting that it is removed. However, what many people aren’t aware of is that your mortgage provided actually has an obligation to remove it at this point.
However, it can also be removed if you reach the halfway point of the loan – for example, if you have borrowed over 15 years, the PMI can be taken off after seven and a half. In order to do this, you must contact your provider, in writing.