Give your mortgage an annual once over

If the last time you looked at your mortgage was when you closed on your loan, its time to take it out for a second look.   There may be new loan programs available to lower your mortgage payment or new investment opportunities.

Are you paying for Private Mortgage Insurance (PMI)?

There are a lot of new loan programs available that can help you eliminate PMI, even if you have less than 20% equity in your home. The monthly savings adds up quickly.  This money can be put to better use to help you achieve other short-term and long-term financial goals.

Are your taxes and insurance up to date?

Even though your mortgage servicer is responsible for paying your taxes and insurance out of your escrow account, it just makes sense to periodically check to see that these payments are being made properly. While your at it, you should review your homeowners insurance policy. It's a good idea to review your policy every two to three years to make sure it covers recent home improvements, replacement costs for the contents of your home, and that its reconstruction coverage is keeping pace with inflation.

How's your credit report?

The information in your credit report has a huge impact on whether or not you will again qualify for a mortgage loan.  That's why it's important to periodically check your credit report.

Now it's even easier to do so.  A recent amendment to the federal Fair Credit Reporting Act (FCRA) mandates that each credit reporting company provide you with a free copy of your credit report, at your request, once a year. To request your free credit report, visit http://www.annualcreditreport.com.  

Is it time to refinance?

The timing might be right to refinance your mortgage loan.  New rates may help you significantly lower your monthly payment. Or you may want to take some cash out to consolidate debt, improve your home, take a vacation - whatever! Perhaps by refinancing you can even pay off your mortgage sooner or buy another property as an investment opportunity! 

At Williston Mortgage we will work with you to determine if the timing is right to change your loan program and what effect refinancing might have on your future plans.  We always appreciate the opportunity and welcome all questions.