Smart consumer tips and strategies from Eyewitness News Online
Job Loss Mortgage Insurance
Owning a home is the American dream. But, with years of hefty payments, there's always the fear, "what if I get laid off?" Mortgage unemployment insurance promises to protect your home.
Pay more each month. "Even payments as small as $50 or $100 a month can significantly reduce the term of your loan," Miller says. "As your income goes up, you simply add to your monthly payment, or you can send in a complete extra payment when you have the money," Miller says.
Examine your statements. Experts say that you should send any overpayments in a separate check, and that you should always double-check your mortgage statements. "It's very important to look at the number and make sure that the extra money that you paid in was, in fact, credited to reducing the principal of your debt," Miller says.
Caution: Some people shouldn't prepay their mortgages. Don't start prepaying if you haven't:
Already contributed to your tax deferred investment plans
Paid off higher interest credit cards
Set aside some emergency savings.
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