October 18th, 2010
Save Money On Your Mortgage in 5 Minutes
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**Welcome to 5 Minute Mondays here at Credit Karma Bootcamp: Your 31-Day Credit Health Plan.**
Owning a home is arguably the biggest, most expensive purchase you will make in your lifetime. Monthly
mortgage payments alone take the biggest chunk of change out of homeowners’ wallets, and for many, it’s more than they can shoulder. The on-going foreclosure fiasco is yet another blow to the housing market.
Before you find yourself unexpectedly drowning in your own home situation, protect yourself now by doing what you can to save money on your mortgage. It’s not just chump change; we are talking potentially tens of thousands of dollars.
It’s no big mystery how to save money on your mortgage. The bottom line here is that shopping around to switch mortgages can save you a significant amount of money– what other financial adjustment can potentially saves you thousands?
Researching and figuring out how to lower the cost of your home may sound daunting, but Credit Karma’s MySavings dashboard makes it easy to find the best savings for you. If you have a mortgage, MySavings automatically calculates based on your current mortgage details, or you can also manually input details. MySavings scours a list of potential mortgage options, calculates your potential monthly payment, and tells you how much you can expect to save over a year.
Seeing these savings numbers alone is enough reason to seriously consider switching.
Here’s an example, courtesy of the Smiths, of how useful the MySavings dashboard is:
Mortgage Loan Profile of the Smiths
Mortgage Loan Debt: $260,613
Loan Type: 30-Year Fixed
Loan Payment: $2,020 per month
Credit Score: Good (700-749)
Mortgage savings recommendations from My Savings Dashboard:
With these types of savings, The Smiths could use the extra $9,000+ to take care of bills, start Junior’s college fund, and alleviate the struggle to make ends meet. MySavings also shows the savings for different mortgage types so you can compare your savings across different options.
For you, the savings on your mortgage might mean the difference between saving yourself from foreclosure, or funding that vacation you’ve been hoping for.
Check out the MySavings dashboard for 5 minutes—how much can you save on your mortgage?
CK Bootcamp Tip: As a homeowner, your biggest investment is your home. Maximize that investment by saving as much as possible on your mortgage, which is as easy as using the Credit Karma MySavings dashboard.
Throughout October, Credit Karma Bootcamp gives you daily information on what you need to make wise, credit-savvy decisions when it comes to credit cards, mortgages, insurance, loans, and most importantly, ALL THINGS CREDIT.
Follow along to get financially fit and credit healthy.
Disclaimer: All information posted to this site was accurate at the time of its initial publication. Efforts have been made to keep the content up to date and accurate. However, Credit Karma does not make any guarantees about the accuracy or completeness of the information provided. For complete details of any products mentioned, visit bank or issuer website.