I want to give you a fast and easy way to instantly drop your house (mortgage) payment today. If you have bought a house, and have the mortgage company escrow the taxes and insurance for you, you probably have room to save a good bit of money.
Where you should focus is in getting better and less expensive home owner’s insurance. Sometimes called hazard insurance, this is what protects your home against damage, by natural disaster, mold, water damage, and other potential harm to your home. Most people that buy a house, just go with whatever insurance the mortgage company sets up for them.
Often, this insurance is not the best in terms of protection and price. The mortgage company may have a deal with a particular insurance company or group, and use them to insure all of the deals they do.
What I have found that tends to work pretty well is to locate an independent agent, or at least an agent that can price insurance with several different companies, talk to them about the coverages that you really need, and have them price the insurance for you.
You’ll get a better deal, and you can have them set it up so that it gets escrowed just like your previous insurance was, and you can continue making one payment for your house.
This is what I do, and so far, it has worked out extremely well…
Let me know what you think below.