Ninety one dollars per month. That’s how much I saved by using Lending Tree to help me get my home refinanced last year. That was the amount I was spending each month on private mortgage insurance and by using Lending Tree to refinance my home, I was able to eliminate that line item from my mortgage. One key element was that my home had increased in value enough that, combined with my principle reduction, I owed less than 80 percent of my home’s value. If you’re looking for ways to inexpensively increase your home’s value, check out these 9 ways to improve your home for less than $100.
What could you do with an extra $1,092 dollars per year? Pay down debt? Save it for your emergency fund? Spend it on a getaway? Buy some new clothes? Maybe use it to finish your degree? Perhaps use it to invest in an index fund?
That’s what I’m doing with it. I’m using my excess cash to invest in an indexed ETF I purchased through my Scottrade account. The ticker symbol is IYY and I bought it in part because of the recommendations I read in Alan Roth’s book, How a Second Grader Beats Wall Street (fantastic book by the way).
Of course, you don’t have to use Lending Tree, you can also use Mortgage Search 123, or even Quicken Loans. At any rate, getting rid of that private mortgage insurance has been a sweet addition to my bank account.
Try it yourself. Honestly, you’ve got very little to lose by working to improve your home and then checking into a refinance. You may even save more than me!