Everyone Loves A Discount, Part II
Getting A Bargain Makes Us Feel A Little Smug for finding that great deal.
Part 3 of 13:Â Raise Insurance DeductiblesÂ
The Insurance Information Institute says you can save on your insurance premiums by increasing your deductible for both home and auto insurance.Â For homeowners, you may want to consider a deductible of at least $500.Â If you can afford it (and have money in Savings)Â raise the deductible to at least $1,000.Â You may be saving as much as 25% on yourÂ premium costs.
For auto insurance, increasingÂ your deductibles from $200 to $500 can reduce collision and comprehensive coverage premiums by 15 to 30 per cent.
Part 4 of 13:Â RefinanceÂ Your Home Mortgage
With mortgageÂ rates hanging around all-time low rates, you could save thousands ( $ ) over the life of the loan by refinancing now.Â To qualify you'll need to have equity in your home and plan to stay in that home for a while.Â Refinancing costs paid to the new Lender can be included into your new loan balance withÂ those costs running from $3,000 to $5,000.Â To fully recoup those closing costs you will need to be able to stay in the home for 3 to 5 years.Â But it will be well worth it to take advantage of the 30-year fixed rates or even lower 15-year fixed rates.Â You will be amazed at how little more a monthly payment for a 15-year term is versus a 30-year term.
Coming Soon:Â Property Tax Valuations? Debt? and Credit Card Points?