7 Ways to Earn Passive Income

3. Refinance your mortgage

Couple Getting Mortgage
bernatets photo / Shutterstock.com

If several years have gone by since you last obtained a home loan, consult a mortgage professional to find out if you can reduce your monthly loan payments by refinancing. For example, if your credit rating has improved since your last loan, you may qualify for a lower interest rate. If so, you may be able to lower your monthly payments or reduce the term of your loan. A shorter loan term could enable you to stop making mortgage payments sooner. That would free up your income for other uses or allow you to build up your savings. The home loan market is highly competitive, so be sure to shop around for the best lending terms.

Be sure to check out our mortgage search tool.

Popular Articles

16 Uses for WD-40 That Save Money, Time or Headaches
16 Uses for WD-40 That Save Money, Time or Headaches

WD-40 is handy in a lot more situations than you likely realize.

8 Restaurant Chains With Discounts for Diners Age 50 or Older
8 Restaurant Chains With Discounts for Diners Age 50 or Older

Some restaurant chains offer great senior discounts. Here’s what you need to know.

The Secret to Getting Dollar Store Items for Free
The Secret to Getting Dollar Store Items for Free

If you know where to look, you can score freebies at the dollar store regularly.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments