2009 A good year to start saving money with your home loan.

Here are some money saving tips so you can start saving money in 2009.

As simple as it might sound, pay your mortgage payment on time before the bank charges you a late fee. Most home loans have a late fees after the 14th or 15th day your late. These late fees are up to 5% of your mortgage payments. For a $1000 mortgage payment that is $50.00. Being last every month for a year is going to cost you $600 for a year.

Make sure you have the best rate and mortgage you can. Many home owners think they can't qualify for a better loan/rate because of the current economic mess we are in. That is not true. It will only take 20 minutes of your time to call a experience loan officer to take a quick look at your current mortgage. You might be impressed with what they might find to save you money.

Talk to your home owners insurance agent about your coverage and what your current deductables are. Having a $500 deductable will cause your insurance to be higher than having a $1000 deductable. Discuss this with your agent, they may be able to save you some money.

Look at your credit report and make sure everything is correct. Having the best credit rating will save you money on your mortgage rate and mortgage insurance if your required to have it. Take a few hours to review your credit report and fix any problems. You can request a report once a year for free from www.annualcreditreport.com If you need help understanding the credit report call me. I will help you understand all those numbers and terms.

Pay a little more on you mortgage every month. Paying more on your mortgage today will lower your balance today and you will pay less interest next month. For a $200,000 loan at 5.5% interest over 30 years your monthly principal and interest payments are $1135.58. If you could make a extra payment a year on your mortgage you would pay off your mortgage 5 years sooner, saving $68,134.80!!!

Don't pay for an appraisal. Save up to $400 on a appraisal when you apply online for a home loan with me. I will give you a coupon for a free appraisal you can use at closing.

Don not close a FHA stream line loan before the end of the month. When you pay off your FHA loan, your pay off is the same balance if you pay it of on the 5th or the 30th of the money. If you close on a FHA streamline loan before the end of the money you will be paying double interest. The new loan will collect interest from the new closing date to the end of the month. You have already paid interest to the end of the month on your FHA loan. So you are actually pay double the interest.