4 Ways to Reduce Monthly Home Expenses

Home ownership is widely regarded as one of the most reliable ways to build personal wealth — but when you add up all the monthly expenses that come with owning a home, sometimes it doesn’t feel that way! If you want to be able to put more into savings or investments, reducing your monthly expenses can free up flex money. Here are a few ways you could be saving when it comes to your home.

Save on utilities. From water to trash to the internet, those monthly utility bills can stack up quickly. Cut your electricity expenses by installing LED bulbs and a programmable thermostat and save on water by fixing leaky faucets and installing a low-flow showerhead. Don’t be afraid to shop around occasionally for better deals on phone, internet, and cable. Performing an audit of your monthly expenses can show you where you can cut some costs. Even small savings add up across utilities and over time.

Look for discounts. Did you know that some energy companies will give you rebates or discounts if you install a smart thermostat or other more energy-efficient appliances? You also may be able to save money by bundling your auto and home insurance or get discounts for installing deadbolt locks, smoke detectors, or burglar alarms.

Reevaluate your homeowner’s insurance. Some insurance providers offer savings and benefits when you stick with them for the long haul — but in other cases, you can save big by switching to an insurance provider with lower rates or bigger discounts. (Remember to notify us if you do decide to switch carriers.)

Reduce your mortgage payment. For most homeowners, their mortgage payment is their highest monthly expense. If you can reduce that expense, it can free up a big chunk of money. Refinancing may be an option if it reduces your payment or shortens your loan term. Or, if you end up with extra money, making additional payments on top of your monthly ones can help reduce the interest you’re paying. And once you have at least 22% equity in the home, you may be able to cancel PMI, which can yield some significant savings. (Please call us to find out if you have enough equity to have your Mortgage Insurance dropped.)

If you can dig up ways to save just $50 a month, you’re looking at $600 of savings a year — nothing to sneeze at. If you make time to conduct a thorough review of your monthly home expenses right now, you’ll be greeting 2020 with a fatter wallet!

Financing a home purchase, or refinancing for a lower rate or improvements? Please text, email or call us… Have a great day!

The Jim Passi Team at Citywide Home Loans proudly serves Illinois, Wisconsin, Michigan, Indiana, Georgia and Flordia. If you are looking to buy a home or refinance, we have you covered. Apply Now to get started.
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Jim Passi - Citiwide Home Loans

Jim Passi
Regional Manager
NMLS# 158000

1300 East Woodfield Road, Suite 302
Schaumburg, IL 60173
Mobile: 847-899-1813
Office: 847-273-3265

This testimony is from my

This testimony is from my experience being a first-time home buyer going through the process of purchasing a home with Jim Passi from City Wide home loans. Let me just start off by saying how reliable, courteous, genuine, informational and hardworking Jim Passi is. Jim is not like a lot of other loan officers. My house I purchased for under 160 grand, not a huge real estate deal. From experience with other loan officers they don’t want to deal with a smaller purchase or work on a loan that might be difficult. With our credit score being low and work history not at expectations I was almost positive I would have to wait a year or maybe two years before being approved and close on a house. I definitely had doubts that I would be a home owner, Jim worked hard and stayed in contact with us updating us almost every day of the process, even during evening hours and weekends during the stressful underwriting process. Communication is key and I give Jim a 5-star rating with that. I consider myself an average blue-collar hard-working guy that has experienced hardships during life. Jim was never turned away by the hardships, he was understanding of them and I feel like it made him work even harder to make this process a success.

I just successfully closed on a house with my fiancé. Jim did what I thought was impossible. Again, with our credit score being under 600 and spotty work history it was a difficult process that became a success with a lot of hard work. Jim also got me the best interest rate that was available. He was constantly checking the market and keeping me informed on what was available. He wanted me to take my time and make sure what rate was in our best interest. Jim has a cretin genuine care for his clients and speaking with him so much during this process I know he truly cares and wants to help people. Even after we closed Jim called and congratulated us with excitement. Jim made a dream come true for us that I was sure we would have to wait for. I’m just going to say if he made my dream come true with all the problems I had he can make a lot of others come true for any one in a similar situation. Jim Passi is highly recommended.

Tim A.