Boston Condos for Sale and Apartments for Rent
Tips on how to reduce your Boston condo mortgage payments
With rising mortgage interest rates for new Boston condo for sale buyers. Here are some ways you can save money on your Boston condo if you do this:
1. Refinance your mortgage when interest rates drop
This is the most obvious way to reduce your Beacon Hill condo mortgage payment. By refinancing, you can get a lower interest rate, which will, in turn, save money on your monthly payments, pay off your loan faster, and reduce the overall interest you pay on your loan.
2. Get a shorter loan term on your Boston condo
Another way to reduce your Boston Back Bay condo mortgage payment is to get a shorter loan term. While this will mean that you’ll have to pay more each month, in the long run, you’ll save money on interest.
3. Make extra payments on your condo
You can also reduce your Boston Seaport condo mortgage payment by making extra payments on your loan. This will shorten the length of your loan and save you money on interest.
4. Get a biweekly mortgage payment on your Boston condo
Instead of making one monthly payment on your Downtown Boston condo, you can make two smaller payments each month with a biweekly mortgage. This will reduce the amount of interest you pay over the life of your loan.
5. Use a Boston condo down payment assistance program
If you’re having trouble coming up with a down payment for your Boston Fenway condo, there are a number of programs that can help you out. These programs can provide you with the money you need for a down payment, which will, in turn, lower your monthly payments.
6. Eliminate private mortgage insurance (PMI) on your condo
If you have private mortgage insurance on your South Boston condo you can get eliminate it once you’ve built up enough equity in your home. This will reduce your monthly payment and save you money over the life of your loan.
Updated: Boston Real Estate Blog 2022
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