Reduce your housing payment without refinancing

Home values seem to be making a comeback, or at the very least, holding steady in San Diego County.

However, many homeowners find themselves unable to refinance and to take advantage of the low interest rates still available.

So how can you reduce  your housing payment without refinancing?

Here are a couple of ideas.

Reduce your home insurance premiums. How?

  • According to the Insurance Information Institute, increasing your deductibe from $500 to $1000 could reduce your premium by as much as 25%.  Just be sure that you are not increasing to a deductibe that would be too much for you to cover if you every had to put in a claim
  • Ask about discounts. Reductions are possible for alarms, sprinkler systems, fire extinguishers, impact -resistant or noncombustible roof.  Discounts are also possible if you or someone in the household that will be listed in the policy is a senior.  These discount could reduce your insurance premium by 5-10%
  • Combine your homeowners and auto policies. Be sure to shop for the policies individually first though to ensure that the combination will actually result in savings

Reduce your tax bill.

Take a look at your tax bill. The amount of tax your pay is based on the value that the County assessor has determined for your property.  Is that figure in line with the value of your home?

 If it is not, you can appeal the value.Guide to appeal property taxes

Each individual tax agency had their own procedures but in San Diego County, your appeal would be filed with theAssessment Appeals Board which is separate
and independent from the Assessor’s Office.

And remember, refinancing if you have little to no equity might might still be possible.  Read about your options in “Little to no equity in my home -can I refinance?

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