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3 WAYS TO KEEP YOUR MORTGAGE PAYMENT LOW

Thursday, January 30, 2025   /   by Ameil Gill

3 WAYS TO KEEP YOUR MORTGAGE PAYMENT LOW

3 WAYS TO KEEP YOUR MORTGAGE PAYMENT LOW


It’s no secret that affordability challenges are making it harder for buyers to enter the market these days — from rising home prices to fluctuating interest rates. But don’t let that discourage you! With the right strategy and a little creativity, buying a home can still be within reach.


Here are 3 strategies to help make your monthly payment manageable and homeownership more achievable:


1.Skip PMI the smart way


Private Mortgage Insurance (PMI) can add a lot to your payment, but you don’t need a 20% down payment to avoid it!


Ask your lender about options like upfront PMI (you pay the entire PMI cost as a one-time fee) and Lender Paid MI (the lender covers the PMI through a slightly higher interest rate).


2. Shop around for the best rate


Not all lenders are created equal! Compare interest rates from multiple lenders to find the best deal. Even a slightly lower interest rate can significantly reduce your monthly payment over time.


3. Compare homeowners insurance


Insurance is part of your monthly payment, so don’t just pick the first policy you find. Shop around for the best deal — you might be surprised at how much you can save.


 


Buying a home doesn’t have to mean breaking the bank. Ready to make your dreams of homeownership a reality? Let’s talk!


Pro Tip: Partner with a lender who can help customize a plan that fits your budget. Need some recommendations? I’d be happy to help!

REMAX Realty One Inc. - The Gill Team
Ameil Gill
50 Burnhamthorpe Road West Sussex Centre Ste #102
Mississauga, ON L5B 3C2
416-884-1359

Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2025 Last Updated February 15, 2025
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