Across Arizona, many people are trying to refinance but are finding out that they can’t because they owe more than their home is worth on their mortgage. Although there are a few programs like the Obama 105/125% refinance, many people still don’t qualify for those and the FHA streamline and VA streamline programs are about to change the rules so it is only going to get tougher.

But if you are in this situation, you can still get creative and save a few bucks on your mortgage payment.

Your mortgage payment is made up of PITI – or Principal, Interest, Taxes and Insurance.  If you are in a situation where you can’t refinance, that means that reducing your Principal and Interest are “out” for now — but what about Taxes and Insurance?

It is time to get focused on saving money on taxes and insurance.

Taxes – Your taxes are set by the government for the community you live in. This number is easily found at the Maricopa County Assessors office and can also be disputed if you think the assessed value of your home is too high.

Insurance – Not only should you shop around for cheap insurance quotes from companies that you know and trust, but there are also several things that you can do to save money on your home insurance like getting a discount for having your home and auto insurance on one policy or putting in one of the best home alarm systems that you can find.

You might be surprised to learn just how much you can save just by shopping around a little bit.

Even though you are currently in a situation where you cannot refinance and save money on your principal and interest, don’t let it deter you from trying to save money on your overall mortgage payment each month — which is really your ultimate goal.

Especially in these tough times.