Ok, so everyone is a little more focused on saving money in a down economy. Pretty much everywhere I look, people are wondering what they can get for “less” or just generally looking for the best deal.
And when you are buying a house, sometimes I feel like people look in all the wrong places to try to cut $10 off their monthly mortgage payment.
I can’t tell you how many people agonize over whether-or-not-the-should-lock-or-float their rate — and when the ask me, I just tell them that rates could go up, down or stay the same — and then what I think will happen, but I never offer a “sure bet” when it comes to interest rates.
I am a little too wise for the “I know what interest rates are going to do tomorrow” game.
And one question that rarely (if ever) gets asked by someone I am working with is “do you know of any way that I can save a few bucks on my monthly payment?”
But if they did ask… here is what I would say:
Take the time to shop around a little bit for the cheapest insurance quote that you can possibly find.
I can’t tell you how many times I ask someone if they have shopped for home insurance and they say “no, not yet…” and then they just contact one company and go with that company.
I am shocked – SHOCKED – at how different insurance policies can be from one company to another — and in today’s economy where everyone seems to be trying to make their dollar go farther…
A little effort can go a long way.
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Great points. I had a client shop insurance (they wanted to be under x-hundred dollars a month in payment – we were approx $50 over and shopping insurance and a lucky break in rates got us $10 under. Everyone is so rate sensitive that they often forget that there are other tools they can use to get the best possible payment.
Great post!