We all have good intentions when we set out to buy a home and budget for it. We imagine getting paid the amount we’ve come to expect and we anticipate paying bills on time … until life happens and things change. Careers change, things break down over time and pretty soon our monthly budget is a distant memory of good intentions. Maybe you’re looking to take control of your finances and you want to tighten up your budget and save some cash. Whatever the reasoning, saving money on your monthly mortgage expenses is possible. We’ve pulled together a few strategies you can try to do just that. What Goes Into A Monthly Mortgage Payment Monthly mortgage payments are typically made up of five key components: principal, interest, mortgage insurance (if you put less than 20% down), homeowners insurance and property taxes. It’s important to note that actual costs depend on the lender and loan type and these are just a few examples of costs you might see on your mortgage statement. Principa
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