Mortgage Matters: September 2017

Mortgage Matters: September 2017

Panama City homeowners—whether in the historic downtown or beachside communities—looking to manage their finances and potentially save on their mortgages might find value in tips recently highlighted by Homeowners Financial Group. While the calendar now reads April 21, 2026, these insights, originally shared in September 2017, remain relevant for those seeking to optimize their financial health.

The Homeowners Financial Group emphasized that the fall season, traditionally associated with local high school football and refreshing Gulf breezes, can also be a time for financial savings. They offered three straightforward tips for residents:

• Negotiate Credit Card Rates: If you've consistently made on-time payments, contacting your credit card companies to inquire about a lower interest rate could lead to savings.
• Direct Deposit Adjustment: Consider having a small portion of your paycheck automatically deposited into a savings account, allowing funds to accumulate steadily without direct effort.
• Utilize Mobile Apps: Various mobile applications are available that can track spending habits and automatically transfer money to savings, helping to build financial reserves.

For the approximately 85% of Americans with a 30-year fixed mortgage, the prospect of 360 monthly payments can seem daunting. Many homeowners often wonder about the impact of making extra payments on their loans. Homeowners Financial Group provided a clear example: on a $250,000 loan at a 4.5% interest rate, paying an additional $100 each month could reduce the loan term by over four years and result in total savings exceeding $33,000. Increasing that extra payment to $200 per month could cut the loan term by seven years and save over $56,000.

While online tools can offer general calculations, Homeowners Financial Group noted that these might not always address individual financial situations. They encouraged residents to reach out to their Licensed Mortgage Professionals for personalized assistance with current home loans or other mortgage financing needs.