2. Credit Monitoring
The idea of having your credit monitored each month can give you peace of mind. Unfortunately, that’s all there is to it– the idea that you will have peace of mind.
That’s because credit monitoring doesn’t prevent identity theft. It just notifies you of it after the fact. Not only that, but you can monitor your own credit yourself free of charge.
The law requires each of the three major credit reporting bureaus to provide consumers with a free copy of their credit report every 12 months.
1. Private Mortgage Insurance
If you haven’t taken a look at your mortgage documents in a long time, now’s the time to review them. That’s because you may be able to remove that private mortgage insurance you were required to get when your home had less than 20% equity.
By now, your home should have built up more equity. And, if that is the case, continuing to pay for private mortgage insurance is like throwing money away, Monica Ma, a spokesperson for Trulia, told Redbook.
“Unlike the principal of your loan, your PMI payment doesn’t go into building equity in your home. It’s not money you can recoup with the sale of the house, it doesn’t do anything for your loan balance, and it’s not tax-deductible like your mortgage interest.”