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Budget > Cost Cutting Ideas > Loans &
Insurance
Auto Loans - If you are behind on your automobile loan, contact the
company that finances the loan. Inquire about doing an auto loan extension.
Usually they will make you pay the interest, only, on the monthly payments that
you want to defer and they will tack the payments on to the end of the loan.
Most car loan finance companies will allow you to “extend” up to three payments
at one time, but will only allow you to extend payment a limited number of
times. Taking an extension can help you to become current again and avoid
costly late fees and damage to your credit. Unfortunately, extensions are not
usually an option on car leases.
Evaluate Mortgage Insurance - If you have 20% equity in your home, you are no longer
required to carry Mortgage Insurance Protection (MIP) on the house. In most
cases, the premium for Mortgage Insurance Protection is built into the escrow
portion of your mortgage payment. If you have 20% equity in your home, you can
contact the mortgage lender to have the MIP removed. This will help you reduce
the mortgage payment.
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