Update your secured Term Life Insurance amount
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Do you know that you can save some money on the term life insurance you have related to your home loan?
Most people don’t know that some banks don’t send the update amount in debt to the insurance company. That happened to me. I payed for 6 years my monthly loan payment to the bank and although the amount I owed the bank was decreasing every year, the bank never updated that amount, meaning 6 years after being paying for my loan I was still paying the term life insurance as if I still owed the initial amount.
Check your situation, you can save a few dollars if you update the amount you owe to the bank on your insurance company.
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Great advice, I didn’t realize that but it makes sense because you are lowering the insurance companies risk so they should lower your payments.
Thank you