 TITLE: How Much Does a Mortgage Point Cost? CONTENT: Alternative Ways to Save Money on Your Mortgage\n-----------------------------------------------\nPaying for discount points will reduce your monthly payment and potentially save you money over the life of your loan, but it's not the only way to save money on an ongoing basis.\nHere are some other options to consider, which you can use in addition to or in lieu of discount points:\n*   **Improve your credit score before applying.** A mortgage loan is a significant commitment for both you and the lender, and the less risk you pose to creditors, the lower the interest rate you can get. Take some time to get your credit ready for a mortgage before you apply to maximize your savings. Start by checking your credit report and score to see where you stand, and to identify how you can make improvements.\n*   **Refinance your mortgage****.** If you already have a mortgage loan, you may be able to qualify for a lower rate if your credit has improved or if market rates have dropped significantly. Just keep in mind that refinancing a mortgage comes with its own closing costs, so you'll want to compare upfront expenses to the monthly savings to make sure you at least break even.\n*   **Try to get rid of your mortgage insurance.** Lenders typically require mortgage insurance if your loan amount is more than 80% of the home's value. But if you've paid down enough of your balance or your home's market value has increased significantly, you may be able to request that the lender remove the mortgage insurance requirement. This process typically requires an appraisal, which you'll need to pay for out of pocket. Keep in mind, though, that if you have a government-insured loan, the mortgage insurance may not be waived unless you refinance it into a conventional loan.\nMaintain Good Credit After Your Home Purchase or Refinance\n----------------------------------------------------------\nIt's important that you take the time to improve your credit before buying a home or refinancing an existing mortgage loan. But even if you don't plan to borrow money again in the near future, it's critical that you stay on top of your credit for when you do need it.\nExperian's free credit monitoring service allows you to keep track of your credit file through real-time updates. You'll also be able to view your FICO® Score☉ powered by Experian data and your Experian credit report at any time.\nUsing this free service will make it easier to spot potential issues, including fraud, before they do some serious damage. It'll also give you the information you need to maintain a good credit score and make adjustments to your financial habits as needed. END