🔥 EPISODE 2: How to Audit Your Mortgage for Hidden Savings

Existing Homeowners’ Game Plan
Series 1: House In Order…Fix Your Financial Foundation

Many homeowners assume their mortgage is a “set it and forget it” situation. If you’ve never taken time to audit your mortgage for hidden savings, you might be paying more than you realize. You could be missing out on savings. But if you’ve never taken time to audit your mortgage, you might be paying more than you realize. You may not understand where the money is going.

Learning how to review your mortgage isn’t about rushing into refinancing or making major financial changes. Gain clarity on your interest rate, escrow, insurance, and overall mortgage payment breakdown. This helps you make informed decisions with confidence.

This guide walks existing homeowners through a simple, educational mortgage audit checklist. It is designed to help you spot potential inefficiencies. You can also use it to ask better questions and strengthen your financial foundation…without pressure or panic.

If your mortgage payment feels heavier than it used to, first identify exactly where your money is going. Then you can understand the next steps. In Episode 2 of the Existing Homeowners Game Plan, I break down how to audit your mortgage for hidden savings. This will help you review your loan with clarity. You’ll be informed instead of relying on guesswork.

What a Mortgage Audit Really Is (and Isn’t)

A mortgage audit is not a demand to refinance.
It’s not a promise of savings.
It’s not financial advice.

It is a review process. It helps you understand your loan terms, monthly payment structure, and related costs. This way, you can ask better questions.

Think of it like checking your receipt after a large purchase.

Step 1: Audit Your Mortgage Interest Rate and Loan Type

Start with the basics:

• Fixed-rate or adjustable-rate
• Current interest rate
• Original loan term
• Remaining loan balance

Rates and loan products evolve over time. Even if refinancing isn’t right for you, understanding how your rate compares to current averages gives you clarity.

Why this matters:
Small differences in interest rates can impact long-term costs, even if monthly payments look manageable.

Step 2: Examine Your Escrow Account Closely

Escrow accounts often change quietly.

Review your most recent escrow statement and look for:

• Property tax increases
• Homeowners insurance adjustments
• Escrow shortages or overages

Escrow changes are one of the most common reasons mortgage payments increase unexpectedly.

Tip: If your insurance premium increased, it may be worth comparing policies or requesting a reassessment. This is a common review step, not a red flag.

Step 3: Check for Mortgage Insurance (PMI or MIP)

If you put down less than 20% at purchase, you may be paying mortgage insurance.

Look for:

• PMI (conventional loans)
• MIP (FHA loans)
• Monthly or annual charges

Some homeowners qualify to remove mortgage insurance after reaching certain equity thresholds. Others may need a refinance to adjust it.

Important: Eligibility depends on loan type, payment history, and lender rules.

Step 4: Review Your Payment History and Statements

Scan your last 12 months of statements:

Any late fees?
Extra charges you didn’t expect?
Payment changes that weren’t explained clearly?

Mistakes are rare, but they do happen. Reviewing statements keeps you informed and confident when speaking with your lender.

Step 5: Evaluate Your Long-Term Goals Before Making Changes

Before taking action, ask yourself:

Am I focused on lowering monthly expenses?
Prioritizing stability over flexibility?
Am I planning to stay in this home long-term?

A mortgage decision should support your life plan, not disrupt it.

This is where many homeowners rush.
Clarity first. Decisions second.

When a Mortgage Audit Leads to Next Steps

Sometimes an audit reveals:

• Opportunities to adjust insurance costs
• Questions worth asking your lender
• Reasons to explore refinancing options
• Confirmation that staying put is the best move

All outcomes are valid.

The goal isn’t to change your mortgage — it’s to understand it.

Coach Moore’s Real Talk

Confidence comes from clarity.

When you understand your mortgage, you stop guessing and start planning.
That’s how homeowners protect their peace and their finances at the same time.

Next up in the series:
“What To Do When Your Debt Is Eating Your Equity.”

According to the Consumer Financial Protection Bureau (CFPB), reviewing your mortgage documents regularly can help homeowners. It allows them to better understand payment changes and escrow adjustments.