Many Americans love to treat their mortgages like some of their 
favorite kitchen appliances - they want to "set it and forget 
it." Paying close attention to your monthly statement can 
actually protect you and your family. And using a few simple 
tricks can actually help you save a significant amount on your 
monthly expenses.

Say Goodbye to PMI. You may not notice it in the crush of your 
monthly mortgage statement, but many Americans pay for a line 
item called PMI. PMI stands for "personal mortgage insurance," 
and lenders impose it on customers who have less than twenty 
percent equity in their homes. If you took advantage of a low-
money-down offer, the PMI will protect the bank if you go 
bankrupt. Once your equity has risen above twenty percent, 
call your lender to cancel the PMI - you no longer need it.

Get Rid of Force Place Insurance. If you ever happen to let your 
homeowner's insurance lapse, your mortgage lender can legally 
protect their assets by imposing a force-place insurance policy 
on your account. A force-place insurance policy doesn't cover the 
loss of your belongings in case of fire or theft. And you may 
have to pay about four times as much per month for force-place 
insurance than you would for the cheapest homeowner's policy. 
Keep your homeowner's insurance current, and notify your lender 
immediately if you see a line item for force-place insurance on 
your bill.

Check for Stealth Benefits. A growing number of mortgage lenders 
have grown some non-traditional revenue by selling other products 
and services to their clients. Sometimes, you may not realize 
you're getting billed for features like roadside assistance or 
travel agency services when you receive your monthly statement. 
Scan your bill carefully each month and call your lender to 
question anything on your bill that looks unfamiliar or 
unauthorized.

Pay Your Mortgage Every 15 Days. A growing number of homeowners 
use this trick to shave thousands of dollars in interest off 
their mortgage expenses. If your mortgage payment is due on the 
30th of every month, and your lenders receive your check on the 
30th, everything's running according to schedule. But, if you 
split your payment up so that they receive half on the 15th and 
half on the 30th, you no longer have to pay interest on the 
half-payment you made in the middle of the month. Although your 
monthly budget stays the same, these little savings can add 
up to big windfalls over the course of a thirty-year loan. 

Kevin Adelsberg is a writer for FasteMortgage.com.
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