Another way to save money is to refinance your mortgage into lower interest rates. Through the government’s “Home Affordable Refinance Program”, borrowers with mortgages through Fannie Mae or Freddie Mac can refinance their loans even if they owe more than the home’s current value. Interest rates and mortgage underwriting are changing continually so I urge you to investigate this option on a regular basis.
But now, in part because we did not have such a spike in the early stages of recovery and instead have had modest growth in place for several years, it seems less likely that we will experience a growth spurt in the next couple of years that would engender concerns about rapid wage pressures and changes in inflation expectations.