Each new year brings about lots of new things. It's a great time of year to put your financial situation into perspective and take a look at your mortgage and other obligations. New loan programs and opportunities to leverage your home equity can bring you lower mortgage payments, new investment opportunities and possibly lower your entire debt picture.

Are you paying for Private Mortgage Insurance (PMI)?

There are a lot of new loan programs available that can help you eliminate PMI, even if you have less than 20% equity in your home. The monthly savings adds up quickly. This money can be put to a better use to help you achieve other short-term goals and long-term financial goals.

Are your taxes and insurance up to date?

Event though your mortgage servicer is responsible for paying your taxes and insurance out of your escrow account, it just makes sense to periodically check to see that these payments are being made properly. While you're at it, you'll want to review your homeowners insurance policy. It's a good idea to review your policy every two to three years to make sure it covers recent home improvements, replacement costs for the contents of your home, and that its reconstruction coverage is keeping pace with inflation.

Do you have a Home Equity Line of Credit ?

Many homeowners are making the proactive choice to secure a Home Equity Line of Credit (HELOC) for emergencies. A HELOC is a revolving line of credit that only charges you interest when you actually draw money from the line of credit. As you repay the balance of the draw, the credit becomes available again. Securing a HELOC in advance can be a great help if you're ever laid off or have an unexpected medical or other emergency. It also can be used to consolidate debt and eliminate debts at higher interest rates.

Is it time to refinance?

The timing might be right to refinance your mortgage loan. New rates may help you significantly lower your monthly payment.  Or you may want to cash out some of the built up equity in your home, which you can use to consolidate debt, improve your home, take a vacation-whatever! Perhaps by refinancing you can even pay off your mortgage sooner!