Get rid of the Escrow Account
An escrow account is an account that is used to collect annual expenses like property taxes and homeowners insurance on a monthly basis. Banks often mandate that borrowers have an escrow account at closing so that they know that the borrower has the funds to pay their property taxes when they are due. However, after a period of time of perfect payment history many banks will allow the borrower to stop escrowing. At that moment the monthly payment goes down and although the borrower is still responsible for making the tax and insurance payments at the end of the year.
If the borrower is comfortable budgeting for taxes and insurance, they can elect to not have an escrow account upon closing thus immediately making their monthly payments lower.
You can also maximize each dollar throughout the year by storing your money in a high yield savings account.
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