Pay Off Mortgage Faster Now – You Will Save Money On Interest
August 21, 2011 by admin
Filed under Mortgage Advice
The question to ask is how would it feel to own a home and have no monthly payment? It sounds pretty good, doesn’t it! It is possible to pay off your mortgage quickly and become a home owner that has no mortgage and no monthly payments.
If you have a current mortgage chances are most of the monthly payments you currently have are going to interest, which means straight to the bank. What you want to do is to pay that money strait to your principle, so it goes to you not the bank. It is important that you can lower the principle on your mortgage as soon as possible so you can save tons on interest, again this is money in your pocket, not the banks.
It is easy to do this, you just need to make an extra principle payment on your mortgage every month and you can literally pay off your loan in half the time. Look at this as an investment in your future, you invest in other things in your life, why not make this investment for your home so you can have a mortgage free life.
It is good when you make the extra payment towards principle that you make as much as you can, but a good rule of thumb is to pay a minimum of 3% of your monthly payment, for example if you have a monthly payment of $1500 you would make an extra payment for $45, this will make such a difference in paying off your loans in half the time it will amaze you.
Just remember to write on your check, “for prepaid principle” so they know how to apply it and you are on your way.
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5 crucial advise to have the best Mortgage
August 31, 2009 by admin
Filed under Mortgage Advice
The real estate sector is now going through an acceleration in its sales of homes.
Consumer are rushing in to capitalize on the low prices amidst the downturn. Possibly the best way to finance your new home is to get the most favorable mortgage available in town.
Do not worry too much if you are not eligible for a home loan because of some credit concerns. Contrary to what most people believe, you still can your new home in just a few months by adopting these important reminders:
a.). Do not make excessive purchases for the next couple of months. Instead, gear up to save more money for your down payment. The reason for this is that even a debt of only 15,000 dollars will still appear unpalatable to the mortgage lenders credit score system.
b.) Do not choose a very high-priced home. You have to see to it that you are able to pay for your amount owed consistently to avoid any inconvenience later that might lead to a lot of unnecessary emotional and financial hurdles. So ensuring your existing income capabilities in paying off the mortgage in the longer term is a must!
c.) Do not get disqualified for a mortgage. Make a point that you will get the application passed. In order to measure up to its requirements, you are asked to submit your credit information to a mortgage lender. And you must permit your lender to get your credit report and debt/income data from the appropriate resources.
d.) Do not forget the kind of money personality you have before taking a mortgage. Understand how you manage money and what are your perception about being financially secure as a whole. Use these personal insights to draw the type of mortgage loan that is suitable to your personal preferences.
e.) Keep in mind that home possession may provide many problems. The charge of non-payment on a loan is a lot larger than the fine of missing a rent fee.
Hence, if you are planning to hold on to a stress-free mortgage, be sure to remember these five important advise that will see you through owning your dream home with
little or no interference towards your family or personal life.
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