How To Reduce your Mortgage?part 2
how to reduce your mortgage is by setting up a additional budget plan if your existing mortgage is $500 dollars a month you would need to budget to find extra income to reduce your mortgage.Because you still have to pay all your exsisting bills while you continue to reduce your mortgage but don't get discourage because you will start to see the fruits of your labour.
Tuesday 26 February 2008
Monday 25 February 2008
how to reduce your mortgage?
The first step to paying off your mortgage?
l get a lot of questions from people asking how to pay off their mortgage?.The simple answer to your questions is that you can pay off your mortgage quite easily if you are disiplined enough and take action steps towards paying off your mortgage.l will post step 2 tomorrow
l get a lot of questions from people asking how to pay off their mortgage?.The simple answer to your questions is that you can pay off your mortgage quite easily if you are disiplined enough and take action steps towards paying off your mortgage.l will post step 2 tomorrow
Wednesday 13 February 2008
Strategies for Saving Money on your Mortgage
I hope you find this article useful l think their is some good information here for my readers l am getting a lot of people asking how to save money on your mortgage l hope this answers your questions
by: Seymore Hennigan
We all like to save money. Why pay more for something, when you can pay less? We could all use an extra few dollars in our pockets, couldn’t we? Most people don’t realize that there are a number of ways to save money on their mortgage. If you were to take out a mortgage on a 25 year term, chances are that by the time you repay the entire loan you will have paid the bank double the amount you borrowed. And you wonder how the banks are making record profits?
One of the best ways to save money on your mortgage is to put down the biggest down payment you possibly can. This way, the initial amount you are borrowing from the bank is lower and the interest you are paying back will be less than if you borrowed a larger amount. Most of us do not have tens of thousands of dollars sitting around. If possible, why not consider borrowing your down payment from a family member? The banks are not particularly keen on this practice, but if someone in your family can afford to loan you the money without interest it can be very helpful in the long run.
Another thing to consider, once you have been approved for a mortgage, is your repayment frequency. Most people opt for a simple monthly payment. There are other ways, however, to approach this. Why not increase the rate of repayment? If you can manage making a mortgage payment either weekly or bi-weekly, you will save thousands of dollars over the term of your mortgage. Many banks will also allow you to make an annual lump sum payment on the principle of your mortgage. It is wise to take advantage of this opportunity, as you are paying directly on the principle amount of your loan.
For most people, purchasing a home is the single greatest investment they make in their lifetime. Owning a home provides stability for your family, and in time you will have a significant amount of equity tied up. Buying a house can be considered an investment, and you should look at ways to maximize your investment. There are ways to save money on your mortgage, and you would be wise to consider all of your options. Wouldn’t you rather make your money work for you, than to always work for your money? Short term compromises can lead to long term savings. Think ahead!
About The Author
Seymore Hennigan has worked in finance for many years. When he is not crunching numbers or advising his family and friends on investments, he writes freelance articles for mortgageguide101.com – an independent mortgage guide filled with extensive information about buying a new home - http://www.mortgageguide101.com/buying-a-house.aspx, home buying tips - http://www.mortgageguide101.com/articles/when-you-shouldn't-buy-a-house.aspx, first time home buying - http://www.mortgageguide101.com/first-time-home-buyers.aspx and more.
by: Seymore Hennigan
We all like to save money. Why pay more for something, when you can pay less? We could all use an extra few dollars in our pockets, couldn’t we? Most people don’t realize that there are a number of ways to save money on their mortgage. If you were to take out a mortgage on a 25 year term, chances are that by the time you repay the entire loan you will have paid the bank double the amount you borrowed. And you wonder how the banks are making record profits?
One of the best ways to save money on your mortgage is to put down the biggest down payment you possibly can. This way, the initial amount you are borrowing from the bank is lower and the interest you are paying back will be less than if you borrowed a larger amount. Most of us do not have tens of thousands of dollars sitting around. If possible, why not consider borrowing your down payment from a family member? The banks are not particularly keen on this practice, but if someone in your family can afford to loan you the money without interest it can be very helpful in the long run.
Another thing to consider, once you have been approved for a mortgage, is your repayment frequency. Most people opt for a simple monthly payment. There are other ways, however, to approach this. Why not increase the rate of repayment? If you can manage making a mortgage payment either weekly or bi-weekly, you will save thousands of dollars over the term of your mortgage. Many banks will also allow you to make an annual lump sum payment on the principle of your mortgage. It is wise to take advantage of this opportunity, as you are paying directly on the principle amount of your loan.
For most people, purchasing a home is the single greatest investment they make in their lifetime. Owning a home provides stability for your family, and in time you will have a significant amount of equity tied up. Buying a house can be considered an investment, and you should look at ways to maximize your investment. There are ways to save money on your mortgage, and you would be wise to consider all of your options. Wouldn’t you rather make your money work for you, than to always work for your money? Short term compromises can lead to long term savings. Think ahead!
About The Author
Seymore Hennigan has worked in finance for many years. When he is not crunching numbers or advising his family and friends on investments, he writes freelance articles for mortgageguide101.com – an independent mortgage guide filled with extensive information about buying a new home - http://www.mortgageguide101.com/buying-a-house.aspx, home buying tips - http://www.mortgageguide101.com/articles/when-you-shouldn't-buy-a-house.aspx, first time home buying - http://www.mortgageguide101.com/first-time-home-buyers.aspx and more.
Tuesday 12 February 2008
Getting the Best Mortgage Rate
by: Jay Moncliff
Buying a home is an expensive endeavor so getting the best possible mortgage rate should be one of your main priorities. By deciding to get the best mortgage rate possible you will be making a positive decision to help you for many years to come. However, just deciding to get the best mortgage rate available is not going to get you the best mortgage rate available. Instead, you will need to learn the tips and tricks for negotiating with your mortgage lender in order to receive the best possible mortgage rate for your personal situation.
Mortgage Rate Tip #1 Origination Fee
Your mortgage rate might be low in your mind, but you must take the origination fee into account as well because this can increase your APR. Lenders frequently charge 1%, but you can always negotiate the mortgage rate origination fee lower. Also, if the origination fee is much higher than 1% you need to either negotiate it down, or find another lender with a more favorable overall mortgage rate.
Mortgage Rate Tip #2 Lock in the Rate
When negotiating your mortgage rate, make sure your lender is prepared to lock in your rate for at least 30-60 days. This way you will be guaranteed a particular rate even if rates skyrocket the next day. Another not trick many individuals are not aware of is to include a clause that also will allow you to take a lower rate if rates fall during this period. This is a great mortgage rate tip because you get your mortgage rate locked in so it can’t go any higher, but if the average mortgage rate goes lower you receive the lower rate.
Mortgage Rate Tip #3 Fight
If the mortgage rate drops significantly and you have already signed a deal locking in a particular mortgage rate and don’t have a clause that ensures you will receive the lower rate, then you need to fight. You simply need to call your lender and say that while you signed the lock in agreement you want the lower rate. This will take some negotiating, but your lender wants you business and might be willing to negotiate the mortgage rate with you.
About The Author
Jay Moncliff is the founder of http://www.mileniummortgages.com a website specialized on Mortgage Rate, resources and articles. This site provides updated information on Mortgage Rate. For more info on Mortgage Rate visit: http://www.mileniummortgages.com.
Buying a home is an expensive endeavor so getting the best possible mortgage rate should be one of your main priorities. By deciding to get the best mortgage rate possible you will be making a positive decision to help you for many years to come. However, just deciding to get the best mortgage rate available is not going to get you the best mortgage rate available. Instead, you will need to learn the tips and tricks for negotiating with your mortgage lender in order to receive the best possible mortgage rate for your personal situation.
Mortgage Rate Tip #1 Origination Fee
Your mortgage rate might be low in your mind, but you must take the origination fee into account as well because this can increase your APR. Lenders frequently charge 1%, but you can always negotiate the mortgage rate origination fee lower. Also, if the origination fee is much higher than 1% you need to either negotiate it down, or find another lender with a more favorable overall mortgage rate.
Mortgage Rate Tip #2 Lock in the Rate
When negotiating your mortgage rate, make sure your lender is prepared to lock in your rate for at least 30-60 days. This way you will be guaranteed a particular rate even if rates skyrocket the next day. Another not trick many individuals are not aware of is to include a clause that also will allow you to take a lower rate if rates fall during this period. This is a great mortgage rate tip because you get your mortgage rate locked in so it can’t go any higher, but if the average mortgage rate goes lower you receive the lower rate.
Mortgage Rate Tip #3 Fight
If the mortgage rate drops significantly and you have already signed a deal locking in a particular mortgage rate and don’t have a clause that ensures you will receive the lower rate, then you need to fight. You simply need to call your lender and say that while you signed the lock in agreement you want the lower rate. This will take some negotiating, but your lender wants you business and might be willing to negotiate the mortgage rate with you.
About The Author
Jay Moncliff is the founder of http://www.mileniummortgages.com a website specialized on Mortgage Rate, resources and articles. This site provides updated information on Mortgage Rate. For more info on Mortgage Rate visit: http://www.mileniummortgages.com.
The Secret To Finding The Best Mortgage Loan
The Secret To Finding The Best Mortgage Loan
by: Scott Patterson
As you apply for a home loan or look to refinance your home, it is important to understand your situation and how it will be affected by the type of loan that you will be applying for.
But first, it is important to find out why you need the loan. For instance, do you need it for a home loan.
The next step is to do your research in order to escape the headaches and hassles that plague the home loan process. During this process, you should consider two major factors: How much you can afford and how to compare the different lending companies.
Let’s take a look at each…
How much you can afford:
The most important factor to getting the right kind of mortgage loan is to know how much you can fit into your budget. That way, you can ensure that you are staying within the proper budget limit. When calculating the affordability factor, it is important to take into account these three factors:
Income- The key is to know how much you make each month in relation to a mortgage payment. The rule of thumb is that the payment should not exceed 27 percent of your total income.
Debt- Obviously the less debt you have, the
better your financial situation. So by having less debt, you will be in a better position to afford the house of your dreams.
Down Payment- A house that requires a large down payment will require you to spend more money upfront. In some situations, you can spend up to 20% of the selling price with 3 to 6% in addition for closing costs
How to compare mortgage loans:
In addition to considering your finances, it is important to carefully research the various lenders that are available to consumers. Here are just a few factors to take into consideration:
Compare lenders at the same Interest rate and lock in period. That way you will be able to properly compare the different lenders
Every lender has associate fees including points and various costs. Each company is different, but it is important to factor in all these costs to fully understand how much your mortgage loan will cost
Once you have compared both of these factors, you should find the one that has the best rate
After discovering the best rate, you will be able to discover the home loan that fits your budget and your unique situation.
By understanding the home loan process and what type of loan is right for you, it will simple to get the best possible home loan.
About The Author
Scott J. Patterson is the owner of First Home Mortgage Loan, for more information on how to get a top rate loan, check out his site: http://www.first-home-mortgage-loan.info http://www.endlesswholesale.info.
by: Scott Patterson
As you apply for a home loan or look to refinance your home, it is important to understand your situation and how it will be affected by the type of loan that you will be applying for.
But first, it is important to find out why you need the loan. For instance, do you need it for a home loan.
The next step is to do your research in order to escape the headaches and hassles that plague the home loan process. During this process, you should consider two major factors: How much you can afford and how to compare the different lending companies.
Let’s take a look at each…
How much you can afford:
The most important factor to getting the right kind of mortgage loan is to know how much you can fit into your budget. That way, you can ensure that you are staying within the proper budget limit. When calculating the affordability factor, it is important to take into account these three factors:
Income- The key is to know how much you make each month in relation to a mortgage payment. The rule of thumb is that the payment should not exceed 27 percent of your total income.
Debt- Obviously the less debt you have, the
better your financial situation. So by having less debt, you will be in a better position to afford the house of your dreams.
Down Payment- A house that requires a large down payment will require you to spend more money upfront. In some situations, you can spend up to 20% of the selling price with 3 to 6% in addition for closing costs
How to compare mortgage loans:
In addition to considering your finances, it is important to carefully research the various lenders that are available to consumers. Here are just a few factors to take into consideration:
Compare lenders at the same Interest rate and lock in period. That way you will be able to properly compare the different lenders
Every lender has associate fees including points and various costs. Each company is different, but it is important to factor in all these costs to fully understand how much your mortgage loan will cost
Once you have compared both of these factors, you should find the one that has the best rate
After discovering the best rate, you will be able to discover the home loan that fits your budget and your unique situation.
By understanding the home loan process and what type of loan is right for you, it will simple to get the best possible home loan.
About The Author
Scott J. Patterson is the owner of First Home Mortgage Loan, for more information on how to get a top rate loan, check out his site: http://www.first-home-mortgage-loan.info http://www.endlesswholesale.info.
Monday 11 February 2008
Title: Discover the insider secrets the banks don't want you to know...
Discover the insider secrets the banks don't want you to know...
Author: xuejun
"Learn how YOU can get the Best Mortgage with the lowest rates,even if you have HORRIBLE credit." Discover the insider secrets the banks don't want you to know... Are you tired of being turned down for a mortgage? Are you told that you can't get a mortgage because of bad credit?
Do you feel like no one will ever give you a mortgage? Are you sick of your bad credit score haunting you? Well, get ready to Put all that behind you. I'm going to show you exactly how anyone, with any credit, can get any mortgage - right now! And best of all, these methods work in any state.
And... It doesn't matter how much money you make. It doesn't matter how much money you have in the bank. It doesn't matter how young or old you are. It doesn't matter if you have a job, or are self employed. It doesn't matter what type of property you want: house, condo,mobile home, whatever.
A few years ago I personally was refused a mortgage many times, due to bad credit, and being told that I didn't make enough money. I too, used to feel like I'd never be approved for a mortgage by anyone. I was dead wrong! Every mortgage company out there either told me that I had really bad credit, or no credit at all. I didn't even have any credit score at all.
You know, that cute little 3 digit number that everyone uses to see if you're "worthy" enough for their loan. I probably couldn't have got aloan for a can of soda if I tried. Not Until I Met These Guys...I got a job at a private mortgage company. My views of mortgages, credit and finance were about to change - big time. This wasn't your typical stuffy, boring, old lady banking type of company - These were young professionals who had a great time doing what they did. And they made lots of money doing it.
They were getting loans for people like me. I quickly realized that they obviously knew what theywere doing. They taught me the real in's and out's of the bad creditmortgage business. The little known, no holds barred, guerilla finance methods used by real estate pros.
I also learned the truth: I found out how many people are being flat out lied to by their lenders. Even the "perfect people" with great credit, that think they've got a great mortgage - that couldn't be further from the truth! Even if they tell you that they can give you a bad creditmortgage - you'll get ripped off! Hell, even if you already have a mortgage - chances are you're being ripped off! Unfortunately, big banks and mortgage companies are making huge profits off of you, and either telling you that you just can't get a mortgage with bad credit, or giving you their pathetic offer - and telling you that it's the best deal you'll ever get.
People with bad credit are either told that they can't get a loan, or that they' ll only get a loan with high interest rates - that's a flat outlie! The fact is - if you have bad credit, you' ll be taken advantage of by greedy banks and lenders. That is,unless you know the secret... I found out how Anyone, fromAnywhere with Any Credit Score can get Killer Deals on Any Mortgage.
I've helped countless people get the lowest rates and low downpayments on all kinds of Mortgages: Home Purchases, Refinances, Home Equity Loans - you name it. I'vealso helped people with bad credit (even horrible credit) get mortgage rates lower then people with good credit!Click Here Apply! About the author:"Learn how YOU can get the Best Mortgage with the lowest rates,even if you have HORRIBLE credit.
" Discover the insider secretsthe banks don't want you to know... Are you tired of beingturned down for a mortgage?
Author: xuejun
"Learn how YOU can get the Best Mortgage with the lowest rates,even if you have HORRIBLE credit." Discover the insider secrets the banks don't want you to know... Are you tired of being turned down for a mortgage? Are you told that you can't get a mortgage because of bad credit?
Do you feel like no one will ever give you a mortgage? Are you sick of your bad credit score haunting you? Well, get ready to Put all that behind you. I'm going to show you exactly how anyone, with any credit, can get any mortgage - right now! And best of all, these methods work in any state.
And... It doesn't matter how much money you make. It doesn't matter how much money you have in the bank. It doesn't matter how young or old you are. It doesn't matter if you have a job, or are self employed. It doesn't matter what type of property you want: house, condo,mobile home, whatever.
A few years ago I personally was refused a mortgage many times, due to bad credit, and being told that I didn't make enough money. I too, used to feel like I'd never be approved for a mortgage by anyone. I was dead wrong! Every mortgage company out there either told me that I had really bad credit, or no credit at all. I didn't even have any credit score at all.
You know, that cute little 3 digit number that everyone uses to see if you're "worthy" enough for their loan. I probably couldn't have got aloan for a can of soda if I tried. Not Until I Met These Guys...I got a job at a private mortgage company. My views of mortgages, credit and finance were about to change - big time. This wasn't your typical stuffy, boring, old lady banking type of company - These were young professionals who had a great time doing what they did. And they made lots of money doing it.
They were getting loans for people like me. I quickly realized that they obviously knew what theywere doing. They taught me the real in's and out's of the bad creditmortgage business. The little known, no holds barred, guerilla finance methods used by real estate pros.
I also learned the truth: I found out how many people are being flat out lied to by their lenders. Even the "perfect people" with great credit, that think they've got a great mortgage - that couldn't be further from the truth! Even if they tell you that they can give you a bad creditmortgage - you'll get ripped off! Hell, even if you already have a mortgage - chances are you're being ripped off! Unfortunately, big banks and mortgage companies are making huge profits off of you, and either telling you that you just can't get a mortgage with bad credit, or giving you their pathetic offer - and telling you that it's the best deal you'll ever get.
People with bad credit are either told that they can't get a loan, or that they' ll only get a loan with high interest rates - that's a flat outlie! The fact is - if you have bad credit, you' ll be taken advantage of by greedy banks and lenders. That is,unless you know the secret... I found out how Anyone, fromAnywhere with Any Credit Score can get Killer Deals on Any Mortgage.
I've helped countless people get the lowest rates and low downpayments on all kinds of Mortgages: Home Purchases, Refinances, Home Equity Loans - you name it. I'vealso helped people with bad credit (even horrible credit) get mortgage rates lower then people with good credit!Click Here Apply! About the author:"Learn how YOU can get the Best Mortgage with the lowest rates,even if you have HORRIBLE credit.
" Discover the insider secretsthe banks don't want you to know... Are you tired of beingturned down for a mortgage?
Monday 4 February 2008
The Benefits of Refinancing Home Mortgage
The Benefits of Refinancing Home Mortgage
A mortgage is probably the most expensive long term loan that you will ever take out. It is however, extremely manageable due to the period over which it is spread (usually 25 years). This is why, if you need to borrow money for whatever reason, and you are on a budget, refinancing home mortgage is a great idea.
It doesn't really matter what you are borrowing the money for, the terms and conditions will be the same. Years ago you would need to prove down to the last penny that the refinancing home mortgage was going towards home improvements or remodelling. This is not the case today, This question is very rarely asked, just so long as you can afford to pay the monthly repayments.
It may be that you have incurred debts of some description or you want to buy a new car, whatever the reason, this is an easy straight forward way to raise the cash.
One condition obviously is that you will need to have the equity in your home currently. It's no good asking for $25,000 if your mortgage is $190,000 dollars and your house is only valued at $200,000.
You will have to decide on a course of action when paying back the loan. When refinancing home mortgage, chances are you will have owned your current mortgage for a few years or more. This will mean that you will either have to take the refinance loan over the same period as your current mortgage and pay a higher premium or have the new loan over a longer period. This will mean extending the period of your mortgage completely.
The last option would be to change mortgage lenders completely when refinancing home mortgage and take out a completely new mortgage that will encompass all of loans, new and old. This will then give you one monthly payment and a term determined by your ability to meet this payment.
You will need to decide whether to go for a repayment mortgage or an interest only mortgage. A repayment mortgage mean higher payments, but you will have the peace of mind knowing that the debt will be payed off completely over the term of the mortgage.
An interest only mortgage will be much cheaper, but you will need to have a plan in place to meet the final payment at the end of the mortgage period ie. an endowment policy, ISA or some form of savings plan.
2nd mortgage refinance loans are usually more straight forward than 1st mortgage loans. You have after all been a customer with history already, whether it was with your current lender or another lender.
For Refinancing Home Mortgage and 2nd Mortgage Refinance Loans help and advice, visit debit consolidation 1
A mortgage is probably the most expensive long term loan that you will ever take out. It is however, extremely manageable due to the period over which it is spread (usually 25 years). This is why, if you need to borrow money for whatever reason, and you are on a budget, refinancing home mortgage is a great idea.
It doesn't really matter what you are borrowing the money for, the terms and conditions will be the same. Years ago you would need to prove down to the last penny that the refinancing home mortgage was going towards home improvements or remodelling. This is not the case today, This question is very rarely asked, just so long as you can afford to pay the monthly repayments.
It may be that you have incurred debts of some description or you want to buy a new car, whatever the reason, this is an easy straight forward way to raise the cash.
One condition obviously is that you will need to have the equity in your home currently. It's no good asking for $25,000 if your mortgage is $190,000 dollars and your house is only valued at $200,000.
You will have to decide on a course of action when paying back the loan. When refinancing home mortgage, chances are you will have owned your current mortgage for a few years or more. This will mean that you will either have to take the refinance loan over the same period as your current mortgage and pay a higher premium or have the new loan over a longer period. This will mean extending the period of your mortgage completely.
The last option would be to change mortgage lenders completely when refinancing home mortgage and take out a completely new mortgage that will encompass all of loans, new and old. This will then give you one monthly payment and a term determined by your ability to meet this payment.
You will need to decide whether to go for a repayment mortgage or an interest only mortgage. A repayment mortgage mean higher payments, but you will have the peace of mind knowing that the debt will be payed off completely over the term of the mortgage.
An interest only mortgage will be much cheaper, but you will need to have a plan in place to meet the final payment at the end of the mortgage period ie. an endowment policy, ISA or some form of savings plan.
2nd mortgage refinance loans are usually more straight forward than 1st mortgage loans. You have after all been a customer with history already, whether it was with your current lender or another lender.
For Refinancing Home Mortgage and 2nd Mortgage Refinance Loans help and advice, visit debit consolidation 1
Subscribe to:
Posts (Atom)