ComputerHunter.org |
|
|
|||
|
 |
Imagine Cutting Over $8,000 Off Your Mortgage This Year
I once helped a customer cut over $700 off his monthly mortgage payment. That's right, over $8,000 each year and over $40,000 in just five years. Now, not everyone can save this much, but if you have a loan that is over $200,000, you could come close to this, if you refinance your fixed rate mortgage to a new loan program. What's the secret, you might ask? Don't be afraid to take an Adjustable Rate Mortgage or, perhaps, an interest-first mortgage. The problem, though, is most mortgage brokers or bankers will not encourage you to make this move. There are many reasons -- the most likely one being their desire to make more money off of you. They do this based on the program and the interest rate you accept. You see, mortgage brokers are not unlike realtors, home improvement companies or car salesman -- they all work on commission. Mortgage brokers can also make a commission, paid by your lender, if you take a higher interest rate than you qualify for. So, a mortgage broker may encourage you to take a new fixed-rate, 15-year mortgage at 6.5 percent. This might be an improvement of 1 percent over your current 30-year fixed rate loan. Now, most people will think this is amazing. What you may not realize is that you might qualify for this loan at a rate of 5.0 percent. This might cost you $50 to $150 per month. Meanwhile, the mortgage broker likely pockets an extra $500 to $1,000 for selling you this bogus rate. Now, if you say you want the adjustable rate mortgage, perhaps a 5-year or 3-year ARM, you can cut your rate by as much as four or five percent. On a large mortgage, like $200,000 to 400,000 you can save as much as $400 each month. Be sure if you get an adjustable rate mortgage that you learn all about how they work. The wealth-building program, Winning the Mortgage Game will help. Mark Barnes is an investment real estate and real estate finance expert. Get his free mortgage finance course at http://www.winningthemortgagegame.com and also learn how to gain financial independence through proper real estate investment strategies. Mark is also the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com
Google News - Top Stories
|
|
|
|
RELATED ARTICLES
Bad Credit? With Poor Credit You Can Still Refinance Or Get A Home Equity Line Of Credit Have you decided to refinance your home or apply for a home equity line of credit but worry about your credit rating? Even with poor credit it is possible to refinance your existing mortgage or obtain a home equity line of credit. New practices in the lending industry have made it easier than ever for you to refinance your mortgage or get a home equity line of credit. If you have adverse credit, specialized lenders can help you find the loan package your need with an interest rate you can afford. Think You Cant Get a Mortgage? You've finally found that dream home that you have always been searching for, but you are afraid to apply for a mortgage because you have bad credit or less than perfect credit. Home Mortgages: Does a No-closing-cost Loan Make Sense for You? I have heard a number of radio ads and have seen many newspaper ads offering "no closing cost" home mortgages. These ads will tell you that you can get a new mortgage or refinance your existing mortgage at absolutely with absolutely no closing costs.. There are no points, no charges for an appraisal, no charge for title insurance, no costs, period. Tips for First Time Home Buyers When looking at tips for first time home buyers, you've come to the right place. Many people are looking all over the Internet for reliable information. There's over 761,940 websites (as of March 05) with information or online forms urging you to fill them out for more details. Residential Mortgage - Finding The Best Home Mortgage Lender Most people approach the act of getting a home mortgage purchase or refinance loan the wrong way. They timidly approach lenders and cross their fingers that they will quality for that all-important loan. But that's just the opposite of what most people should be doing! What Exactly is a Mortgage Broker and How Can He/She Help You Save Thousands on Your Mortgage? Have you ever heard of a mortgage broker before? If you haven't, then you definitely need to give yourself more options whether you are applying for a new home loan or are refinancing your current loan, and learn what they are all about. Mortgage brokers can help you save thousands over the life of your loan. It's all about the interest rate and how it affects the amount of principal compared to interest that you pay each month. What is an Interest Only Mortgage? An Interest Only Mortgage is one where the repayments are made up entirely of the interest on the loan. When the mortgage term is complete, the capital originally borrowed is still outstanding. Buying A Home With No Money Down or Bad Credit - PMI Can Make It Easier Private mortgage insurance is an excellent method for homebuyers who have trouble saving money, are short on money, or have bad credit, to get into a home now. Private mortgage insurance is provided by a third party to protect the lender in the mortgage contract. This allows you to purchase a home with a much smaller down payment and if you have bad credit. You should note that this service does not protect you as the buyer; it protects the lenders such as a mortgage broker or a bank. Consolidate Debt With A Home Equity Loan If you are a home owner who is having to borrow from Peter to pay Paul due to a mounting debt load, a debt consolidation home equity loan may be the answer. A debt consolidation loan will allow you to consolidate your high interest credit card and consumer loans into one low rate, affordable monthly payment. Sub-Prime Mortgage Loans - Things You Should Know About Sub-Prime Mortgages Sub-prime mortgages are not that much different from average mortgages. They have interest rates, points, and fees. They can be compared online, and they have seasonal trends. The only real difference is that as a borrower with a less than stellar credit record, you will have to pay a slightly higher rate for the lender's increased risk. What is important is that you prepare yourself with information about sub-prime mortgages and compare lending companies to make sure you get the best deal. Bad Credit Mortgage Lenders - Things You Should Know About Subprime Lenders Interest rates and fees vary between subprime lenders just like regular mortgage lenders. Just because you have bad credit, that doesn't mean you should accept the first financing offer from a subprime lender. Take the time to do your research, and you can make sure you are getting the best deal in terms of interest rates and fees. What is a Flexible Mortgage? 'Flexible mortgage' is a term that's used a lot, but what exactly does it mean? A flexible mortgage allows the borrower to make extra repayments when they have the extra money and even reduce or skip payments should the need arise. Refinancing Your Mortgage Can Open Up A Lot Of Options For You And Your Family It can happen to anyone, the roof is leaking, the credit card bills are pilling up and it is almost time for a new car. But where are you going to get the money to do all of these things? The need for extra cash can be very frustrating and worrisome, however if you are a home owner you have a variety of financial options available to you that you may not even be aware of. You should look into refinancing as a viable option to solve your financial worries. Poor Credit Mortgage Reigns High Among Mortgages Available to Bad Credit Borrowers Like a big brother keeping notes of the erring behaviour of his younger sibling, credit reference agencies like Experian and Equifax maintain a record of each person entering into credit transaction. While a few instances of arrears are considered admissible, as the incidence of bad credit behaviour increases, creditors start considering these as a lack of reliability. These people are termed as having a bad credit history. Guide to Mortgage Terms Listed below is a guide to mortgage terms. It is a useful list of definitions of mortgage terms that may or may not be familiar to you. What is a Repayment Mortgage? A repayment mortgage is the type of mortgage that most people think about. The idea behind a repayment mortgage is that you pay monthly for a set period and each payment consists of an element of capital and interest. Should You Refinance? There are several reasons that might make someone consider refinancing their existing mortgage. One would be to get a lower interest rate than what they currently have, thereby reducing monthly payments and lowering the overall cost of the mortgage. Another is to shorten the length of the loan, which can save quite a bit in interest payments. Thirdly, someone may have other debts that they wish to pay off, and refinancing may provide them a means of consolidating that debt into one overall lower payment. Fixed Versus Adjustable Rate Mortgages Which One Should You Choose? Are You Ready for a 40-year Mortgage? Real estate prices have been increasing steadily over the last five years, particularly on the East and West coasts. In parts of California, homes are selling for 33% more than they were a year ago. This has made it more difficult than ever for first-time homebuyers to purchase a home. Refinancing Your House - How to Know Whether to Refinance or get a Second Mortgage Refinancing your house's mortgage is not the same thing as getting a second mortgage. While both allow you to cash out your home's equity, terms and rates differ between the two types of loans. To know which financing option is best for you, learn each loan's features and pick the one that best meets your needs.
|
|
|
|
|
