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Top 3 Ways to Save Money on Your Mortgage!
By John R. Blakefield
We are always trying to find ways to save money. We shop sales at the local department stores, use coupons at the local grocery store, and eat early bird dinners with the whole family. There are many small things you can do to save money in your daily life that can keep the expenses to a minimum, allowing more money to save, put towards an investment, or towards a family vacation that is long over due!
Many people do not think about saving money on their however, and often just leave it as “it is what it is.” To be honest, this is silly because things can be changed on your that can save a home owner money. This is especially true if you pay your monthly payment on time and are not delinquent on any payments. Why not try to save money on your too?
The first way you can save money on your is for those that may have not had a 20% down payment when the property was bought. Many people take advantage of little to no down financing in order to get in a home, in exchange for a higher interest rate and Private Mortgage Insurance. Many lenders require this Private Mortgage Insurance as an extra security for the increased risk of not having a large enough down payment toward the home.
Private Mortgage Insurance can literally cost a home owner thousand of dollars more than without. Usually there is a time when the Private Mortgage Insurance will be released, and that is often up to the lender and how it was determined in the contract. However, if you have continued to pay your monthly payment on time, and have
Builder Avoids Foreclosure Using Real Estate Auction
In this increasingly competitive housing market brought on by current economic conditions, builders are turning to real estate auctions to liquidate new home inventories. Charlotte-based builder, Southampton Homes has recently engaged Tranzon/Metrolina to auction six custom homes to bidders searching for good values. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1835834.htm ]]>
The Highlands of Golden Oaks Village, a Leading 55+ Community, Continues Upward Trend in the Western Poconos
Free 2009 guide helps better understand retirement in the Western Poconos. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/55/communities/prweb1837584.htm ]]>
built some equity in the home, then consider speaking with your lender, build your case and see if you can not save yourself thousands of dollars by having the Private Mortgage Insurance removed from your account. You will be pleased.
The second way to save money on your is to consider bi-weekly payments. With bi-weekly payments, you take what would be your monthly payment, cut it in half, and pay it every two weeks. You will end up making two extra payments a month, as well as saving thousands of dollars in interest! What happens is you pay your principal down faster and usually only one payment per every two weeks includes interest on it. You can build equity in your home more quickly as well as save money on interest.
The third best way to save money on your is to refinance. By refinancing, you can decrease the term of the loan and save a lot of money on interest, as well as own your home sooner. If you bought when interest rates were high, you can opt for a lower interest rate. If you have an adjustable rate with high or no caps, consider getting a fixed rate loan or lower caps that will protect you from having too high of monthly payments if interest rates spike. If your home has increased in value, then refinancing may just what you need to get a better mortgage.
As you can see, there are many ways to save on your mortgage! Speak to your financial advisor or lender to get creative and find ways to save you money on your mortgage. Use these tips as guidelines and see where else you may find money saving pockets!
John R Blakefield is a mortgage and real estate specialist. For more information, articles, news, tools and valuable resources on home mortgages or investment loans, refinancing, debt solutions, visit this site: www.scourtheweb.com/mortgage/
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Before you sign a mortgage contract you need to read the entire document and pay attention to several key elements. Here is what you need to look for:Has the lender included a Read more...
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- Builder Avoids Foreclosure Using Real Estate Auction
In this increasingly competitive housing market brought on by current economic conditions, builders are turning to real estate auctions to liquidate new home inventories. Charlotte-based builder, Southampton Homes has recently engaged Tranzon/Metrolina to auction six custom homes to bidders searching for good values. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1835834.htm ]]>
The Highlands of Golden Oaks Village, a Leading 55+ Community, Continues Upward Trend in the Western Poconos
Free 2009 guide helps better understand retirement in the Western Poconos. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/55/communities/prweb1837584.htm ]]>
TheMoveChannel.com Relaunches Invest Portal
Back by popular demand! TheMoveChannel.com has relaunched its investment property site, which is the very best place to find a whole host of fabulous investment opportunities and check out the most popular investment deals of the day. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1834664.htm ]]>
Condo Sales Rise: Eight Orchids Outpaces Bay Area Market in 2008
Eight Orchids, a 157 unit Oakland condominium community in downtown Oakland, outpaces all new condo sales in the Bay Area. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1835624.htm ]]>
Can the Current Recession Affect Future Home Design? A Leading Home Designer Thinks Not
Housing industry experts continue to predict that the new home of tomorrow will be smaller and smaller. Most of those predictions are not backed up by events of past economic downturns. AVID Home Studios, a leading residential home design firm, decided to look back in order to look forward. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1836134.htm ]]>
Verification Bureau Makes it Easy to Comply with the FACT Act Red Flag Rules
Verification Bureau Inc., a leader in fraud detection and information verification solutions for the financial industry, is actively helping financial institutions comply with the FACT Act Red Flag Rules through their Social Security Administration direct identity verification solution, IDFraudScan™. Starting May 1st 2009, the FACT Act red flag rules require creditors and financial institutions to implement programs to detect, prevent, and mitigate identity theft. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1836154.htm ]]>
Hugo S. Subotovsky AIA Architects Promotes Aufgang to Partner, Vlaovich to Associate
Promotions Indicative of Continued Growth and Success at New York-Based Affordable Housing Architecture Firm. Of particular interest - at 29, Ariel Aufgang is now one of the youngest partners of a medium sized architecture firm in the New York area. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1835564.htm ]]>
New Energy Works Timberframers Opens a West Coast Manufacturing Facility in Oregon
New Energy Works Timberframers is pleased to announce the opening of a new timber frame manufacturing facility in McMinnville, OR. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1835604.htm ]]>
Online Reputation Management Important For Small Businesses Too
MyFrontSteps has just released a new service called StepRep, located at http://steprep.myfrontsteps.com, to help small businesses and independent contractors manage their online reputation. (PRWeb Jan 8, 2009)
Read the full story at http://www.prweb.com/releases/MyFrontSteps/StepRep_Launch/prweb1838904.htm ]]>
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