 |
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
MORE RESOURCES updated Tue. June / 06 / 2023
 |
 |
 |
RELATED MORTGAGE AND REFINANCING ARTICLES:
Guide to Flexible
Mortgages
Outlined below is a useful guide to flexible mortgages.
Flexible mortgages are also known as Australian Mortgages
because they usually feature something which is common in
Australia - interest recalculation on a daily basis.
Why Get Pre-Approved For
A Mortgage?
One of the most important steps in the home buying process
is getting Pre-Approved as early as possible.The
Pre-Approval process involves you speaking with a Mortgage
Lender about your financial situation, what you'd like to
accomplish, and any concerns you have.
Home Equity Loans
Online
If you are in the market for a home equity loan, consider
an online lender. Home equity loans online are fast and
easy.
Home Loans for Credit
Challenged Borrowers
Just because you have negative items on your credit report
doesn't mean you can't obtain a home mortgage loan. There
are options for you.
Home Equity Line of
Credit - Finding The Best Home Equity Lender
Borrowing against the value of your home using a revolving
credit account is known as a home equity line of credit.
Lenders offer home equity lines of credit in several ways
with either fixed or variable interest rates.
Shopping for A Mortgage?
Do Your Homework First
If you happen to be shopping around for a mortgage, it is
very important that you first take the necessary time to do
your homework. When I say homework, I am talking about
research.
Top 10 Things to
Consider on Home Loans
Here are our Top 10 most important things to consider when
shopping for a Home Loan, Equity Line of Credit, or
Refinance, courtesy of
Loans-Directory.Org:Down-PaymentFixed Versus Adjustable
RateAPRLoan TypesLoan Amount Qualification, IncomeLoan
Amount Qualification, ExpensesEmployment and Credit
HistoryPointsSub-Prime LoansShort-Forms1.
Find the Best Mortgage
Company
If you do not wish to commit to living in one place for at
least a few years, then owning a house is probably not for
you, at least not yet. With the transaction costs of buying
and selling a home, you may end up losing money if you sell
any sooner.
The Best Way To Get The
Right Mortgage
Are you thinking of buying a home? If so, then there are
many things that you need to research first. For example,
do you know what a mortgage is and do you know all the
details of getting a mortgage? The more you know before you
get into it, the easier the whole process will be for you.
Applying for a Home
Mortgage Loan Online - The Pros and Cons
If you have considered applying for a home loan mortgage
online, there are a few pros and cons to think about with
getting a home mortgage loan online:Pros:1. The process of
applying for an online home mortgage loan is very simple,
unlike some lenders who operate in the 'real' world and ask
for heaps of information.
Refinancing Your Home
Mortgage Loan With Bad Credit
There are numerous reasons a person has bad credit. Late or
partial payments, missing payments, and too many
outstanding debts could all be factors that have left you
with a poor credit rating.
Good FICO Credit Score?
Tips to Getting the Most Out of Your Home Mortgage Loan
With Good Credit
Sometimes so much is talked about how to solve the problem
of having bad credit, but what about when you have an
excellent credit rating? Good credit is considered to be a
credit score of 650 or higher. How can you get the best
interest rate and loan terms to make your good credit
history work for you? Even with excellent credit, you have
to be careful not to get talked into a loan that may not be
the best one you could qualify for.
Mortgage Cycling -
Brilliant or Risky
With mortgage rates near 20-year lows, competition in the
mortgage industry is fierce. It seems like every day a new
mortgage loan strategy comes out that is suppose to be the
best thing since sliced bread.
Mortgage
Soup
Looking for home mortgage loans can get confusing with the
alphabet soup of mortgage loans programs available today.
Most of these programs are just variations of fixed rate
and adjustable rate mortgage loans.
No Deposit Home
Loans
A few years ago, many of us would have had a light chuckle
to ourselves if someone mentioned that you could borrow
money to buy a house with only the promise of solid future
earnings. But today this is a regular occurrence.
Home Mortgage Rate
Shopping - Why Some Shoppers Give Up And Others
Don't
About 29% of current homeowners and a much larger percent
of consumers with income levels above $50,000 feel it best
to stay as far away from offers to finance or refinancing
their home as possible. And this seemly for good reason.
Private Mortgage
Insurance Basics
Will you be asked to pay Private Mortgage Insurance, or
PMI? Most lenders will require you to carry PMI if you
cannot put 20% or more of your loan amount forward as a
down payment. PMI protects the LENDER in case you default
on your payments.
Private Mortgage
Insurance (PMI)
If your down payment on a home is less than 20 percent of
the appraised value or sale price, you must obtain private
mortgage insurance, known as PMI, with your lender. This
will enable you to obtain a mortgage with a lower down
payment because your lender is now protected against any
default on the loan.
Tips for Finding the
Best Agri Mortgage and the Best Agri Loan
The Research Rates of Agri MortgageFirst thing, when
finding an agri mortgage is to check the interest rates and
the rate movements, too. The agri mortgage rates can't be
too constant, they are rising and falling along the Wall
Street security; that reflects the direction of rates.
Mortgage and Credit Card
Companies Under the Spotlight on Consumer
Charging
For the first time since May 1996 reports have indicated
that wage increases have risen faster than house price
inflation. According to Nationwide, "The overall picture
remains one of a gently softening market".
|
used office furnishings-supplies-equipment-desks-cubicles-service-counters for
sale in Akron Ohio
Die cast model cars for sale in Akron Ohio
used cars for sale in Akron Ohio
unfurnished homes for
rent in Akron Ohio
first second
ARM compare rates find the best rates current in your area lenders read reviews calculator adjustable rate loan home lenders brokers
quotes florida houston gmac washington interest only 2nd software debt consolidation
reverse senior equity texas maryland options lending bad credit
option one ameriquest chase first banks emc residential california miami dallas est branch marketing
home company commercial yahoo online bad credit low credit no credit |
|