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6 Strategies For Saving Money On Your Mortgage

Now that I am the proud owner of a new mortgage of my rental property, I’ve been thinking about how quickly I can pay this loan off and reduce my mortgage costs. What I’ve realized is that paying off a large loan such as a mortgage can seem decades away, but if you apply a few strategies, not only can you pay your mortgage off faster, but you can save thousands of dollars in the process.

I’m all about having this as simple as possible, so I looked for the easiest ways to get both of these tasks accomplished. Today I present you with six simple ways to reduce your mortgage costs. Let me know which one you might try. […]

Refinancing - Should You Pay Off Your Mortgages Or Invest In 401(K)?

Important Things to Remember When Considering a Cash Out Refinancing Option

The cash out refinance option is far more popular than most people realize. According to the Truth about Mortgages, many people wind up with cash out refinance options without realizing it because the option may be given another name. This particular refinancing option can offer a lot of freedom. However, you need to keep a number of things in mind before you take it up.

Seasoning Required

Traditionally, lending institutions do not want to offer cash out options for houses that have not been seasoned. According to “Everything You Need to Know about Refinancing,” a property is considered seasoned if it has been financed for at least 12 months. This means that no refinancing or cash out options can be used during those 12 months. In some cases, lenders may be willing to make exceptions for most of the house’s value so long as the homeowners have a minimum of 25 percent home equity. […]

Mortgages - No-Cost Refi

What Does a ‘No-Cost Refi’ Really Mean?

The pitch for a no-cost refinance sounds pretty attractive: replace your current mortgage with a lower-interest rate mortgage and pay nothing for the privilege of doing it. But before signing on the dotted line, it’s important to realize that “no cost” doesn’t typically mean “free” when it comes to refinancing.

The true meaning of “no cost”

No-cost refis usually mean that borrowers won’t pay upfront costs to get the new mortgage loan — so they might better be called “no-initial-out-of-pocket-cost refis” — but that doesn’t mean the loan won’t cost in the long run. In general, there are two ways a lender can offer a no-cost refinance: […]

Calculating Your Mortgage Payments with Excel

Calculating Your Mortgage Payments with Excel

I have friend who is getting married in the next two months.  While his fiance is busy planning the big white wedding of her dreams with seemingly no budget, my friend wants to move out of their small condo into a house.  He’s been busy house hunting for a few months and thought that he had found the house of his dreams.  The problem is that even though he makes $80,000 each year from his business, he could not qualify for a loan.  His other problem, like many of us, was that he never took the time to use any tools like a mortgage calculator to find out exactly how much house he could afford. Since I helped him figure this out, I thought that I might as well share this with you as well. […]

How To Buy A House Without Mortgaging an Arm and A Leg

How To Buy A House Without Mortgaging an Arm and A Leg

The following is a post by Sasha Kahn, with information provided by Genworth Financial.

When buying a house, lenders prefer perspective buyers who can spend the required 20% on a down payment. But let’s face it, for many of us, that’s just not an option.

You may be one of the 99% who can’t afford a hefty down payment, but there are still ways to move forward with your dream of buying a home. Aside from the various types of home mortgages available, there is also something called mortgage insurance. Private mortgage insurance (PMI) is a loan to protect the lender in the event that the buyer defaults. It’s the only way to buy a home while putting down a minimal cash down payment.
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Pitfalls To Avoid For First Time Home Buyers

Pitfalls To Avoid For First Time Home Buyers

Buying your first home is stressful and there are things to pay attention to.  Here are a few of the classic pitfalls that first time homebuyers should avoid falling into.

Avoid Going It Alone

A first time homebuyer will often need help getting through the mortgage process. A mortgage broker can be a real asset when it comes to walking you through the loan process. Mortgage brokers can help deal with questions like “how much can I borrow” and “what interest rate can I expect”? The sellers of a home have someone working on their behalf and so does the lender. You need someone that is willing to work on your behalf too. Mortgage brokers will go the extra mile to help you negotiate the best loan for you and will keep you from getting ripped off at the same time. It is worth hiring a professional when dealing with a loan that could easily last about 30 years. […]

How To Save Thousands of Dollars On Your Mortgage Without Refinancing

How To Save Thousands of Dollars On Your Mortgage Without Refinancing

Interest rates recently fell to 3.750% for a 30-year fixed mortgage.  This historically low rate has prompted many homeowners to refinance their current mortgages in order to get the lowest rate possible.  A coworker recently closed on her home only to witness the new, lower rate literally two weeks later.  She thought about refinancing her newly obtained mortgage, but I showed her a quick and simple way to save thousands off her mortgage without paying for a refinance.  I’ll share that with you now. […]

Bank of America representative

F*ck You, Bank of America

As you guessed from the title, this will be a not so safe for work article. You might want to bookmark it and come back later when your boss is away so that you can shake your head in disbelief.

I have the occasional rant. I mean, who doesn’t right? But I’ve been holding off on this one for MONTHS to actually give Bank of America the chance to make things right. I’m just at a point where I can’t take this shit anymore so I have to share it with you.  It all started with a mortgage. […]

Why You Should Invest and Not Pay Off Your Mortgage Early

Why You Should Invest and Not Pay Off Your Mortgage Early

I’m woman enough to show you the flip side of the coin in our ongoing discussions on whether to pay off your mortgage early by adding extra payments or to invest that money instead. By now you have got to be tired of reading everything that I have to say on the subject, so I combed the interwebs on your behalf and found this awesome video making the case to invest and to not pay down your mortgage.
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Refinancing - Should You Pay Off Your Mortgages Or Invest In 401(K)?

Should You Pay Off Your Mortgage Or Invest In Your 401(K)?

We’re talking about mortgages again. I promise you that I am not beating a dead horse but since this is the most expensive thing that most of us will every pay for, and since so many people are defaulting, I can’t help but covering this topic from many different angles.

I wrote a post called, 30 Year Mortgages Are For Suckers which ruffled a bit of feathers. Some of you agreed and some disagreed, but I want to back my argument up with the viewpoints of some financial gurus as well.
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