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How To Save Money On Your Mortgage
Obtaining a home loan is arguably the most expensive transaction you'll experience in your lifetime. Therefore, getting the best home at the greatest value is an endeavor worth pursuing. Whether you're trying to squeeze in to a higher priced home or just trying to shave a couple bucks off of the closing costs, this article will help you explore your options.
Here's a list of our top 7 things you can do to cut corners and save money on your mortgage
1. Shop Rate!
Sometimes the obvious just needs to be stated out loud: Lenders do not charge the same rate. Some charge more, and some charge less.
Obtain 3 or 4 loan offers, and check to see how the rates being offered compare to the current interest rates. Our website offers a directory of resources and a ratewatch, and there are many other websites available to you through your favorite search engine that offers similar, free information.
2. Shop Fees!
Lenders charge different types of fees in varying amounts. You may see them stated as "points", "origination fees" or "costs". Whatever name is used, they represent the lenders' profit. Some lenders are willing to earn less, and some lenders' charge more in fees.
Always compare fees and rates in conjunction with one another, and never settle for just one loan quote when shopping for a mortgage. Your home loan is just too important not to do your own homework.
An adjustable Rate Mortgage, in the right economical climate, can be an excellent way to lower payments.
A word of caution: There are many variables to consider with an ARM, and it is important that you understand them before signing on the dotted line. Our website has an excellent article available to you; entitled "Is an ARM Right For you?" should you wish to explore this option in further detail.
Another way to lower your monthly house payment is by structuring your loan using a Balloon, or by "floating a balloon".
Consider floating a balloon with caution, of course. Use this to compare against ARM loan products, to determine which one may be right for you.
5. Interest Only:
With an Interest Only Mortgage, you are only obligated to pay interest.
Once again, this is an excellent loan product to lower monthly payments, and it can be compared to ARMS and floating Balloons.
Are you in the market for a brand new home? If so, check to see whether or not your builder offers incentives, such as the following.
Builders are motivated to get their homes sold, so of course they can go build more. This allows you an opportunity to save money either in the purchasing of the home, or the back-end closing costs.
7. Closing Costs:
Take a look at all your closings costs, to see if there are additional savings that can be made:
We've enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.
This article may be freely distributed so long as the copyright, author's information, disclaimer, and an active link (where possible) are included.
Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
About The Author
Copyright 2004, by LoanResources.Net
Tom Levine provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products. His website seeks to provide free online resources for the consumer, including rate-watch, tips and articles, financial communication, news, and links to products and services. You can check out Tom's website here: http://loanresources.net, or you can email Tom at firstname.lastname@example.org.
Finding the Online Homeowner Loans You Want
Online homeowner loans have been growing in popularity in recent years, blossoming into a new industry of online lenders and new opportunities for homeowners who find themselves needing additional money but not wanting to pay an exceptional amount on interest.
Types of Mortgage Interest Rate
Here is a useful guide to the different types of Mortgage Interest Rates that are available. Mortgage Lenders offer all kinds of different deals when it comes to the interest you pay on your mortgage. Sometimes you may have a choice, sometimes you may not.
Bad Credit Remortgage Loan: When Bad Credit Plays Mischief With Your Mortgage
Financial difficulties are married to bad credit. It is a tough marriage but can be peaceful with a little bit of counseling. The recommended counseling in case you have bad credit with a mortgage loan is bad credit remortgage. Remortgage is defined as replacing the current mortgage lender with a different one. Remortgage in case you have bad credit is very much feasible. You are a homeowner and that places you in a dominant position in spite of bad credit. You can make admirable use of your current position with your Bad credit remortgage.
2nd Mortgage - Better Than Refinancing
You have probably received refinancing offers in the mail or advertised online touting your ability to pull out your home's equity. But a 2nd mortgage, also called an equity loan, may be a better financing option than refinancing your mortgage. 2nd mortgages are ideal when you just want to tap into your equity, plan to move soon, or are unsure about the amount you want to borrow.
Guide to Mortgages
A mortgage is a loan that is guaranteed by a property. At its most simple that means, if you can't pay back your loan the lender can force you to sell your home so they can get their money back.
Do You REALLY Need a Home Equity Loan?
Your equity is the amount your home is worth, on the market, minus the amount you owe to your mortgage broker. For example, if your property is worth $200,000 and the balance you owe your mortgage broker is $100,000, then your home equity - the part of your property that you own free and clear - is $100,000.
Home Loans ? Lenders Continue to Offer High-Risk Loans
Home prices in the Untied States continue to soar, and the remarkable run of real estate as the "must have" investment continues. The median price of a new home, which only recently crossed the $200,000 barrier, is now $215,000. The high prices of homes haven't deterred buyers; sales in June reached a record number of units. There is some concern in Washington about the explosive real estate market, and Federal banking regulators issued lending guidelines in May that urged lenders to be more cautious when lending money for home purchases. How have lenders responded to these guidelines?
Home Mortgages: How About Those 1.75% Loans?
You've undoubtedly heard or seen ads for mortgages with very low interest rates such as 1.75%. For example, one mortgage company in the city where I live is advertising a 40-year mortgage with a 1.75% interest rate. That sounds like a pretty good deal, doesn't it? After all, if you were to buy a house for $250,000 with this rate, your payment (not including taxes and insurance) would be only $632 a month.
High Risk Mortgage Lenders - Using a Sub Prime Lender Online
Sub prime lenders handle high risk mortgage loans that traditional lenders refuse to touch. Through slightly higher interest rates, sub prime lenders protect themselves from the higher rates of foreclosures. With sub prime lenders online, you can easily compare rates to find reasonable financing for your mortgage.
Stop Foreclosure - 7 Tips to Save Your Home
Faced with the threat of a foreclosure on their home, with all the weight of the mortgage industry and its army of attorneys against them, the average homeowner might feel like David facing Goliath.
Shopping for a Mortgage, Avoid Three Common Mistakes
Buying a home or refinancing one is perhaps the largest financial transaction you will ever make in your life, so you want to be sure to avoid any mistakes that may cost you in the long run.
In the US today more households have mortgages than ever before. In fact the chance of you having or knowing someone who is paying off their mortgage is greater than 50%. You would think that because they are so common most people would have a good idea on how they work. Surprisingly that is not the case, in fact the majority of people who are currently paying off their mortgages know little more than their monthly payment information. In this market it pays to be an informed consumer. So what should you know?
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. Whether it's a mortgage with no closing costs or an interest only mortgage, everyone is claiming they can save you a ton of money. Now someone has come out with something called Mortgage Cycling. Mortgage Cycling could save you thousands of dollars or it could cost you your home.
Unlock your Home Loan Piggy Bank
With the recent sharp increase in property values your current home could be a pot of gold.
A Guide to Getting Bad Credit Home Improvement Loans
You might be wanting to look into bad credit home improvement loans but are unsure of where to start. After all, how do you get a good loan when your credit isn't the greatest?
Sub-Prime Mortgage Company - 4 Signs of a Predatory Sub-Prime Lender
If you have bad credit and are looking to get a home loan, odds are, you are going to be applying with a subprime lender. Subprime lenders specialize in financing for people with poor credit history or "less than perfect credit".
Real Estate Mortgage Loans Online
Online real estate mortgage loans enable borrowers to be sure they are getting the best financing rates. By comparing online quotes, you can save time and money with no risk. An added bonus is the ability to apply for loans online from the comfort of your own home.
Why Choose a Home Equity Loan?
There are many reasons for choosing a home equity loan. A home equity loan allows homeowners to obtain a loan in addition to their original loan using the equity in their home. Home equity loans are generally a second mortgage, and are used for personal use.
Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy
If you have a recent bankruptcy on your credit and are looking to get financing for a home, there is hope. Buying a home with bad credit will just put more emphasis on the other two factors needed to get a mortgage loan, which are; income verification and a down payment.
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!
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