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In the previous articles, we saw that weekly mortgage repayment could save you more money than if you pay every month. Why? The explanation is simple and doesn’t change anything in the amount you have to pay. Given that there is less time between each payment (every week instead of every month), a portion of the [...] Have you ever hear that it is better to repay your mortgage every week or every two weeks? Is that true that this strategy could save you a lot of money in interest fees? In order to understand this strategy, we have to define two different weekly payment options. The first one is the accelerated weekly [...] What do you have to do when you are about to purchase your new house with your home mortgage loan? Here follow several points to consider in order to get a smooth agreement with your seller and the bank that lend home mortgage loan. The cash down payment must cover ideally 10% of the total purchase [...] As promised, here are some invaluable tricks that help you to pay out quickly your home mortgage and save a lot of money. Pay slightly higher home mortgage payments If we take the same example as in the previous article but it increase monthly payments to $900, we get good results! The magic result? You will pay [...] Would you like to pay your home mortgage faster and pay less interest to your bank? Probably… Here is an example. Visit the website of a bank or our home mortgage calculator. If we take a classic situation that applies to a lot of people: Let’s choose $130,000 home mortgage with 6% interest rate over 25 [...] In this article, you will learn useful ways to pay down faster your home mortgage. If you are like the majority of people, your home is your biggest expense, followed by your car loan. Thus, your home mortgage should be your financial priorities and you would like to pay it off as quickly as possible. But there [...] An important question to consider is under what circumstances it is beneficial to apply for mortgage refinancing. Here are some options to consider before to go. First of all, if the interest rate of the market has dropped two points below your current rate, you could seriously consider refinancing your home. If you see your income [...] Here are some questions you could ask yourself when you think about a refinancing your mortgage in order to avoid penalties. 1. What are we talking about when we talk about interest rate differential in mortgage refinancing? If we take as example the agreement with a major American bank, the interest rate differential is the difference between the [...] If you are looking to refinance your mortgage, the calculation of prepayment penalty is crucial. Why? Because the fee may be high, so high that it could cancel the savings. Even if they often deny it, banks blurred the calculation of the penalty they impose in the early repayment of the loan, a very important when [...] |
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Home Mortgage, Refinancing, Insurance, Loans, Credit Cards, etc. Financial Information Center - 2010 |
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