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2011
Feature
Story
5 Money-Saving Ideas people can resolve to get their financial life under control, starting with the following mortgage New Year's Resolutions.
1. Use extra money to pay down your principal. Do you know what happens if you send in an extra
principal payment each month with your mortgage
payment? Each dollar reduces your
outstanding loan amount, and shortens your
loan term. If,
for example, you have a 30-year loan for $200,000 at
5.5%, your monthly mortgage payment will be $1,398. By
sending in an additional $100 a month, you’ll own your
home in a little less than 24 years, saving six years of
mortgage payments, as well as over $71,000 in
interest!
2.
Take out a HELOC for energy-efficient improvements.
Take advantage of 2011 tax credits for geothermal heat pumps, solar and wind energy systems, and fuel cells. And, if you’re just trying to reduce your carbon footprint, make choices like conserving water, by adding an on-demand tankless water heater or low-flow kitchen faucet, or buying a hybrid car. Finance these with a
home equityline of credit (HELOC) against the equity in your home. You withdraw only the amount you need, and pay interest only on the amount you draw.
Plans available through Travel Guard can provide you with coverage for unexpected medical expenses while on a trip.
3. Take out a HELOC for an emergency fund. Financial planners generally advise that you should have three to six months of living expenses in a liquid
account to access in
case of for emergencies like losing your job, unanticipated medical
bills, or disasters like earthquakes or tornadoes that
may destroy your home. However, the economic downturn has seen people living close to the edge, tapping into their emergency funds instead of building them. The time to apply for a
HELOC is when you don’t need the money. This way, you’ll qualify easily and have the funds…just in case.
4. Investigate a refinance. If you’ve been delaying your application for a mortgage
refinance, resolve to take action in 2011.
You will need to
decide between fixed-rate and adjustable
rate mortgages. Fixed rate options are
usually ideal when rates are low, since
you are able to lock in the low rate.
Choose a shorter loan term if you can
afford the relatively higher payments,
since doing so will reduce the total
cost of the loan. However, choose a
longer loan term if you are on a budget
and want to keep payments as low as
possible. Prepare as much of your
personal and financial information as
you have in advance of starting the loan
process. You will be asked for
information on your income, assets,
debts, and other items at some point
during the application process. Stay in
touch with your lender during the
closing process, including confirming
whether you will need any special
documentation ready at closing.
Now that everyone is trying to take advantage of these once-in-a-lifetime mortgage rates, and higher screening of applicants by banks, the process
can takes longer than you’re use to.
5.
Complete a home improvement project.
Thinking about a home improvement project?
Don’t
spend
more
than
you
have
to! Create a budget.
Control the costs.
Use limited funds to give your home a facelift. Instead of an
expensive
and
fancy bathroom renovation,
just change the faucets, the
sink, and
add
a
touch
of
color.
Purchase new towels,
curtains and mats. If you’ve been dreaming about a
makeover
for
your kitchen, look into refinishing or reface your cabinets instead of replacing them.
You
will save thousands of dollars
and
syill
have
a
great
looking
kitchen.
Don't
Wait.
Get your mortgage life under control in 2011!
January
5th, 2011 | Tags:
2011
Mortgage
Advice, Interviews, Video |
Category: 5 steps to Financial Freedom | Leave a comment
DISCLAIMER: National
Consumers Lending Advice ( NCLA ) does not offer loans or
mortgages. NCLA is not a lender or a mortgage broker.
NCLA is a website that provides information about mortgages
and loans and does not offer loans or mortgages directly or
indirectly through representatives or agents. We do not engage
in direct marketing by phone or email towards consumers. Contact
our support if you are suspicious of any fraudulent activities
or if you have any questions. NCLA is a news and information service providing editorial
content and directory information in the field of mortgages and
loans. NCLA is not responsible for the accuracy of
information or responsible for the accuracy of the rates, APR or
loan information posted by brokers, lenders or advertisers.
*HYPOTHETICAL
EXAMPLE: A monthly payment of $842 is based on a 5-Year ARM
(Adjustable Rate Mortgage) if offered at 2.99% (3.172% APR) for
a period of five years and 1.625% points due at closing. After
the initial period, the interest rate will adjust annually.
Actual mortgage payments will vary based upon your individual
situation and current interest rates, and these loan terms
assume you pay all closing costs out of pocket. This loan may
not be available at the time of your search or may not be
available in all states, and not all consumers will qualify for
these monthly payment terms. These terms if available, are on
your primary residence with a loan-to-value ratio of 80% and a
FICO credit score above 720. Other restrictions may apply. Until
you lock your rate, APR and terms are subject to change without
notice.
A source of credit is a home equity line. Home Equity Line Of Credit. A home equity line of credit will offer you a fixed amount of cash with a low rate of interest.
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