If you have recently purchased a house, you have probably taken a look at your mortgage statement and noticed that the majority of your first few payments are going toward interest. You do not start paying down a significant amount of the principal until later in your mortgage cycle. If you start to make more money, you might be interested in making additional payments toward the principal of your home. Is this a smart financial move? There are a few important points to know. You Can Cancel Your … [Read more...]
Make One Extra Mortgage Payment Every Year To Save Big
When you buy a home, you probably have a budget you will try to stick to. Many people choose a 30-year fixed mortgage, and by the time you pay off the home loan, you should own your home outright. At the same time, you might be thinking about paying off your mortgage more quickly to save money on interest. Even making one extra mortgage payment per year can provide a number of significant benefits. You Can Build Up Equity Faster One of the first benefits of making an extra mortgage payment every … [Read more...]
Save Some Additional Cash with Our Guide to Lowering Your Monthly Mortgage Payment
If you are like many other homeowners, your home mortgage payment is the single largest expense in your monthly budget. This is a fixed expense that you will typically be responsible for until your loan is paid in full or until you sell your home, and you may have a 15, 20 or even 30 year term on your mortgage. If your home mortgage payment has become unaffordable or burdensome for you to manage with your current financial situation, rest assured that you may be able to save some additional cash … [Read more...]
Recent College Grad? Learn How to Successfully Juggle Student Loans and a New Mortgage
If you recently graduated from college and are about to become a homeowner, you're in a somewhat unique position. You're about to embark on a great journey, but at the same time, you're also taking on an awful lot of debt. That said, it is possible to successfully manage a high debt load if you're careful. So how can you make sure you can pay your mortgage, your student loans, and your mortgage expenses – all without losing your mind? Here's what you need to know. Make Sure You Have An … [Read more...]
The Pros and Cons of Paying Your Mortgage off Biweekly Versus Monthly
If you have a mortgage, you're probably looking for the best option to pay it off. Monthly mortgage payments are an easy-to-manage way to pay for your house - in fact, they're the most common form of mortgage payment but now, many homeowners are discovering that biweekly payments offer them better results. So is a biweekly payment the better option for you? Which payment strategy best fits your individual circumstances? Here's what you need to know. Biweekly Payments: Pay Off Your Mortgage … [Read more...]
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