Archive | July, 2016

How to Pay Off Your Mortgage Early

Paying extra on principle, over and above your monthly mortgage payment, can shorten the term of your mortgage and save you potentially tens of thousands of dollars in interest.

One popular way to do this is to set up a biweekly mortgage payment schedule. Instead of paying your mortgage payment once a month, you pay half your payment every 2 weeks. By doing so, you end up making 26 half payments or 13 full payments a year instead of 12, which is what you would make normally. Read More

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5 Tips for First-Time Homebuyers

Are you a first time homebuyer eager to get into the home of your dreams? Here are 5 tips to help you make your dream become a reality.

1. Save aggressively for a down payment. Many first time homebuyers seek a mortgage insured by the Federal Housing Administration (FHA). FHA requires as little as three percent down. But if you do not meet the income and sales price criteria for an FHA-backed loan, you will have to seek a conventional mortgage. To qualify for a conventional loan, most lenders will require you to put down anywhere from 10 to 20 percent of the sales price. So get saving! Read More

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