| ||
|
|
|
|
|
| ||
|
|
|
|
|
Mortgage Free In 15 Years!
Imagine paying your mortgage off in 15 years! Think of all the great things you could do with that extra money. What would you do? Retire early? Buy an R.V.? Travel around the world? If you could eliminate your mortgage in half the time, then your options would be wide open. Let's take a look at 3 benefits and 3 considerations when evaluating whether or not the 15 year fixed rate mortgage, is right for you: 1. Lower Interest Rate: The 15 year amortized fixed rate loan carries a lower interest rate.
2. Huge savings on Interest Paid: Do you want to save a ton of money? A 15 year fixed will accomplish this for you.
What would YOU do with $206,289? 3. Mortgage Paid in 15 years: Because the loan is amortized for 15 years, instead of 30 years, your commitment to the bank is cut in half.
Any way you look at it, cutting your commitment down to 15 years affords you many more options in life. So we've established that a 15 year loan clearly has some amazing benefits. But, is the 15 year loan right for you? Let's take a look at some important considerations: 4. Affordability: Even though the 15 year fixed rate loan enjoys a ½% savings in interest, there is still the question of affordability.
Can you afford the long-term commitment of a 15 year fixed rate loan? 5. Expendable Income The 15 year fixed rate loan is an important consideration if you have extra income and you are looking to apply it somewhere. Ask these important questions:
If money's got you down, and things are tight, and if there are other financial areas for you to explore first (such as paying off credit cards), then perhaps the 15 year loan may not be right for you, at least not right now. Start by completing a budget analysis, and figure out a plan to get you from point A to point B. 6. The 15 Year Loan As An Investment: This is really, the most important consideration. A 15 year fixed rate loan is more of an investment then anything else.
Remember, money saved, is money earned! 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. Publisher's Directions: 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 2005, by LoanResources.Org , This article is available in full format at: Mortgage Free , 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.
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Financial Rebirth Through Remortgage Seldom in ones life do we get a chance to alter the mistakes we made in the past. Remortgage offers a once in a life time opportunity to change from a mortgage to another that is more desirable. The Best Tactics for Getting a Quick Homeowner Loan Trying to find a quick homeowner loan can seem difficult at times, especially considering the days or even weeks that it can take for some banks and other lenders to approve or deny a loan.The worst part is that if you're denied your loan, then you have to start over at another bank and go through the same wait again!Luckily, there are other options available that speed up the process of getting a quick homeowner loan? you just have to know where to look for them. Credit Problems? With a Subprime Mortgage Lender, Poor Credit is Not a Problem Have you been turned down for a home loan recently because you have a bad credit history? You may want to consider applying for home financing with a subprime mortgage lender. A subprime mortgage lender is one who specializes in providing financing for people who are difficult for most mortgage companies to finances, it could be because of a low credit score, hard-to-prove income or a combination of those factors with no money to put down. Who Else is Ready to have Their Money Work Harder for Them? What does it mean to refinance? Why would anyone want to consider it? There are numerous situations when someone would refinance. When we use the word refinance, we are basically referring to a loan: for example a car or house loan. 6 Helpful Mortgage Tips Here are some mortgage tips that can help you obtain a mortgage with less hassle, and at a lower overall cost: Determine how much home you can afford. Based on your income and any long term debt, know the maximum payments you can be certain of making comfortably. Should You Refinance Your Mortgage if Interest Rates Drop? Mortgage refinancing is when you take a mortgage of a certain interest rate and term length, and change it for a different interest rate and term. If you are looking to refinance your home loan it is usually done when rates have dropped considerably therefore making it advantageous to do so. Understanding a UK Commercial Mortgage In many ways a commercial mortgage is just like a residential mortgage in that you pledge real property as collateral against a loan to either buy or refinance that property. You can also receive a commercial re-mortgage and use it as a line of credit for any business purpose. 5 Ways to Use Your Home Equity Line of Credit Your home is a source of pride and accomplishment. Did you know that your home can also be an affordable source of income? As your home appreciates and you make your monthly mortgage payments you build what's called equity. Refinancing Your Home Mortgage - Get Up To 125% Cash From Your Homes Value With the low interest rates being offered by lenders today, now can be the perfect time to refinance your existing mortgage. Remember that you do not have to refinance your home through the same lender that provided your initial mortgage. Get the Best Rate on Your Home Mortgage Loan Home mortgage interest rates hit record lows in 2004 and have remained at record lows as we go through 2005. It is possible today to get a thirty-year fixed rate home mortgage loan for under five percent, and an adjustable rate mortgage can be found for under four percent if you look hard enough!However, record low mortgage rates do not mean that you should take the first mortgage offer made to you, even if it sounds low. 6 Things to Consider Before Refinancing Perhaps you're a homeowner in need of some quick cash.Maybe you want to consolidate your debts so you have better control of your money. Consolidate Your Debt With a Home Equity Loan and Improve Your Credit Score A home equity loan is a loan based on the difference between what your current home value is and what you currently owe on your house. There are also mortgage companies that will loan a little over the equity you have in your home. Imagine Cutting Over $8,000 Off Your Mortgage This Year I once helped a customer cut over $700 off his monthly mortgage payment. That's right, over $8,000 each year and over $40,000 in just five years. Private Mortgage Insurance (PMI) If your down payment on a home is less than 20 percent of the appraised value or sale price, you must obtain private mortgage insurance, known as PMI, with your lender. This will enable you to obtain a mortgage with a lower down payment because your lender is now protected against any default on the loan. Top 10 Things to Consider on Home Loans Here are our Top 10 most important things to consider when shopping for a Home Loan, Equity Line of Credit, or Refinance, courtesy of Loans-Directory.Org:Down-PaymentFixed Versus Adjustable RateAPRLoan TypesLoan Amount Qualification, IncomeLoan Amount Qualification, ExpensesEmployment and Credit HistoryPointsSub-Prime LoansShort-Forms1. First Time Home Buyer Loans Made Easy When it comes to firsttime home buyer loans, a little research can save you thousands of dollars over the life of your mortgage.A wise consumer selects a mortgage lender prior to shopping for a home. UK Mortages: A Guide Through The Maze Types of UK MortgagesYou may be wasting your money with the wrong type of mortgage. Knowledge is power. A Guide to the Best Remortgage Deals Finding the best remortgage deals isn't always easy, especially with the large variety of lenders available today. It can sometimes take a lot of research and time to locate the best remortgage deals for your home, though the end result is often worth it. Secured Homeowners Loans - In Case You Thought a Home is Worth Few Dollars Money is like music, if managed well, produces a good symphony. One wrong note - one wrong decision - it produces a jarring sound. Home Equity Loan - Good Choice for Luxury Purchases? Home equity loans or lines of credit have increased dramatically in popularity in recent years. One of the reasons is that interest rates are at or near historic lows; borrowing money has rarely been more affordable.
|
| Home | Privacy Policy & Legal Information | Contact |
