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Saving $95,000 by Refinancing into a Lower Rate and Shorter Duration Mortgage

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Many homeowners with good credit are ditching their old 30-year fixed rate mortgages for the 15-year or 20-year versions. This is primarily to leverage historically low rates for these shorter duration loans and benefit from the significant interest savings over the life of the loan. In fact, a friend of mine did exactly this when [...]

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Should You Pay Off Your Mortgage Early or Invest The Extra Cash?

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Many of us dream about how it would feel to not have a monthly mortgage payment. Owning your home free and clear is the aspiration of numerous homeowners. But even without – in most cases – that hefty payment leaving your checkbook every 30 days, there are actually some reasons not to pay off your [...]

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15 Year Versus 30 Year Fixed Rate Mortgages – How to Determine Which is the Better Option

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As mortgage rates continue to hover at 30 year lows, many people are wondering whether a 15-year or a 30-year mortgage term is a better option. After all, even though payments on the 15-year option would be higher, the lower interest rates on the shorter term loan are keeping payments, in many cases, at very [...]

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How to Get and Qualify For a Small Business (SBA) Loan

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In the current economy with 10% unemployment many people are becoming self employed small business owners as a way to make living. Apart from the daunting task of starting a viable business the biggest challenge is to actually get the funds to start or keep the business running. This is particularly the case if your [...]

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Looking Beyond the Monthly Payment and Calculating the True Cost of Your Refinance

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Mortgage lenders often attract homeowners seeking to lower their mortgage interest rate with some simple math, usually presented in one of two ways: 1) Comparing the nominal closing costs to the total savings from 30 years of a lower monthly payment, or 2) How few months it will take before you break even with your [...]

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Alternative Home Loan Modifications Outpacing Government HAMP Mortgage Relief Program in Helping Homeowners

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In a sign that private enterprise is still much more efficient than government run programs, USA today published a story confirming that private servicers’ alternative home loan modifications are outpacing government sponsored HAMP mortgage modifications. Despite the attention given to the federal government’s $50 billion Home Affordable Modification Program (HAMP), which was designed to lower [...]

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Should I Refinance My Mortgage and Do I Qualify

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With interest rates on 30 year fixed-rate mortgage loans falling below 4%, the lowest level since the 1950s, many borrowers are keen to refinance their home loans and other mortgages. By any long-term measure, current rates are a great deal and could result in tens of thousands of dollars in savings over the life of [...]

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Paying off Your Mortgage Early- What Would You Do With The Spare Cash

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Not having to pay rent or a mortgage is one of the key steps to financial freedom. It frees up what is most likely your biggest expense and allows you to channel that money to other wealth building pursuits.  I currently pay about $3500 a month in rent (including taxes), and have a long way to go [...]

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