Bacon Shortens Your Mortgage Term

Bacon Shortens Mortgage Term

Applying extra dollars or “bacon” toward mortgage payments is an economical method to rid of one’s mortgage early.  When closing on a home loan, most mortgage borrowers go into shock when they discover the total amount they will be paying to finance their home.  There are several ways to shorten the mortgage term to save thousands.

Bi-Weekly Payments

Borrowers can use simply make use of the 52 weeks in a year to add an extra payment to the principal.  A Bi-Weekly program has 26 opportunities to make payments to the bank using what adds up to a payment annually.  The extra “bacon” applied annually as a payment will reduce a mortgage term by a little over six (6) years.

Homeowners can inquire with their lender about a bi-weekly payment program to save on their payments over the long run.  The Bi-Weekly program is excellent for borrowers who want an easy to manage payment option.

Mortgage Mashup — Leprechauns, Jennifer Aniston, and Home Loans

Search on Google’s Hot Trends today and leprechaun is the top surging topic.  Since it is St. Patrick’s Day, the celebration has many curious about the relevant subject matters of Leprechaun Tossing to local Irish Pubs.  Interestingly enough, the largest spike in results David Aronchick’s Huffington Post Article, 20 Years Later: Jennifer Aniston and the Leprechaun.

Trend Results for leprechaun and Mortgage Rates

Movie cover

It was twenty years ago that Jennifer Aniston made her movie début in the movie, “Leprechaun”, a low budget horror/comedy movie about an evil, sadistic Leprechaun going on a killing rampage in search of his beloved pot of gold.  Aniston, at the time, supported herself with several part-time jobs, which included working as a telemarketer, waitress, and bike messenger.

Aniston, lived in Los Angeles, CA in 1993.  According to HSH Associates, Financial Publishers, the mortgage rate for a 30 year fixed then was 7.57% for 30 year Fixed Rate Mortgage, 7.10% for a 15 year Fixed Rate Mortgage. These home loan rates are double current mortgage rates today.  Based on what Aniston’s income what may have been at that time, a 30 year fixed rate would have been best.  The national median home price was $129,900, the average was $146,600 according to the US Census.

The Billion Dollar Hero | homeownersinsurance.com

Created by HomeownersInsurance.com

See on Scoop.it – Mortgage Knowledge and Technology

Jeff Chin‘s insight:

Home insurance is mandatory for homeowners and property investors.  Combine an essential product with some creativity and imagination, you get a very entertaining perspective on a product required to go along with your 30 year fixed mortgage or 5/1 adjustable rate mortgage.

See on homeownersinsurance.com

Six Reasons Housing Inventory Keeps Declining

See on Scoop.it – Mortgage Knowledge and Technology

Home sales in December dropped by 1% from November, the National Association of Realtors reported on Tuesday, but still stood nearly 13% above the levels of one year ago.

Jeff Chin‘s insight:

A clear signal that the market is on the upswing.  Homebuyers should get ready for a more frantic buying market.  Connecting with a lender to review mortgage options will take some of the stress out of home buying.  Mortgage shopping early for a 30 year fixed mortgage or a 5/1 adjustable rate mortgage can be done early.

See on blogs.wsj.com

Millennials Expected to Dominate Housing Market by 2020

See on Scoop.it – Real Estate Research

Though the housing market has made significant strides over the last year or so, many experts believe it will continue to improve in the short term. However, new data also shows that it could continue to do so decades into the future as well.

Jeff Chin‘s insight:

Housing purchases are forecasted to pick up in 2013.  Homebuyers need to star looking to prequalify themselves with lenders to shop for a suitable mortgage product.  Lenders will advice on a 30 year fixed rate mortgage, 15 year fixed rate mortgage or 5/1 adjustable rate mortgage.

See on blog.credit.com

 

Debt Consolidation Mortgage Loan – Pros and Cons

If you have revolving debt often credit cards or student loans, consolidating them into your mortgage can save you lots of money. Considered a “cash-out” refinance, the purpose of the new mortgage can be a great way to get your finances in order.

 

Low Interest Rate Mortgage Refinance Loan – Benefits of a No Obligation Refi Quote

Many websites offer free online quotes. The key advantage is time savings in getting quotes to shop for your needs, whether for a home purchase or a refinance. Most sites will have fixed rate mortgages, adjustable rate mortgage, jumbo, VA and FHA programs.

Your Top Home Ownership Tax Questions Answered

The effect on a home owners taxes can be confusing. Having a licensed CPA help with some common questions is very helpful.

 

homestobetsy

Article From HouseLogic.com
By: Natasha Padgitt
Published: December 31, 2012
Which tax benefits do home owners miss? Will you get audited if you take the home office deduction? Find out the answers to these questions and more before Tax Day.
There are a lot of home ownership tax benefits (http://www.houselogic.com/home-taxes-financing/taxes-incentives/) – if you don’t forget to take them. To make sure you get your due, HouseLogic asked tax expert Abe Schneier, a senior technical manager with the American Institute of CPAs (http://www.aicpa.org), for tax-filing tips.
HouseLogic: What’s the most common home-related tax deduction or credit claimed by home owners?
Abe Schneier: The mortgage interest deduction, [which the NATIONAL ASSOCIATION OF REALTORS® estimates amounts to about $3,000 in tax savings for the average itemizing home owner] and [the deduction for] real property taxes (http://www.houselogic.com/home-advice/property-taxes/property-tax-appeal/).
HL: Which tax provision do home owners often overlook?
AS: You can deduct mortgage insurance premiums (http://www.houselogic.com/home-advice/tax-deductions/deducting-private-mortgage-insurance/)…

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The Facebook mortgage. Could social data be used for credit scores?

See on Scoop.it – Mortgage Knowledge and Technology

I’m about to move house. Which, as is usual, has involved a painful bank transfer and a lot of paperwork.

Jeff Chin‘s insight:

Credit scores are used by lenders, creditors, and yes, employers to help them on making decisions on you. Your social data is available for review.  Folding such information into a personal credit could the next big thing.

See on econsultancy.com

 

5 Cost Savings Questions to Ask Mortgage Lenders.

A home owner’s largest monthly expense will be his mortgage.  The impact negotiating for the best mortgage terms can save the borrower thousands of dollars.  Many originators will often pitch service or advisory as a differentiation against their competitors.  The reality of the mortgage process is that they are your guide to the closing.  It is you and the monthly payment after the closing event.  Here are five key questions to ask to tip negotiations in your favor.