One Additional Mortgage Payment a Year There's a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan's principal. This is the … [Read more...]
Bi-Weekly Mortgages
If you search for "bi-weekly mortgages" with an Internet search engine, you will be overwhelmed by the number of companies offering "Bi-weekly Mortgage Reduction Services" or "Bi-weekly Savings Programs." Beware, you are entering dangerous … [Read more...]
First Time Home Buyer Guide: Why You Should Get an Inspection
Whether you are buying or selling a home, you should have a professional home inspection performed. A home inspection will look at the systems that make up the building such as: Structural elements, foundation, framing etc Plumbing systems Roofing Electrical … [Read more...]
First Time Home Buyer Advice: Types of Ownership
Before you reach the closing day, you will want to make a decision as to how you will "hold title" to the property. This decision has legal, tax and estate planning ramifications. Therefore, it may be prudent to consult an attorney or certified public accountant (CPA). The … [Read more...]
Condominium Financing
In certain parts of the country, especially in bigger cities, condominiums are extremely common. In the past several years condo financing has became a lot more complicated since, unlike a house (where a lender is only concerned with a clean title), condominiums must meet … [Read more...]
How Banks Make Money
Did you ever think about how banks make money? Their main source of income (other than charging us a myriad of different fees) is lending money and collecting interest on loans. Banks will only lend money when they feel that the loan will be repaid. Makes sense, right? You … [Read more...]
Refinancing
Refinancing is the process during which you can replace your current mortgage with a mortgage under new terms, either with the same or new lender. Since there needs to be a closing for every refinance, there are closing costs associated with this process. There are a variety … [Read more...]