This is not something that any of us really want to talk about or think about, but what if something happened to you? Or to your spouse? Would your family be taken care of? Would they lose their house? As if it wouldn't be hard enough on them to lose you.
It may be easier, and more affordable, than you expect to purchase home mortgage protection that would protect your family in just such a situation. The insurance provides a death benefit that can be used to pay off the mortgage in the event of your death, or the death of your covered spouse. Simply fill out the online form to request a free no obligation quote, or you can call the toll-free number and talk to a customer service representative. No cost, no obligation, and no pressure. They promise competitive prices on high quality insurance, and when you purchase a policy, you'll even have 10, 20, or 30 days to look the policy over, depending on your state, and if you're not satisfied for any reason, you can return it for a full refund of any premiums paid.
We don't specifically have life insurance for the mortgage protection, but we do have life insurance - for both of us. Of course I'd rather keep my husband than get some big insurance pay-out, but it's good to know things would be taken care of if something were to happen. Is your family protected?
Showing posts with label mortgages. Show all posts
Showing posts with label mortgages. Show all posts
Tuesday, November 13, 2012
Thursday, July 28, 2011
Refinancing to Save Money
OK, we've actually got some paperwork here so we can go ahead and refinance our mortgage. The interest rate dropped a couple times to 3.6something%, but it's pretty much settled at 3.75% for a 15-year fixed rate mortgage. It would be nice to catch it at the lower rate, but the 3.75% is significantly lower than what we're paying now, and the required monthly payment will only go up about $20. Like I said before, with the lower interest rate, if we continue to pay what we've been paying each month - required payment plus a bit extra - we will save thousands of dollars.
We have been thinking about doing this for a while, but at the same time we were thinking that we might have to call a Realtor and put the house on the market. We weren't sure if we'd actually come out ahead, even with the lower rate, because there are a few fees to pay when refinancing - so we'd have to be able to recoup that cost before we'd actually start saving money. But, we're still here, and FHA Refinance Rates are good, so we've decided to go ahead with it. It should be pretty simple, since we're refinancing with the same bank and everything - just a matter of going over the paperwork and signing, so hopefully we'll get it all taken care of and locked in at a good rate before too long. So we can start saving those thousands of dollars.
Now would be the perfect time for active duty military personnel and veterans to look into VA Refinancing to see if the lower interest rates can help save them some money. They say a 1% reduction can save $100 to $600 per month, which can come in very handy for paying the rest of the bills. Or, like us, plan to continue paying the same amount every month but reduce the length of the loan and the total amount of interest paid. Either way, it's definitely worth looking into, but of course everyone has to make the best decision for their families.
We have been thinking about doing this for a while, but at the same time we were thinking that we might have to call a Realtor and put the house on the market. We weren't sure if we'd actually come out ahead, even with the lower rate, because there are a few fees to pay when refinancing - so we'd have to be able to recoup that cost before we'd actually start saving money. But, we're still here, and FHA Refinance Rates are good, so we've decided to go ahead with it. It should be pretty simple, since we're refinancing with the same bank and everything - just a matter of going over the paperwork and signing, so hopefully we'll get it all taken care of and locked in at a good rate before too long. So we can start saving those thousands of dollars.
Now would be the perfect time for active duty military personnel and veterans to look into VA Refinancing to see if the lower interest rates can help save them some money. They say a 1% reduction can save $100 to $600 per month, which can come in very handy for paying the rest of the bills. Or, like us, plan to continue paying the same amount every month but reduce the length of the loan and the total amount of interest paid. Either way, it's definitely worth looking into, but of course everyone has to make the best decision for their families.
Tuesday, June 28, 2011
Are You Paying too Much Interest?
Now is a great time to look into refinancing your home loan. Interest rates are really low right now. According to our bank, a 30-day fixed rate mortgage is at 4.625% right now. Rates are even lower for 20-year and 15-year loans. If you're paying more, it's definitely time to check into refinancing that loan. It's amazing how much interest you can save just by lowering your interest rate. It's so much more satisfying when more of your payments go toward paying down the principle!
We need to go into the bank and sign some papers, but we're definitely planning on refinancing soon. Since we're staying with the same bank, it should be really simple, kind of like this Streamline Refinance. It's called streamlined, because the process is quick and easy, and it uses your original paper work from your original loan, so there's no extra paperwork. They already have all our information at the bank, so it's easy for everyone, and we can start saving money on interest.
With the money we save, we can have more to help put Cory through college, or maybe we can do some home improvements like they show on HGTV, or finally go on that 25th anniversary trip.
We need to go into the bank and sign some papers, but we're definitely planning on refinancing soon. Since we're staying with the same bank, it should be really simple, kind of like this Streamline Refinance. It's called streamlined, because the process is quick and easy, and it uses your original paper work from your original loan, so there's no extra paperwork. They already have all our information at the bank, so it's easy for everyone, and we can start saving money on interest.
With the money we save, we can have more to help put Cory through college, or maybe we can do some home improvements like they show on HGTV, or finally go on that 25th anniversary trip.
Sunday, June 26, 2011
Credit Score and Mortgage Rates
I was watching the news the other day, and something came on about real estate and mortgage rates. They mentioned the importance of having a good credit score and how people with better credit scores could get a better interest rate on their loans. If the credit score wasn't as good, the banks might still give someone a loan, but they'd charge a higher interest rate, because that person was a greater risk.
It just seemed kind of wrong to me. A bank feels that someone is at a greater risk for defaulting on a loan, so they charge a higher rate, making their monthly payments higher, and making it harder for that person to pay - and therefore increasing the risk. At least in my mind. I realize the banks have to protect themselves and their money, but it just seems wrong to me.
Not everyone can qualify for veteran home loans, but it's a good option for those who do, those who've so unselfishly served our country. VA loans are guaranteed by the federal government, so the banks don't have to take on the risk, allowing qualified veterans to get the lowest possible rates. One of the benefits of VA home loans is that a veteran or an active military borrower can be approved for rates not much higher than someone who has a large down payment and great credit. And that means they're more likely to be able to pay the mortgage and stay in their homes, and that's good for everybody.
It just seemed kind of wrong to me. A bank feels that someone is at a greater risk for defaulting on a loan, so they charge a higher rate, making their monthly payments higher, and making it harder for that person to pay - and therefore increasing the risk. At least in my mind. I realize the banks have to protect themselves and their money, but it just seems wrong to me.
Not everyone can qualify for veteran home loans, but it's a good option for those who do, those who've so unselfishly served our country. VA loans are guaranteed by the federal government, so the banks don't have to take on the risk, allowing qualified veterans to get the lowest possible rates. One of the benefits of VA home loans is that a veteran or an active military borrower can be approved for rates not much higher than someone who has a large down payment and great credit. And that means they're more likely to be able to pay the mortgage and stay in their homes, and that's good for everybody.
Tuesday, June 21, 2011
How to Save $16,000
We keep talking about refinancing our home loan. Rates are really going down. I think our loan was at 7.5% when we first built the house, and we've refinanced a couple times over the years as rates continued to fall. We're currently at 5.25%, but I just checked the rates on our bank's website last night, and a 15-year fixed rate mortgage is at 3.75% right now. We've been paying on our mortgage for 13 years now and paying a little extra each month - enough to equal making two extra payments a year - so, continuing as we are, we could have the house paid off in about 14 years.
So why refinance? If we refinance to drop the interest rate, our payment doesn't change much at all, and if we continue paying extra every month, we can have the house paid off two years earlier and save $16,000 in interest. Wow! It will cost us about $900 to do it, but I'd say it's worth it - and we really should have done this earlier. Of course, I don't remember what the rates were last fall when I went to the bank to get the insurance checks taken care of. Maybe they were lower; maybe they were higher; but that really doesn't matter. What matters is now.
If you think you might be paying more interest on your mortgage than you need to, now might be the time to look into refinancing. You can check out FHA Streamline Refinance to easily find out how much you could save. Enter your mortgage balance and current interest rate to get a free quote. If you already have a VA Loan or FHA (Federal Housing Administration) Loan, you're already approved, there's no additional paperwork, and there are no out-of-pocket costs. The process is quick and easy - that's why it's called Streamline. If you don't have a VA or FHA loan, there are options for Conventional Streamline Refinance too.
I'm not saying you'll save $16,000, but it's worth checking out. You might be able to pay your house off sooner or lower your monthly payments so you have more money for other expenses.
So why refinance? If we refinance to drop the interest rate, our payment doesn't change much at all, and if we continue paying extra every month, we can have the house paid off two years earlier and save $16,000 in interest. Wow! It will cost us about $900 to do it, but I'd say it's worth it - and we really should have done this earlier. Of course, I don't remember what the rates were last fall when I went to the bank to get the insurance checks taken care of. Maybe they were lower; maybe they were higher; but that really doesn't matter. What matters is now.
If you think you might be paying more interest on your mortgage than you need to, now might be the time to look into refinancing. You can check out FHA Streamline Refinance to easily find out how much you could save. Enter your mortgage balance and current interest rate to get a free quote. If you already have a VA Loan or FHA (Federal Housing Administration) Loan, you're already approved, there's no additional paperwork, and there are no out-of-pocket costs. The process is quick and easy - that's why it's called Streamline. If you don't have a VA or FHA loan, there are options for Conventional Streamline Refinance too.
I'm not saying you'll save $16,000, but it's worth checking out. You might be able to pay your house off sooner or lower your monthly payments so you have more money for other expenses.
Monday, February 07, 2011
Time to Refinance?
I'm not sure how I got on their list, but I periodically get emails about VA Benefits and VA Home Loan Refinancing. I've never served in the military, so I don't qualify for any of the benefits, but I'm really glad that there are special programs like this for our active duty and service veterans. They, and their families, give so much to our country, and I think our country ought to give them everything it can.
With interest rates at an all-time low, one of those benefits is the Streamline Refinance program. It gives service members a fast, simple and hassle-free way to refinance an existing VA loan and take advantage of the lower interest rates. If the current loan rate is above 5% there can be some serious benefits to refinancing. We've been thinking about refinancing our home loan but just haven't gotten around to it, and we really should. It doesn't take much of a drop in interest rates to save quite a bit on monthly payments - or to be able to pay off the loan that much faster. We're thinking we can reduce our loan to a 15-year loan, get an even lower interest rate, and pay the house off even faster.
It's definitely worth checking into. Veterans can request a free Streamline refinance quote, and the rest of us can get more refinancing information by contacting our banks or mortgage holders.
With interest rates at an all-time low, one of those benefits is the Streamline Refinance program. It gives service members a fast, simple and hassle-free way to refinance an existing VA loan and take advantage of the lower interest rates. If the current loan rate is above 5% there can be some serious benefits to refinancing. We've been thinking about refinancing our home loan but just haven't gotten around to it, and we really should. It doesn't take much of a drop in interest rates to save quite a bit on monthly payments - or to be able to pay off the loan that much faster. We're thinking we can reduce our loan to a 15-year loan, get an even lower interest rate, and pay the house off even faster.
It's definitely worth checking into. Veterans can request a free Streamline refinance quote, and the rest of us can get more refinancing information by contacting our banks or mortgage holders.
Thursday, July 23, 2009
Options
Beth & Tim went to look at the house last night. They say it needs some work, but mostly it's in good shape - good enough to move right in. Oh, and it's not a mobile home, it's a manufactured home and considered a condominium. They have all kinds of amenities, like an exercise room and indoor and outdoor pools there. It's not a very big place, but there are just the two of them and they're not planning on sending out baby announcements (or wedding announcements either) any time soon. So it could serve them for quite a few years.
Today they're going to see if there's any way they can get a loan. There's also the possibility of a rent to own option, though I don't know exactly how that works. Even if this one doesn't work out, it will be good for them to know what their options are. After my last post a couple people mentioned that they would probably need a cosigner on a loan. I guess we'll see. She hasn't really asked - probably because she really wants to do everything by herself.
I'm not really sure how much help we are willing or should be willing to give her, considering she's planning to move in with some guy without marrying him. Yep, she's all grown up and wants to make her own decisions - doesn't mean we have to or should help her do things that aren't necessarily right. I guess we'll have to wait and see what the options are.
Today they're going to see if there's any way they can get a loan. There's also the possibility of a rent to own option, though I don't know exactly how that works. Even if this one doesn't work out, it will be good for them to know what their options are. After my last post a couple people mentioned that they would probably need a cosigner on a loan. I guess we'll see. She hasn't really asked - probably because she really wants to do everything by herself.
I'm not really sure how much help we are willing or should be willing to give her, considering she's planning to move in with some guy without marrying him. Yep, she's all grown up and wants to make her own decisions - doesn't mean we have to or should help her do things that aren't necessarily right. I guess we'll have to wait and see what the options are.
Tuesday, July 21, 2009
She'll Need a Credit Check
Beth has been a little worried about what she's going to do if we have to move. She doesn't want to move, because she doesn't want to leave Tim. But if she stays here, she can't continue to live at home and can't rely on us to take care of her. Of course, she was going to move out as soon as she turned 18, so I don't know what she's worried about!
I think she realized how good she actually has it here - no rent, free Internet, satellite TV, a car to drive, etc. But, if we end up moving, she's going to have to give all that up, or figure out how to get it on her own - or with Tim, as the case may be. She's figuring out everything they absolutely need to live, everything they need to buy to set up a household. Not only that, she's looking at houses to buy because she hates the idea of paying more per month in rent than a house payment would be. They've even got an appointment to see a house (mobile home, actually) tomorrow night, and she's getting all excited.
If they could get something like this in the price range they're looking at, it would definitely be better than paying rent somewhere, but before she gets too excited and ahead of herself, I told her she needs to get a credit check and sit down with someone to see if they would be able to get a loan. It sounds like Beth is handling her credit card (the one with the $15,000 limit) very responsibly and should be building her credit record, but is it too soon? And is it really a good time to be buying something? I really don't know. We didn't look into getting a loan and a house until we'd been married for 6 years, and Jeffrey was 30 and working full time. I guess everyone has to start somewhere.
I think she realized how good she actually has it here - no rent, free Internet, satellite TV, a car to drive, etc. But, if we end up moving, she's going to have to give all that up, or figure out how to get it on her own - or with Tim, as the case may be. She's figuring out everything they absolutely need to live, everything they need to buy to set up a household. Not only that, she's looking at houses to buy because she hates the idea of paying more per month in rent than a house payment would be. They've even got an appointment to see a house (mobile home, actually) tomorrow night, and she's getting all excited.
If they could get something like this in the price range they're looking at, it would definitely be better than paying rent somewhere, but before she gets too excited and ahead of herself, I told her she needs to get a credit check and sit down with someone to see if they would be able to get a loan. It sounds like Beth is handling her credit card (the one with the $15,000 limit) very responsibly and should be building her credit record, but is it too soon? And is it really a good time to be buying something? I really don't know. We didn't look into getting a loan and a house until we'd been married for 6 years, and Jeffrey was 30 and working full time. I guess everyone has to start somewhere.
Monday, March 24, 2008
I'm Sorry They Made Some Bad Decisions, But...
We were just talking this weekend about some of the improvements we'd like to make on our house. Unless there's a really good reason, like moving for a job, we see no reason to move. Instead, we'll just stay here and make some improvements here and there, like adding a patio and pergola out back, replacing the carpeting with ceramic tile and/or hardwood, and maybe even eventually adding a fireplace. We like our house.
Sometimes I wonder if we're the exception to the norm because, even around here, houses are constantly on the market. Sometimes people really are moving away and have to sell. Sometimes they just want to move to a bigger and better house. I think that's part of the problem with the mortgage industry now. People were taking out loans they really couldn't afford, except that the interest rate was so low at the time that, if they really stretched, they could afford the payments. When the interest rates went up and the payments on their adjustable rate mortgages went up, suddenly they couldn't afford that bigger, better house any more. It may be simple to get quotes for mortgages, but buyers still need to make smart decisions.
Now we keep hearing people wanting someone to help, wanting the government to bail them out. If the government does decide to help these people out, I can't help but think that some of that is my money going to help these people out. Not that I'm against giving. I just don't think it's right to penalize the people who have been responsible and not gotten themselves into trouble by making them help pay to bail out those who have.
Sometimes I wonder if we're the exception to the norm because, even around here, houses are constantly on the market. Sometimes people really are moving away and have to sell. Sometimes they just want to move to a bigger and better house. I think that's part of the problem with the mortgage industry now. People were taking out loans they really couldn't afford, except that the interest rate was so low at the time that, if they really stretched, they could afford the payments. When the interest rates went up and the payments on their adjustable rate mortgages went up, suddenly they couldn't afford that bigger, better house any more. It may be simple to get quotes for mortgages, but buyers still need to make smart decisions.
Now we keep hearing people wanting someone to help, wanting the government to bail them out. If the government does decide to help these people out, I can't help but think that some of that is my money going to help these people out. Not that I'm against giving. I just don't think it's right to penalize the people who have been responsible and not gotten themselves into trouble by making them help pay to bail out those who have.
Tuesday, February 12, 2008
Pay Your House Off Sooner
Probably the biggest purchase any family will make is the purchase of a house. It's scary committing to a mortgage that requires you to make payments for 30 years. Of course, the alternative is to pay rent for that same 30 years and then have nothing to show for it in the end.
It's a good idea, once you buy the house and get the mortgage, to keep an eye on interest rates and be ready to Remortgage when the rates go down. We did that a couple of times, and it was nice to have a lower monthly payment. Now I read this recommendation that, even after you refinance and lower your interest rate, you should keep paying the same amount you were paying before. Unless you were really stretched beyond your means before, in which case I think you should have bought a house you could actually afford, it won't hurt to keep paying that same amount. The good part is that you will pay your house off sooner because that extra amount on your payment will be applied to the principle and bring the loan amount down.
We didn't do that, but we have started paying extra on our mortgage every month. We'll get our house paid off sooner and save money on interest in the long run. I like that.
It's a good idea, once you buy the house and get the mortgage, to keep an eye on interest rates and be ready to Remortgage when the rates go down. We did that a couple of times, and it was nice to have a lower monthly payment. Now I read this recommendation that, even after you refinance and lower your interest rate, you should keep paying the same amount you were paying before. Unless you were really stretched beyond your means before, in which case I think you should have bought a house you could actually afford, it won't hurt to keep paying that same amount. The good part is that you will pay your house off sooner because that extra amount on your payment will be applied to the principle and bring the loan amount down.
We didn't do that, but we have started paying extra on our mortgage every month. We'll get our house paid off sooner and save money on interest in the long run. I like that.
Thursday, November 15, 2007
When to Refinance the Mortgage
We refinanced our mortgage a couple of times so we could get lower mortgage rates. We started out with an building loan at one rate, and we had a certain amount of time after the house was built to convert it to a regular home loan and lock in a rate. We locked it in once, and then the rates went down again, so we refinanced again. Even having to pay some closing costs each time was worth it in the long run, because we will save money on the interest over the course of the loan. Also, I think, at least one of those times we rolled our home equity loan into the mortgage, so that lowered the interest rate on that considerably.
Even though I think we're in pretty good shape now, it's still nice to keep up with what current interest rates are, just in case. This refinance calculator makes it easy to see if it's worth going ahead and refinancing.
Even though I think we're in pretty good shape now, it's still nice to keep up with what current interest rates are, just in case. This refinance calculator makes it easy to see if it's worth going ahead and refinancing.
brought to you by MyHomeLoanMortgages.com
Tuesday, October 09, 2007
Poor Planning / Better Planning
I keep hearing on the news that the housing market has slowed way down. Not only that, but many people are in danger of losing their houses because they got adjustable rate mortgages when they got new home loans, and now that the interest rate is going back up, their payments are going up too. They can't afford to pay their mortgages! I keep wondering why they didn't notice that mortgage rates were going up and go ahead and lock it in at a reasonable rate. Of course, I also wonder why their real estate agents told them they could afford so much house. Wait, I know that already - the size of the commission.
Why do people continually want more than they can really have? Why not use a mortgage calculator to figure out what the payment would be at any given interest rate and then plan accordingly, no matter what your real estate agent says. If you can't afford the payment if the rate goes up a few points, then don't buy that house! There are plenty of houses out there just waiting for a buyer, surely one of them would have fit into the budget better.
Why do people continually want more than they can really have? Why not use a mortgage calculator to figure out what the payment would be at any given interest rate and then plan accordingly, no matter what your real estate agent says. If you can't afford the payment if the rate goes up a few points, then don't buy that house! There are plenty of houses out there just waiting for a buyer, surely one of them would have fit into the budget better.
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