Do you have the cash to pay off your mortgage? Are you wondering about other investment opportunities? Look here for articles, columns, blog posts, radio shows and videos about how to pay off your mortgage and other opportunities.
Homeowners receive a monthly statement from their lender indicating what they owe on their loan, and how much interest they're paying. They think that if they pay the balance due, they will pay off the loan. But the payoff is usually more than what is indicated on the statement. The lender's monthly statement does not typically include interest owed from the last payment date. You will need to order a "demand letter" or a "payoff letter" from your lender to calculate the exact amount needed to pay off the loan in full.
Is there any advantage of sending half of the mortgage in early every month? Is the mortgage company required to accept the bi-weekly payments? The solution is to send an extra 1/12 payment every month to pay down your mortgage in less time.
At the end of the calendar year you may receive a statement from your mortgage lender that shows your remaining pay off amount. What if you took out an FHA mortgage and the pay off amount is now too high? You should call your mortgage lender to get clarification on the mortgage pay off amount.
Mortgage payments become tricky after a divorce is final. All of the parties listed on the title and the mortgage are responsible for the mortgage payment. Even if a judge has determined that one party is only responsible for a certain amount of the mortgage payment, the mortgage lender can hold all parties responsible if their names are listed on the mortgage.
A couple shows how they cut several years off of their mortgage by getting a home equity loan. Their solution is a great way for seniors to improve their cash flow. Because more seniors are entering retirement with mortgage payments, it's even more important to be open to new financing techniques that can save money.
Prepayment penalties are illegal in some states, but they are still legal under Federal law. Also, they are only illegal for certain types of loans. As far as owner financing goes, some states permit owners to charge a prepayment penalty, and others do not.If you payoff the loan early, the lender loses the money it would have made in the future. With that in mind, many lenders protect themselves from early prepayments on loans by forcing the homeowner to pay a penalty if he or she decides to pay off the loan before the end of the loan term. These penalties are known as "prepayment penalties."
When you pay off a refinanced mortgage you may be hit with several fees. There are a number of fees the mortgage lender charges when a homeowner pays off the mortgage, such as processing and faxing fees. Learn what the fees associated are with paying off a refinanced mortgage.
What should you think about when you're refinancing your home? When refinancing a mortgage you should look at the interest rates available as well as how much the refinancing will cost you in closing costs. You should also consider how long it will take you to repay your mortgage refinance.
When you buy a home with a mortgage you may decide you want to pay off your mortgage as quickly as you can. One way to pay off your mortgage sooner is by enrolling in a program that enables you to make additional early payments. But you can also pay off your mortgage early without enrolling in a program and simply sending in payments on your own. Learn what to watch out for when prepaying your mortgage loan.
When you take out a mortgage you may be planning to make extra mortgage payments so you can prepay or pay off the mortgage early. How do prepayments work and do you risk paying prepayment penalties? What issues should you bear in mind when you're prepaying your mortgage loan?