Smart Mortgage Moves For 2013

by Pam on May 21, 2013

mortgage tipsDo you have a mortgage? Are you looking for ways to save a little bit of money off your current mortgage? Well, the nice thing about 2013 is that you can save a lot of money off your current mortgage by taking a look at what is out there. A lot of people assume that just because the housing market is towards the bottom that it doesn’t make any sense to buy right now. Honestly, now is the time to buy a house if you can afford it.

So, what are some of the smart mortgage moves that you should be making in 2013?

The first thing that you need to understand is that the interest rates on mortgages are the lowest that they have ever been. What this means to you is that you should be doing everything in your power to get a mortgage today. A lot of people think that they will have time in a year or two to get their home but the truth is that the interest rates are only this low to help get more people to buy a house. Once people start buying more houses and the real estate market returns to where it once was, then the interest rates will return to where they once were as well. It is because of this that you should take full advantage of the interest rates while they are so low.

Another smart mortgage move that you should make in 2013 is to refinance an existing loan. Even if you have a good interest rate right now, it doesn’t hurt to see what you could get. In many cases the homeowner will go to a lender just for information and once they run the homeowners credit they realize that they could save hundreds each month just by doing a simple refinance. This is what you need to look into.

How about a smart mortgage move for people who have recently bought a home?

The best thing for anybody that has recently purchased a home is to pay more than the minimum payment. For example, if your mortgage is $600 and the principal on that amount is only $150, then make a payment of $750. The reason you do this is so that you make a double payment. The reason a double payment is only $750 as opposed to $1200 is because you only count the principal amount, the rest just goes to the bank loan. I know this is more than you need to pay but in the end you will be glad that you made this financial decision.

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