Secrets To Saving Thousands Of Dollars On Your Mortgage

An Interesting Dilemma…

How would you like to have an extra $50,000?

What about an extra $100,000?

What would you do with all that extra cash?

The Savings Are Yours For The Taking

Your mortgage set-up offers you tangible opportunities to live the life you seek.

Simply by making some alterations in: the type of mortgage you have the percentage points you pay and the length of the mortgage payback

period you select

You’ll be able to save thousands of dollars.

"Money will come when you are doing the right thing."

~ Mike Phillips

First, Raise Your Credit Score

A 2% difference in your mortgage interest rate makes a huge impact:On a $100,000 30-year mortgage, you’ll save

$43,968.68 with a 4% loan instead of 6%.

With a $200,000 30-year mortgage, the 2%

difference in interest is $87,937.37

Raising Your Credit Score

Use one major credit

card.Avoid over-

using credit cards.

Focus on paying

down debt.

Pay installment

loans on time.

Obtain a copy of your

credit report.

Ask for “forgiveness”

for a more positive report.

Refrain from

applying for new credit.

“If you do what you've always done, you'll get what you've always gotten.”

~ Tony Robbins

Choosing Your Mortgage Term

Can you afford the monthly payments on the 10- or 15-year terms?

How much money over time will you spend on interest on the 30-year term?

In addition to paying off the loan sooner, the 15-year term usually carries a lower

interest rate, too.

Think about whether you should select the 30-year option if the difference in percentage points you’re offered is only a half-percent more.

When you select a 30-year option, you’ll pay a lower monthly payment and be better able to swing paying extra mortgage payments throughout the year.

Weigh out these issues with your specific cash flow and financial situation.

Choosing Your Mortgage Term

Be aware of the vast

impact of

interest rates.

Achieve your

goals by success

fully managing your mortga

ge.

Making Extra Payments Toward Your Mortgage

“How am I going to come up with the money to pay an extra

mortgage payment?”

Finding Money for Extra Payments

Tax Returns

Extra temporary

jobs

Cut non-essential spending

Combine 2 financial

strategies

Save your coins

STRENGTHEN YOUR FINANCIAL SITUATION BY APPLYING THESE

STRATEGIES.

Obtain the shortest mortgage term you can afford.

Fight tooth and nail to obtain the lowest percentage points possible.

Be leery of adjustable rate mortgages (ARMs).

Set up bi-weekly payments rather than monthly. (About half a payment every 2 weeks.)

Mortgage Savings – Quick Tips

Pay at least 1 extra payment annually.

Combine 2 mortgage payment strategies to save big.

Avoid including closing costs in your mortgage.

Apply all extra payments to the principal.

Avoid mortgages with early pay-off penalties.

Mortgage Savings – Quick Tips

How Much Can You Bank?

Illustration #1

$100,000 Mortgage at 4% Interest

Mortgage Term→

Mortgage Amount-- $100,000 at 4%

10 Year 15 Year 30 Year

Monthly Payment

  $ 1,012.45

$ 739.69 $ 477.42

  Total Interest Paid

$21,494.17

$33,143.83

$71,869.51

Bi-Weekly Payment

  $ 506.23 $369.84 $ 238.71

  Total Interest Paid

$19,212.77

$29,245.21

$60,180.16

  Total Interest Savings with Bi-Weekly Payments

$ 2,281.40

$ 3,898.62

$11,689.35

Pay-Off Time with Bi-Weekly Payments

  9 years 14 years 26 years

  Total Interest Savings by Making 1 Extra Payment/Yr

$ 1,962.29

$3,485.38 $10,879.56

How Much Can You Bank?

Illustration #2

$100,000 Mortgage at 6% Interest

Mortgage Term→

Mortgage Amount-- $100,000 at 6%

10 Year 15 Year 30 Year

Monthly Payment

  $ 1,110.21

$ 843.86 $ 599.55

  Total Interest Paid

$ 33,224.60

$ 51,894.23

$115,838.19

Bi-Weekly Payment

  $ 555.10 $ 421.93 $ 299.78

  Total Interest Paid

$ 29,269.40

$ 44,663.16

$ 90,196.39

  Total Interest Savings with Bi-Weekly Payments

$ 3,955.20

$ 7,231.07

$ 25,641.80

Pay-Off Time with Bi-Weekly Payments

  9 years 14 years 25 years

  Total Interest Savings by Making 1 Extra Payment/Yr

$ 3,406.66

$ 6,480.22

$ 23,967.86

How Much Can You Bank?

Illustration #3

$200,000 Mortgage at 4% Interest

Mortgage Term→

Mortgage Amount-- $200,000 at 4%

10 Year 15 Year 30 Year

Monthly Payment

  $ 2,020.90

$ 1,479.38

$ 954.83

  Total Interest Paid

$ 42,988.33

$ 66,287.65

$143,739.01

Bi-Weekly Payment

  $ 1,012.45

$ 739.69 $ 477.42

  Total Interest Paid

$ 38,425.54

$ 58,490.43

$120,360.32

  Total Interest Savings with Bi-Weekly Payments

$ 4,562.79

$ 1,797.22

$ 23,378.69

Pay-Off Time with Bi-Weekly Payments

  9 years 14 years 26 years

  Total Interest Savings by Making 1 Extra Payment/Yr

$ 3,924.58

$ 6,970.76

$ 21,758.92

How Much Can You Bank?

Illustration #4

$200,000 Mortgage at 6% Interest

If you could save nearly $50,000 by paying one extra payment a year,

would you do it?

Mortgage Term→

Mortgage Amount-- $200,000 at 6%

10 Year 15 Year 30 Year

Monthly Payment

  $ 2,220.41

$ 1,687.71

$ 1,199.10

  Total Interest Paid

$ 66,449.20

$103,788.46

$231,676.38

Bi-Weekly Payment

  $ 1,110.21

$ 843.86 $ 599.55

  Total Interest Paid

$ 58,538.80

$ 89,326.32

$180,392.78

  Total Interest Savings with Bi-Weekly Payments

$ 7,910.40

$ 14,462.14

$ 51,283.60

Pay-Off Time with Bi-Weekly Payments

  9 years 14 years 25 years

  Total Interest Savings by Making 1 Extra Payment/Yr

$ 6,813.29

$ 12,960.38

$ 47,935.72

Customize Your Results With Online Calculators

Bankrate.com

Bloomberg.com

CGI.Money.CNN.com

Kiplinger.com

Mortgagecalculator.net

Realtor.com

Be proactive in managing your

mortgage and it will serve you well.

A strong financial future awaits you!

We hope you enjoyed your Special Report!

Curtis Roese is an experienced professional with extensive experience in personal finance and small business matters. Curtis writes and publishes articles, courses, guides and special reports on his personal finance blog.

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