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Thread: mortgages

  1. #1
    Katie
    Guest

    Default mortgages

    Hi, I was just wondering if anyone had any advise about mortgages....

    how to pay them down quicker on a very tight budget? How often should

    you refinance and when you do should you go for a shorter term? I am

    just frustrated with my whole lack of budget and need lots of help!

    THanks,

    Katie








  2. #2
    armstrca
    Guest

    Default mortgages

    <DIV dir="ltr" align="left"><SPAN class="147313517-13122007">To pay them down quicker, send in extra $$, doesn't have to be much - say $50, on the slip or the check write 'Apply to Pricipal', this will put the extra on the principal only, rather then the entire mortgage. Which will make it go down faster.







    From: Budget101_@yahoogroups.com [mailto:Budget101_@yahoogroups.com] On Behalf Of Katie
    Sent: Wednesday, December 12, 2007 3:54 PM
    To: Budget101_@yahoogroups.com
    Subject: Budget101.com : mortgages<SPAN class="147313517-13122007">
    <SPAN class="147313517-13122007">
    Hi, I was just wondering if anyone had any advise about mortgages.... how to pay them down quicker on a very tight budget?



  3. #3
    Vickie
    Guest

    Default mortgages

    Just remember when you refinance your mortgage you have to pay closing cost too. Making an extra payment per year will cutthe number of years almost in half. Evenpaying alittle extra each month helps,making a payment every 2 weeksinstead of once a month will help since the interest iscalculated monthly on the balance of the loan.

    Katie <katiesmolek@home.ffni.com> wrote: Hi, I was just wondering if anyone had any advise about mortgages....
    how to pay them down quicker on a very tight budget? How
    often should
    you refinance and when you do should you go for a shorter term? I am
    just frustrated with my whole lack of budget and need lots of help!
    THanks,
    Katie




    &#32;



  4. #4
    Monique
    Guest

    Default mortgages

    Instead of refinancing, unless the new interest rate is going to save you a TON, pay extra to the principal each month. It actually won&#39;t save 1/2, but 1 extra payment per year, OR taking your monthly payment (don&#39;t include taxes and insurance) and diving by 12, and adding that amount to each payment will shave about 7 years off your loan.


    If you do decide to refinance, don&#39;t go with another 30 year mortgage, for example. So, if you only have 20 years left on your loan, refinance for a 20 year mortgage, so you&#39;re not paying on the new mortgage for another 10 years (for a total of 40 years).


    On Dec 13, 2007 4:52 PM, Vickie <vickieanderson18@yahoo.com> wrote:







    Just remember when you refinance your mortgage you have to pay closing cost too. Making an extra payment per year will cutthe number of years almost in half. Evenpaying alittle extra each month helps,making a payment every 2 weeksinstead of once a month will help since the interest iscalculated monthly on the balance of the loan.


    Katie <katiesmolek@home.ffni.com> wrote: <blockquote style="border-left: 2px solid rgb(16, 16, 255);"> Hi, I was just wondering if anyone had any advise about mortgages....
    how to pay them down quicker on a very tight budget? How
    often should
    you refinance and when you do should you go for a shorter term? I am
    just frustrated with my whole lack of budget and need lots of help!
    THanks,
    Katie

    [/quote]





    [/quote]

    --
    Monique




  5. #5
    libramommy66@brier.net
    Guest

    Default mortgages

    Also make sure there are no penalities for early payoff...that happened

    to one of our friends and they were hit for almost 3000.00.



    LaRae

    On 12/13/2007, "Vickie" <vickieanderson18@yahoo.com> wrote:



    >Just remember when you refinance your mortgage you have to pay closing cost

    too. Making an extra payment per year will cut the number of years almost in

    half. Even paying alittle extra each month helps, making a payment every 2 weeks

    instead of once a month will help since the interest is calculated monthly on

    the balance of the loan.

    >

    >Katie <katiesmolek@home.ffni.com> wrote: Hi, I was just wondering if

    anyone had any advise about mortgages....

    >how to pay them down quicker on a very tight budget? How often should

    >you refinance and when you do should you go for a shorter term? I am

    >just frustrated with my whole lack of budget and need lots of help!

    >THanks,

    >Katie

    >

    >

    >

    >

    >

    >

    >---------------------------------

    > )






  6. #6
    katiesmolek@home.ffni.com
    Guest

    Default mortgages

    Thank you so much. I will try this. It can't hurt!

    Katie





    Quoting Vickie <vickieanderson18@yahoo.com>:



    > Just remember when you refinance your mortgage you have to pay

    > closing cost too. Making an extra payment per year will cut the

    > number of years almost in half. Even paying alittle extra each month

    > helps, making a payment every 2 weeks instead of once a month will

    > help since the interest is calculated monthly on the balance of the

    > loan.

    >

    > Katie <katiesmolek@home.ffni.com> wrote: Hi, I was just

    > wondering if anyone had any advise about mortgages....

    > how to pay them down quicker on a very tight budget? How often should

    > you refinance and when you do should you go for a shorter term? I am

    > just frustrated with my whole lack of budget and need lots of help!

    > THanks,

    > Katie

    >

    >

    >

    >

    >

    >

    > ---------------------------------

    >







    ----------------------------------------------------------------

    This message was sent using IMP, the Internet Messaging Program.








  7. #7
    mem68
    Guest

    Default mortgages

    Be sure to mk it clear that the extra morage payment is on the PRINCIPLE

    only.

    I had a friend who md 1/2 of a payment every 2 weeks. She was paying a

    late fee each month because she was not mking a whole payment!!!!!!!!!!!!

    > > Just remember when you refinance your mortgage you have to pay

    > > closing cost too. Making an extra payment per year will cut the

    > > number of years almost in half. Even paying alittle extra each month

    > > helps, making a payment every 2 weeks instead of once a month will








  8. #8
    Herlean
    Guest

    Default mortgages

    I don't know much about refinancing, except you have to pay for an appraisal to be done (a few thousand all together for the refi, I believe). You can send an extra $10 a month to your mortgage company and in the memo of the check be sure to put FOR PRINCIPAL ONLY and pay it in a separate check after you have made the regular payment. It all adds up. If you just add extra to the regular payment, it is not going to go 100% to pay down your PRINCIPAL. If you have any extra money, throw it towards the house, esp. if all of your other debts are paid. Herlean

    Katie <katiesmolek@home.ffni.com> wrote: Hi, I was just wondering if anyone had any advise about mortgages....
    how to pay them down quicker on a very tight budget? How
    often should
    you refinance and when you do should you go for a shorter term? I am
    just frustrated with my whole lack of budget and need lots of help!
    THanks,
    Katie



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