Mortgage Refinancing Consider refinancing your mortgage if you can get a rate that is at least one percentage point lower than your existing mortgage rate and plan to keep the new mortgage for several years or more. Ask an accountant to calculate precisely how much your new mortgage (including up-front fees) will cost and whether, in the long run, it will cost less than your current mortgage.Consider utilizing a 'Money Merge Account' if you do not desire to refinance. In most cases, refinancing is not required to use this program, and your mortgage payoff will be as little as 1/3 the conventional payoff time. The 'Money Merge Account' focuses on "term" rather than "rate" which saves you not only future interest on a mortgage, but considerable time.
Eliminate Unnecessary Insurance. If the down payment on your house was less than 20% of its appraised value, you are most likely paying private mortgage insurance (PMI). For example, suppose you bought an $80,000 home a few years ago and put $10,000 down, leaving $70,000 on a mortgage. If the house today would be apprised at $95,000 and you have paid the $70,000 mortgage down to $68,000, refinancing (assuming the interest rate and refinancing changes are favorable) can save the need for PMI since the difference between the mortgage ($68K) and the value ($98K) is now more than 20%.
3 comments:
Is refinancing a good idea? Most people refi every couple of years and never pay off their house. Last time we refinanced, I planned on using the extra money to pay down my mortgage faster. The problem is that things came up and within 2 or 3 months the extra monthly savings was getting used on other stuff.
What can people do to really pay off their homes? I've been trying for years and it's hard.
What is a Money Merge Account? Can you really pay off in 1/3 the time?
Yes, Jack. It is entirely possible to pay off your home in 1/3 the amount of time. Will it happen? That is where it gets a little more tricky. Many people that use a Money Merge Account do pay off their homes in 1/2 to 1/3 the time. Sometimes it takes a little longer, and sometimes people pay it off more quickly than even 1/3 the time.
If you want to check into the Money Merge Account, here are some useful links, along with what they can do for you.
www.thejubileeproject.com - This site will explain to you what a Money Merge Account is. They also provide a working phone number from which you can call one of their agents who will explain and answer any questions you have - even if you call for no other reason than to ask questions. They also provide a link to an analysis you can submit to see exactly how quickly you can expect to have your home paid off. They guarantee that the home will be paid off in amount of time given from the results of the analysis.
www.u1stfinancial.com - This is the official website of the creators of the Money Merge Account. It's definitely worth a visit, but they don't provide a phone number or any way to submit any questions you might have. (use thejubileeproject.com for that)
Also, google the term "Money Merge Account" and see what you can find there. Some people may claim it is a scam, but there up to date there is no record of any unsatisfied customers. And all those who make such claims, are usually mortgage brokers or someone like them who just want your business. They don't want the MMA to take off because they won't get as much money if that happens.
Lenders that think the Money Merge Account will hurt their bottom line are short sighted and need to think again.
It really is true that when you give the payoff is huge.
You shoot yourself in the foot if you hold onto interest income to the hurt of the homeowner cuz he or she won't be in a position to give repeat biz or be keen to refer others to you.
On the other hand if I was a lender, I'd be helping my clents get Money Merge Account as fast as possible and reap the many benefits of VERY happy, satisfied and enthusiastically loyal customers - who are also getting healthier financially as a very fast pace and will be back to get investment loans and business loans and second home loans and the list goes on.
Haven't these folks ever heard Zig Ziglar say that if you help enough people get what they want, you'll get what you want.
I just recently discovered this myself and am really excited to have a happy long term relationship with my lender that enriches us both.
www.911cashdump.com in another info source for the Money Merge Account.
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