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Secrets To Saving Thousands of Dollars on Your Mortgage

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How would you like to have an extra $50,000 to live the life you desire? What about an extra $100,000? If you’re buying a home and you think that amount of money wouldn’t possibly make its way into your personal bank account, then think again.

When you use the right strategies and be proactive, you can accumulate more cash than you’ve ever dreamed you’d have. 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.

Raise Your Credit Score
Choosing Your Mortgage Term
Making Extra Payments Toward Your Mortgage
Quick Tips To Save Real Money On Your Mortgage
How Much Can You Bank?
Using Online Calculators

Be proactive by putting the knowledge you’ve learned from this guide into practice. Take control of your mortgage payments and discover the life that you deserve!

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Secrets To Saving Thousands of Dollars on Your Mortgage

  1. 1. SecretsTo SavingThousands Of Dollars OnYour Mortgage
  2. 2. 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?
  3. 3. The Savings AreYours ForTheTaking 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.
  4. 4. "Money will come when you are doing the right thing." ~ Mike Phillips
  5. 5. First, RaiseYour 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
  6. 6. RaisingYour 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.
  7. 7. “If you do what you've always done, you'll get what you've always gotten.” ~Tony Robbins
  8. 8. ChoosingYour MortgageTerm 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.
  9. 9. 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. ChoosingYour MortgageTerm
  10. 10. Be aware of the vast impact of interest rates. Achieve your goals by successfully managing your mortgage.
  11. 11. Making Extra Payments TowardYour Mortgage “How am I going to come up with the money to pay an extra mortgage payment?”
  12. 12. Finding Money for Extra Payments Tax Returns Extra temporary jobs Cut non- essential spending Combine 2 financial strategies Save your coins
  13. 13.  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 – QuickTips
  14. 14.  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 – QuickTips
  15. 15. How Much CanYou Bank? Illustration #1 $100,000 Mortgage at 4% Interest
  16. 16. Mortgage Term→ Mortgage Amount- - $100,000 at 4% 10Year 15Year 30Year 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
  17. 17. How Much CanYou Bank? Illustration #2 $100,000 Mortgage at 6% Interest
  18. 18. Mortgage Term→ Mortgage Amount- - $100,000 at 6% 10Year 15Year 30Year 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
  19. 19. How Much CanYou Bank? Illustration #3 $200,000 Mortgage at 4% Interest
  20. 20. Mortgage Term→ Mortgage Amount- - $200,000 at 4% 10Year 15Year 30Year 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
  21. 21. How Much CanYou Bank? Illustration #4 $200,000 Mortgage at 6% Interest
  22. 22. If you could save nearly $50,000 by paying one extra payment a year, would you do it?
  23. 23. Mortgage Term→ Mortgage Amount- - $200,000 at 6% 10Year 15Year 30Year 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
  24. 24. CustomizeYour Results With Online Calculators  Bankrate.com  Bloomberg.com  CGI.Money.CNN.com  Kiplinger.com  Mortgagecalculator.net  Realtor.com
  25. 25. Be proactive in managing your mortgage and it will serve you well. A strong financial future awaits you!
  26. 26. 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. Common Cents Wisdom is a website with hundreds of informative articles, special reports, resources to assist you with all of your financial concerns and a free monthly newsletter. Sign up to receive your free eBook "Common Cents" and get started today on the road to financial freedom!
  27. 27. This Free Course Includes:  A Complete 80+ Page, 16-Module Home Study Course in PDF format  Companion Worksheets and Cheat Sheets  Budget Helpers, Worksheets, and Trackers  Bonus Audio Interviews with Financial Experts  My Secret Resource List of Helpful Money Sites, Tools, and Calculators  Bonus #1: Boosting Your Value Without a Formal Education  Bonus #2: Building a Wealth and Prosperity Mindset  Bonus #3: 25 Ways To Protect Your Identity Don’t Delay! Get Your Free Course Now!
  28. 28. Sign Up ~ FREE Personal Finance Newsletter “Finally… A High-Quality, Content Rich, No BS Newsletter Written Specifically For Those Interested In Personal Finance” What you can expect to receive EVERY Month by signing up:  Special Report – 10 to 20 page in-depth report on Personal Finance topics important to you!  Articles to keep you informed on a variety of topics relevant to your financial freedom.  Action Guides, Worksheets, Resources & Buyer Guides!  Monthly Financial Calendar to keep you organized and current with managing your personal finances.  Periodic reviews of Products and Services – Real Financial Solutions ~ Real Fast! http://www.commoncentswisdom.com/newsletter/

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