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Further
Reading ...
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How to Keep Customers - Alan Fairweather
How to Keep Customers Who was it that said - "The customer is always right"? Well for those of you who can't get through the day without knowing, it was H Gordon Selfridge, the founder of Selfridges's department store in London. The question I...
Managers: PR More Than Tix and Plugs? - Robert A Kelly
You bet! And in three ways vital to you as a business, non-profit or association manager. To succeed, your public relations effort needs to do something really positive about the behaviors of those outside audiences that most affect your...
Successful tendering - preparation is the key - Mel Dunn
TENDERING AND DEVELOPMENT – PREPARATION IS THE KEY www.meldunn.com.au" target="_blank">meldunn.com.au In the article Getting Involved in the Global Development Market (available in full in Latest News at www.globizdev.com) I commented that while...
Applying The Daffodil Theory into Business Practice - Jennifer Schilling
At times all of us need a bit of inspiration to add to our day. When I first read this article, I had started my own home based business and was in a bit of a slump. This inspirational story was exactly what helped spring me into action and keep on...
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Home Mortgages: Up, Up and Away!
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Written By:
MJ Plaster
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Refinance NOW—before it’s too late
If you haven’t found the time to refinance your existing home mortgage, it’s time to take action—like yesterday! Every time Alan Greenspan, Federal Reserve Board Chairman, opens his mouth, you can bet that the federal funds rates will rise by at least a quarter of a point, or by 25 basis points in investorese. What that means to you is that home mortgages will rocket as well.
A quarter of a percentage point may not seem like much, given that the federal funds rate currently stands at 2 ¾ per cent, but a reality check quickly reveals that you, personally, have probably never seen 2 ¾ per cent interest on anything in your lifetime. Take a look at your credit card statements. Are you paying 2 ¾ per cent on your credit? What about your home mortgage? Without getting technical, there’s little correlation between the federal funds rate and home mortgage rates except the direction in which they travel, and right now that direction is headed to the sky.
You’ve already missed the opportunity of a lifetime to lock in the lowest rates you’ll see for the foreseeable future, but you have a little more time to get your hands on relatively cheap money. The window of opportunity is rapidly closing, so if you’re going to refinance, you must do it as soon as possible.
Things you may not know about refinancing:
A small rate cut can pay off handsomely in smaller monthly mortgage payments.
Smaller monthly mortgage payments will decrease your tax deduction, because you will no longer be paying as much interest as you’ve been paying. Factor this in, because it’s the total savings that matters.
You can and should ask to have fees waived or reduced: application fees, origination fees, appraisal fees, legal fees, points, and closing costs.
If you don’t have cash on hand to pay fees, you can get them tacked on to the mortgage, paying nothing out of pocket for your refinanced home - continued below ...
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mortgage.
If you refinance and shorten the term of a home mortgage, you will pay a higher monthly payment, but you’ll save a significant amount of money over the term of the mortgage in addition to paying off your home and building equity faster.
Standard mortgage terms run 15 years or 30 years. If you’d prefer a term somewhere in between the standard terms, ask for a custom loan and designate a term that works better for you. Find a term that strikes a balance between a term shorter than 30 years and monthly payments lower than those of a 15-year mortgage.
If you cannot get a custom term, settle for a 30-year mortgage and pay more than the monthly payment to pay off the loan sooner. You must also negotiate no pre-payment penalty.
Where to go from here
1. Review your credit record with each of the three credit bureaus: Equifax, TransUnion and Experian. Mistakes are common in credit reports, and you may be surprised at what you find: accounts that do not belong to you, balances that do not match your statements, an identity mistake or worse. Correct any bad information.
2. Compare mortgage rates and fees online among several finance companies.
3. Use a good mortgage calculator. Using refinance calculators is the only way to determine which loan is the better all-around deal.
Work fast, but negotiate hard to make a deal that works for you. The loan company wants your business as badly as you want a better rate.
About the Author
M J Plaster is a successful author who provides information on http://www.home-loans-4u.net/ and http://www.home-loans-4u.net/home-equity-loans.html. M J Plaster has been a commercial freelance writer for almost two decades, most recently specializing in home and garden, the low-carb lifestyle, investing, and anything that defines la dolce vita.
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GIVE YOUR CUSTOMERS A CHOICE! - Sean S Sampson
GIVE YOUR CUSTOMERS A CHOICE! by Sean S. Sampson http://www.entermania2k2.com Have you ever walked into an ice cream parlor, only to find out that they only offered one flavor? Probably not. That's because they know that different customers have...
Sales Forecasting For New Business - Ben Botes
Sales forecasting is the process of organizing and analysing information in a way that makes it possible to estimate what your sales will be. This Micro Module outlines some simple methods of forecasting sales using easy to find data. Books...
Fundamentals of Selling A Business - Marketing and Prospecting the Buyer - Jim Brown
Fundamentals of Selling A Business - Marketing and Prospecting the Buyer To successfully sell your business, it is essential that you know how to communicate its appeal, and understand the factors that potential buyers have to consider. Marketing...
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