Wednesday, March 5, 2014

How To Save Money On: Your Mortgage

For many their home mortgage will be the biggest debt that they take on, and may take decades to fully pay off. However, there are some smart and clever ways you can take that time down, and save yourself some of that hard earned money, when obtaining a loan for your home.

-Try to keep your credit score high* - Credit reports go back 7 years and
there is not much you can do if it reflects late payments however, a major
component of your scoring is based on the percentage of credit in use. This
number may be quite easy to manipulate simply by reducing credit card usage
leading up to the time you need a mortgage. Forget about trying to earn
frequent flyer miles - keep the usage low. Even if you pay the balance in
full each month the credit bureaus score based on the balance on your
monthly statement.

Peter Grabel-

-Refi refi refi... especially if your rate is north of 5.5% and if you are
paying pmi.... sometimes a shorter term, if the rate is significantly lower
can be another option... working on your credit scores if the initial home
loan you took out was when scores were lower....sometimes putting a few
extra dollars down on your principle to lower the loan to value will get you
a lower rate on a refi and obviously will lower your payment.. 

Denise Panza  - Prysma Lending Group 

-A great tip to saving on a home loan is to switch to bi-weekly payments,
rather than monthly payments, whenever possible. The reason for this is
because there are only 12 months in a year, but there are 26 two-week
periods. Since the bi-weekly payment is half of what the monthly payment
would be, the borrower is essentially creating an extra opportunity to
reduce the amount owed, both in principal and in interest. Over the course
of a 25 or 30 year loan, this could have huge savings potential!

Chad Dannecker
Welcome To San Diego

 Buy in areas where the real estate properties and taxes are lower. Not all cities and towns are created equal therefore you can save in home purchase prices and taxes right out of the gate.

-Talk to your lender about bimonthly payments which can significantly reduce the life of your loan, but your lender may also charge fees for you to do so.

Katie Ross, education and development manager for national financial education nonprofit American Consumer Credit Counseling

Legrand's Desktop Power and USB Charging Solution

Providing power and USB charging right at the desk top or work table has never been easier. Instead of a hard-to-reach power strip on the floor, the Legrand Desktop Power Center brings easy access to power outlets and USB charging ports where they’re needed the most and ends the frustration of trying to find an extra power outlet or a way to charge USB devices.

The Desktop Power Center kit includes all the hardware needed for do-it-yourself installation either through a desktop grommet opening or by attaching the unit to the edge of the work surface.  Hole mounting hardware accommodates round openings from 1 ½" to 3" for installation flexibility. An easy-to-install bracket allows the unit to be mounted on desk edge.
This convenient device features three 15 Amp power outlets and two USB charging ports.  Surge protection is built in, so there is no need to install an additional power management component. The 6’ power cord provides increased flexibility by extending access to a wall outlet.

The Desktop Power Center’s suggested retail price is $49.99. It’s available at The Home Depot, and other retail locations.

You can visit the Legrand DIY Project Corner for more information on this and other do-it-yourself projects.