A few pointers for 2014:Extra payments! If you can make extra payments on your mortgage - DO! It will greatly shorten the time until your mortgage will be paid in full. The more you pay in a shorter period of time, the less you end up paying in the long run, and the faster you'll get rid of that dreaded monthly note! Sock away a few dollars every week and apply it to your mortgage - every penny counts.
It can take a lot of discipline and drive to write that extra $200 toward your home equity loan, instead of rewarding yourself with a new toy or project. But in the end, paying it forward on your mortgage will be a far greater reward that you can reap the benefits of forever. Rate mortgage (FRM), often referred to as a "vanilla wafer" mortgage loan, is a fully amortizing mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float". As a result, payment amounts and the duration of the loan are fixed and the person who is responsible for paying back the loan benefits from a consistent, single payment and the ability to plan a budget based on this fixed cost.
If you are declined by one bank - go to the next! Find the bank that will say, "yes".Paying your bills on time is an excellent way to strengthen your credit score, according to MyFICO.com. A higher score can allow you to borrow money at a lower interest rate on more appealing terms.If you've missed mortgage payments, stay true to a New Years Resolution to remain as current as you can."The longer you pay your bills on time after being late the more your FICO score should increase.
Older credit problems count for less, so poor credit performance won't haunt you forever."(MyFICO.com)Here's to a prosperous 2014 to you and yours! For more information on the local Lakeland, FL market please contact me - jillhotshomes@yahoo.com.
Comments(7)