The Secrets Behind Being Successful In Your Mortgage!

By
Services for Real Estate Pros with GMA Marketing

The Secrets Behind Being Successful In Your Mortgage

  

Did you know that the word mortgage means something akin to pledge of death? Looking at a thirty-year mortgage can make it feel that way. However, it does not have to be. There are a few basic secrets to use a mortgage successfully for future benefit. It takes patience and discipline and even savvy homeowners and investors refresh their knowledge of these secrets from periodically.

 

Secret #1: If you already have a mortgage or are planning to take on a mortgage loan, create an accurate budget. Estimate items like groceries, electricity and water on the high end rather than the low end. Even if you think you can cut some expenses, estimate high. You can always consolidate it down later, once the final figures are worked out.

 

Secret #2: Find out and include in your budget, the actual or proposed full principle and interest (P&I) payment plus all applicable fees and taxes. If you are buying a house and cannot include the full P&I payment along with groceries and all other items within your budget comfortably, focus on a house you can afford. The P&I secret applies no matter what type of loan you get. This will help enable your future success.

 

Secret #3: If you already have a mortgage loan, accurately budget again. If you are hesitant to do so, the dose of reality combined with taking action can help enable future success. Start that action and contact your mortgage professional and/or CPA to discuss your options.

 

Secret #4: Have safe accessible side money in the case something catastrophic happens such as job loss or major medical expenses. Six months of savings is what most experts recommend.

 

Secret #5: Educate yourself. Spend a few minutes each night learning about mortgage loans, taxes, your local market and how money works. The more you know about how they all work together, the more these tools will allow you to be successful with your mortgage. Remember, knowledge is power, but what you do with that knowledge is the real power.

 

Here are two websites that will help you get started:

 

www.howstuffworks.com

 

www.bankrate.com

 

These are just a few of the secrets that can make possible, success with your mortgage and financial life.

 

 

Sincerely,

 

Frankie Frederick

 

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