Saturday, August 27, 2011

Money Saving Suggestions on Reducing Your Mortgage | Green Bear ...


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The continued saga over the global economic crisis weighs heavily on middle America and lower, where most of us sit. The rich will always be rich but the uncertainty and the number of people being laid off their jobs is causing pain and suffering for many.

Many home loan repayments are falling behind and people are losing their properties and livelihood. Therefore I?ve come up with some ideas that will hopefully assist those out there battling to make the repayments.

With financial institutions foreclosing on huge numbers of homes, this is the best time to bargain with your bank to acquire the best rate of interest. It?s in the bank?s best interest to continue to have people pay off their mortgage loans.

Money Saving Tip 1. Request a reduction in the interest rate for your home equity line of credit. As I pointed out above, this is the best time to negotiate with your lender. The threat of you switching to a rival should prompt them into action.

Money Saving Tip 2. Request a reduction in the interest rate on your credit cards. As with home equity loans, credit card companies sometimes are willing to reduce the interest rate. It can?t hurt to ask. Additionally, I would transfer the balance of the credit card debt into the mortgage as the interest rate is much lower. Then cut up the credit card and use cash for future purchases to ensure you don?t fall into the same credit card debt trap cycle.

Money Saving Tip 3. Get rid of Private Mortgage Insurance. If your down payment was less than 20%, you are most likely paying PMI. Once you?ve paid 20% of the loan, contact your mortgage company to start the process of removing the PMI.

Money Saving Tip 4. Earn extra cash by taking online surveys. These just take a few minutes and you might only make an extra $50 monthly but if that is deposited towards your mortgage you will save thousands and many years off your mortgage.

Lamo Damo has been blogging about freebies for over 2 years. He gets
enjoyment from helping others save money by providing daily tips for on getting free stuff.

Source: http://greenbearinsulation.com/2011/08/24/money-saving-suggestions-on-reducing-your-mortgage/

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