If you intend to pay off your mortgage as quickly as possible, then you’re in the majority; a survey released in 2008 by the Canada Mortgage and Housing Corporation claims that more than 75 per cent of survey respondents who bought a home in the last year said being mortgage-free sooner was their goal.

Of course wanting to be mortgage-free sooner is easier said then done, but there are some tips that can help you along the way to reach your goal quicker.

Make the largest down payment you can afford.

Fact is, the more you put down the less you’ll have to pay back; not just in the principal but in interest too.

Make more mortgage payments.

There are two ways to go about doing this; both will save you some money along the way but one more so than the other.

Your first option is to pay twice a month (or whatever frequency works best for you) the total you would normally pay on a monthly payment plan. For example, if your monthly mortgage payment is $1,000 you can opt to make two payments a month of $500 each. You’re not paying any more than you have to each month, although you will save on interest by making part of your monthly total payment early.

Your second option is to pay weekly or bi-weekly payments in lieu of a monthly payment. Why does this save you money? Well, not only will you save money on interest like you would with the first option, but it’s also a way you might not notice that you actually are making a couple of extra payments each year. Let’s say for example, your monthly mortgage payment is $1,000 for a total of $12,000 per year. If instead you decide to pay $500 every two weeks, you’ll actually end up putting $13,000 a year against your mortgage.

Make pre-payments or anniversary payments.

Even if you have a closed mortgage, most mortgages allow you to make “extra” payments, once a year, for up to 20% of the mortgage owed. This money is applied to the principal, saving you money in annual interest costs.

When interest rates drop, keep your payments the same.

If interest rates decrease when it is time to renew your mortgage, consider keeping your payments the same; since less money will go towards paying interest, more will go to paying down the principal.

Choose a shorter length of time to repay your loan.

Look at all your amortization options to see how choosing a 15-year period versus a 20-year period versus a 25-year period will affect your payments and interest costs. Your mortgage payments will be higher, but you’ll pay far less interest over the course of the loan. Do this exercise at the end of each mortgage term as what may have worked for you 5 years ago, might not be the best option for you now.
This article is a guest post from http://www.kanetix.ca

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by Eric Bryan, BryanSuarez Property Presentation

A little interior design, some decorating, marketing, real estate, and set design all rolled in to one.  Imagine wearing all those hats!  A properly trained real estate stager does just that.  So, where does it all fit in?

 To stage real estate properly, the designer must have a good understanding of spatial considerations, color, architectural and furnishing styles, the real estate market, and organization concepts to name a few.  In addition to these very technical understandings is the ability to use these techniques to create environments that speak to a wide range of buyers.  As with the advertising industry, stagers, realtors, and sellers have a product to market as well.  In the advertising industry, prior to the public seeing an ad, hours of planning and concept consideration have been done.  When we purchase something due to an ad that appealed to us, we are purchasing the result of research about us, the product, the products’ competition, and market trends.  Also, hours of design time have been spent to create a look that stands out among the crowd of competition, and makes an impression on its target market.

 It is no different with real estate staging.  Once a property is put on the market, it becomes a product of that market.  As a product, research must be done.  Who is/are the competition?  Who is the target market? What does the target market want in a property? What does this property have that the others don’t?  What is this property missing that the others have?  What do I like about this property?  What would make me purchase this property?  These are some questions that a real estate stager would ask themselves within the first few minutes of visiting the property.  Imagine the work that goes into the actual staging of the property.

 The goal, then, is to create an environment that attracts buyers.  It is as simple as that.  Not to create an environment that attracts the owner, realtor, or stager alone, but one that appeals to the largest number of buyers.  This can only be done through research, careful planning, creative ideas, and hard work.

 Staging real estate means to enhance a property’s best features, increasing the perceived space, convincing prospective buyers that this is their home and it is ready for them to move in! Staging is obviously more than just the placing furniture, accessories, or lighting to beautify the space.  This is marketing a product to gain a faster and more profitable sale.

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FHA loans continue to be the loan of choice for the majority of first time home buyers, however, there is an upward trend where non first time home buyers are utilizing the FHA mortgage loan option as well.   FHA fixed rate mortgages (15, 20, 25 or 30 year terms) offer a low down payment and provide the security of a fixed payment.  FHA financing is primarily used by customers with limited funds to close, requiring a minimum investment of 3.5% into the transaction. Conventional Loans require a minimum investment of 5%.  FHA loans is also more forgiving of credit challenges. Customers finding credit limitations with conventional financing may find a solid alternative through FHA. 

 Additional Benefits of FHA loans over Conventional Loans

• Borrowers 3.5% down payment contribution can be gift funds.
• You can obtain a better interest rate with lower credit scores.
• Up to 6% seller concession toward borrowers closing costs.
• Student loans are not counted in the ratios if deferred for 12 months.
• FHA Mortgage Insurance is much lower than Conventional PMI.
• FHA loans are assumable.

 Based upon the thorough review of a loan scenario will determine whether an FHA loan or Conventional loan meets the borrowers specific mortgage loan needs.  Unlike the past, FHA loans are much easier to do and should always be considered as a viable option for potential borrowers that want to limit the amount of funds they put into a real estate transaction. 

“Looking out for your best interest far more than just a fixed rate,”  Terry Traylor.  Call me today for a Mortgage Pre-Approval (713.705.1244) for your next home or visit my website at www.abmmtg.com.

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Written by: Cherie Johnson, Senior Account Executive, American Home Shield

With over 26 years in the business, I have seen American Home Shield pay out many claims for home owners.  First-time home buyers often stretch themselves financially to afford the down payment and monthly mortgage costs.  Being hit with the high costs of home breakdown repair and replacements soon after moving in can be financially overwhelming.  When buying a house, you always want to be sure to get an American Home Shield Warranty so you can rest assured you’re going to be protected.  Breakdowns are inevitable and always seem to happen at the worst possible time for your wallet and for your schedule.  An American Home Shield Home Warranty (AHS Home Warranty) can offer you quick relief, sensible protection and affordable coverage that could save you up to hundreds of dollars and hours of frustration.  Always ask for it in your home purchase offer.

A home warranty is a renewable service contract that covers many of the most frequently occurring breakdowns of home system components and appliances that are not usually covered by homeowner insurance.  Home warranty plans offer coverage of many of the critical major system components and appliances in a home that are high failure and high cost items to repair or replace.  This valuable coverage can pay for repair or replacement of covered items that break down due to normal wear and tear.

For more information please visit our website at www.ahsflexplan.com

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I am Michael Isaac with Nationwide Insurance and I have worked in the insurance industry for six years, the last three with Nationwide. My goal is to create an agency clients know is completely committed to their best interest. My promise is to present all the information the client needs to make an informed decision when it comes to their insurance needs. Superior responsiveness and customer service for clients is my highest priority. Nothing says we did a great job like the referral of a friend or family member. 

Hurricane season in Texas began June 1st and continues through the end of November.  September is a peak month for hurricanes.  Although residents of coastal areas are most at risk, tropical storm systems can travel hundreds of miles inland, creating the potential for wind damage and flash flooding throughout the state. So far this year we have not had a severe hurrican, but planning ahead can help you protect yourself, your family, and your property during hurricane season.  Below I have insurance recommendation put out by the Department of Insurance:

• Keep an inventory. Fill out TDI’s Home Inventory Checklist (PDF) that you can print or save to a disk and keep somewhere secure. Consider e-mailing it to yourself to ensure you’ll have it wherever you are. Also take photos or videotape of each room and the exterior of your home to keep with your inventory.

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