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Why You Should Not Get Hung Up on the Interest Rates!!


This is what a mortgage can do for you!

AND Why you shouldn't get hung up on the interest rate!

Let me show you the bottom line or the total dollar amount you will pay when paying a mortgage and paying rent and what the benefits of a mortgage are:

Let's say John bought a home and has a $75,000 mortgage @ 10% interest for 30 years on his home with a payment of $750.00 per month. John's friend Bill is renting a house, but he is paying $750.00 per month in rent with no interest (I am using these numbers for illustration purposes). Now, it's a funny thing, but both men live in their homes for the full 30 years and guess how much money both paid out in that 30 years?

Do you think John would have paid more money in the 30 years then Bill did because John was paying a mortgage? The answer is no! Thirty years equal 360 months of payments and if you multiply 360 X $750.00 you get $270,000.00. That means both men paid the same amount of money over the 30 years with one BIG difference! John now OWNS his home but Bill is still paying rent and does not own the home. In fact Bill's rent more then likely paid the mortgage off for the owner of the house he is renting from.

As you can see, even though John was paying a mortgage payment of $750.00 per month, the total amount of dollars paid in the same time period of 30 years is the same. Now Bill has nothing to show for all the rent payments he made except for 360 rent receipts. So you can see how the interest rate does not change the total amount paid over the time period because $750.00 per month is $750.00 per month. No matter what you call it a mortgage payment or rent payment, the bottom line is the same.

So whatever type of mortgage you can qualify for has to suit the payment you can afford and are comfortable with. Of course; the amount of money borrowed, the interest rate, and the term or years the money is borrowed is what will determine your payment.

So the bottom line is: if you get a mortgage that is comfortable for you payment wise... let's say equal to what you were paying for rent, the major thing you changed is the fact that you own the home now and you are not just paying rent or paying off someone else's mortgage.

You know the bottom line is we all have to live somewhere and we have to pay for that living space, so why not own what we have to pay for anyway. And don't get hung up on the interest rate to where it stops you from buying your home... just make the payment amount work for you.

Now let me show you what you can do with a mortgage payment that you can't do with a rent payment.

Stay with me now because it is going to get really good! As you have seen from our example above, the total amount of money paid over the 30 years or 360 payments for the mortgage and rent came out to be the same dollar amount in the end. However, did you know you could change the bottom line or the dollar amount paid when you are making a mortgage payment as well as the amount of time it will take to pay the money back?

A mortgage is calculated by the amount of money borrowed, the interest rate, and the amount of time it will take to pay it back. This calculation is called an amortization schedule.I am going to show you an amortization schedule for a mortgage now and show you how to change the total amount of money you will pay and the amount of time it will take to pay it back!Lets say you get a mortgage for $75,000@12% for 30yrsThis is what the amortization schedule will look like:

Date -- Payment -- Interest -- Principle-Balance1-2/21/04 $771.46 $750.00 $21.46 $74,978.542-3/21/04 $771.46 $749.79 $21.67 $74,956.873-4/21/04 $771.46 $749.57 $21.89 $74,934.984-5/21/04 $771.46 $749.35 $22.11 $74,912.875-6/21/04 $771.46 $749.13 $22.33 $74,890.546-7/21/04 $771.46 $748.91 $22.55 $74,867.997-8/21/04 $771.46 $748.68 $22.78 $74,845.218-9/21/04 $771.46 $748.45 $23.01 $74,822.209-10/21/04 $771.46 $748.22 $23.24 $74,798.9610-11/21/04 $771.46 $747.99 $23.47 $74,775.49 11-12/21/04 $771.46 $747.75 $23.71 $74,751.78Totals $8,486.06 $8,237.84 $248.22

As you can see, when you make a payment on a mortgage a large part of the money goes to interest with a small part of the money going to principle. You will notice the principle balance increases with each payment and the interest balance decreases with each payment, but this happens very slow.

Now, let me show you what control you have over a mortgage:

As you can see; in the 11 months of payments we made on this mortgage, we paid $8,237.84 in interest and $248.22 in principle! This is what YOU can do. When you looked at this schedule after your closing, you noticed the figures. If you were to add the total of the principle for the 11 months of payments ($248.22) to your first mortgage payment and told the lender you wanted the extra money to go towards the principle this is what would happen for you: you would reduce your mortgage by 11 months and save $8,237.84 in interest payments! This happens whenever you make extra payments on a mortgage, no matter how much or little you pay. You always have to specify that this extra payment is designated to go towards the principle and this works best if you start right away in the very beginning of the mortgage!

This means that in your first month you have already changed the total amount of money and time it will take to pay back your loan. The more you can do this, the less money you pay in interest and less time it takes to pay the money back.

The mortgage has to have no pre-payment penalties. That happens to be the majority of mortgages that we see today. However, ask and make sure so that you have no surprises later. This is just one simple thing you can do with a mortgage which gives you control of the bottom line as far as money paid back and the time it takes to pay it back.

Let us help you get what you want and need to purchase that first new home or investment property. We look forward to helping you and working with you to help you meet your goals!

Visit us today at: http://www.easymoney-123.com

I have been doing real estate deals for over 20 yrs! I enjoy doing creative transactions with mortgage money and the actual real estate. There is always a way to make a deal work!

Visit me at my web site: http://www.easymoney-123.com and let's get creative to make your deal work for you!


MORE RESOURCES:
Refinance rates ease for Friday  Bankrate.com

Multiple benchmark refinance rates ticked downward today. If you're in the market for a mortgage, see what that means for you.


Mortgage rates are in a free fall with no end in sight  The Washington Post

Global and domestic economic concerns continue to drive down mortgage rates. According to the latest data released Thursday by Freddie Mac, the 30-year ...


Refinance rates slide for Saturday  Bankrate.com

Multiple key refinance rates ticked downward today. If you're shopping for a refinance, see how your payments might be affected.


Still haven’t refinanced your mortgage? You still have an opportunity to save big  Bankrate.com

Mortgage rates seem to be the only thing that's affordable in today's low-inventory, high-priced housing market. This is good news for both homebuyers and ...


Refinance rates slide for Tuesday  Bankrate.com

Multiple closely watched refinance rates receded today. If you're in the market for a home loan, see what that means for you.


Refinance mortgage rates mixed for Thursday  Bankrate.com

Multiple benchmark refinance rates were flat today. If you're in the market for a mortgage, see how your payments might be affected.


New VA rules aimed at curbing predatory lending for cash-out mortgage refinances  Bankrate.com

An interim final rule on VA-guaranteed cash-out refinance loans was published on February 19 to protect borrowers from predatory lenders. The rule executes ...


Answers to 9 of the Most Googled Mortgage Questions  NerdWallet

Mortgage questions? We've got answers to help boost your confidence when exploring your options, choosing mortgage lenders and managing your home ...


Millennials use January's low mortgage rates to refinance: Ellie Mae  National Mortgage News

Millennial homebuyers took advantage of a winter lull in interest rates, using the opportunity to refinance their loans, according to Ellie Mae.


Freddie Mac Enhanced Relief Refinance (FMERR) 2019 guidelines, rates, and benefits | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

What is FMERR? The Freddie Mac Enhanced Relief Refinance – or FMERR – is for borrowers who want to refinance but have very little or no equity in their ...


5 Bad Reasons to Refinance Your Mortgage  Yahoo Finance

Mortgage rates have gone down in recent weeks, giving you an opportunity to refinance your home at an attractive rate, to lower your mortgage costs or tap ...


LendingTree: Homebuyers save big by shopping around for lower mortgage rates  HousingWire

LendingTree's latest Mortgage Rate Competition Index revealed that borrowers with interest rates under 5% inched forward for the week ending Mar. 5, 2019.


Refinance Appraisals, What You Need to Know - RealtyBizNews: Real Estate News  RealtyBizNews

Refinancing your home can save you a lot of money. The process is not as easy as the commercials and ads make it seem, a little perperation goes a long way.


Analysis: All signs point to a housing boom ahead  Chicago Daily Herald

Investors have been so focused on how the Fed's dovish stance on interest rates led to a rebound in stock prices that they haven't yet digested how much this ...


Refinance rates drop off for Monday  Bankrate.com

Multiple key refinance rates fell today. If you haven't locked a refi yet, see how your payments might be affected.


Refinance rates advance for Monday  Bankrate.com

Several benchmark refinance rates moved higher today. See what that means for you if you're in the market for a home loan.


LendingTree: Number of mortgage borrowers receiving interest rates under 5% rises  HousingWire

LendingTree's latest Mortgage Rate Competition Index revealed that the number of mortgage borrowers with interest rates under 5% inched forward for the week ...


Ellie Mae: Millennials' interest in mortgage refinance spikes  HousingWire

In January, slightly lower interest rates led to Millennial homebuyers increasing their requests to refinance their mortgages. In fact, according to Ellie Mae's latest ...


Refinance rates drop for Saturday  Bankrate.com

Several benchmark refinance rates fell today. See what that means for you if you're in the market for a mortgage.


LendingTree: Fewer homebuyers received mortgage rates under 5% last week  HousingWire

LendingTree's latest Mortgage Rate Competition Index revealed that borrowers with interest rates under 5% reversed course, inching backwards for the week ...


LendingTree: This is how much homebuyers could've saved on their mortgages  HousingWire

Last week, the share of borrowers with rates under 5% grew moderately larger. According to LendingTree's Mortgage Rate Competition Index, borrowers with ...


Why out-of-control bubble-era mortgages still threaten to smash major U.S. housing markets  MarketWatch

The 2004-07 bubble era in U.S. housing markets was a time of utter madness. Much has been written about it, but almost nothing has been said about the ...


Paul Manafort charged with committing residential mortgage fraud — which is more common than you’d think  MarketWatch

Mortgage fraud risk has risen substantially in recent years as refinance activity has dried up for lenders.


All Signs Point to a Housing Boom Ahead  Bloomberg

Just as many millennials enter their home-buying years, the labor market is strong and interest rates are low.


Mortgage-backed securities may lag in Fed pivot to Treasuries  National Mortgage News

Mortgage-backed securities may perform worse than government bonds in the coming months after the Federal Reserve said it plans to move more of its debt ...


Mortgage Rates Continue to Drop in 2019: A Good Time to Buy?  Home Buying Institute

According to the latest survey conducted by Freddie Mac, mortgage rates continue to drop. They have fallen steadily thus far in 2019.


US Mortgages – Rates Slide Again, While Demand Rises  FX Empire

Mortgage rates fell by 3 basis points to 4.28% in the week ending 21st March. The latest reversal saw mortgage rates continue to fall to the lowest level since the ...


Mortgage rates increase for Friday  Bankrate.com

Multiple benchmark mortgage rates floated higher today. If you're shopping for a home loan, see what that means for you.


Report indicates financial woes at former Franklin Mills mall  Philly.com

A loan backed by the former Franklin Mills mall in Northeast Philadelphia has been assigned to a company that manages troubled commercial mortgages — a ...


Mortgage Rates Are Down – but Is the Housing Market Looking Up?  Knowledge@Wharton

Is it time to cheer for aspiring home buyers or existing homeowners looking to refinance their home loans? Mortgage rates fell for the third consecutive week on ...


Mortgage rates today, February 22, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Average mortgage rates rose very slightly yesterday. So slightly, indeed, that your lender may not have bothered adjusting yours, although it may have slightly ...


Shopping center firm Retail Value Inc. lands $900 million loan  Crain's Cleveland Business

Retail Value Inc., the public company that Beachwood-based SITE Centers Corp. formed last year to shed properties, has secured a $900 million loan to ...


Mortgage rates just tanked thanks to the Fed – and they could go even lower  CNBC

The move in mortgage rates followed Fed Chairman Jerome Powell's announcement that the central bank would end the so-called runoff of bonds from its ...


Mortgage Rates Lowest in a Year: Top 4 Housing Picks  Zacks.com

The housing space looks promising as mortgage rates drop to the lowest level in a year.


Kroll says some banks are rethinking viability of mortgage lending business  HousingWire

The mortgage industry has witnessed very few mergers and acquisitions in the last year, despite what Kroll Bond Rating Agency calls a “fertile environment” for ...


The Fed Turns a Page, We Stay Focused on Growth  Forbes

Zero increases for Fed Funds in 2019, and no more sales of bonds after September: That's the latest monetary policy guidance from the US Federal Reserve.


2019 home buying season tilts toward buyers  The Daily Herald

Spring is here, which means peak home buying season is right around the corner. Although it varies from place to place, generally most people start shopping ...


Jumbo Mortgages Are Slowing Down, Testing Banks’ Postcrisis Playbook  The Wall Street Journal

High-end home buyers are turning cautious, a blow to banks that refocused their mortgage businesses around wealthy borrowers in the years after the financial ...


Mortgage refinancing spree becomes a race against the clock  Bankrate.com

Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...


Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes  Credible News

Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.


Mortgage refinance applications hit 18-year low  CNBC

Mortgage refinance applications hit an 18-year low. With no major move in interest rates and continued weakness in home affordability, there was not a lot of ...


Report: Homeowners gained nearly $10K in home equity last year | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Home price growth might be slowing, but homeowners are still gaining serious equity in their properties, According to new data, the average homeowner saw ...


Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

This handy mortgage refinance checklist tells you what you need to do before refinancing. Get your paperwork in order and know your refinance goals to speed ...


5 Signs It's Time To Refinance Your Mortgage  Forbes

You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ...


TFS Financial (TFSL) Downgraded by BidaskClub to Hold  Fairfield Current

BidaskClub lowered shares of TFS Financial (NASDAQ:TFSL) from a buy rating to a hold rating in a research note released on Friday. Separately, Zacks ...


Defying Mortgage Delinquency Trends  DSNews.com

While mortgage delinquencies continue to drop, February appears to have been an outlier. What made February's delinquencies climb?


Young lawmakers drive conversation on reducing student debt  Philly.com

The Higher Education Lending Protection, or HELP, Act would target about 28000 borrowers struggling with high-interest student debt. That's a small slice of the ...


What to consider before determining whether to refinance your mortgage  Washington Post

REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ...


Consumers should soon see benefit of Fed's patience on rates  telegraphherald.com

NEW YORK — So much for those worries about rising interest rates.


Cash-out mortgage refinancing: Here’s where homeowners are using it most  Bankrate.com

Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ...


The main reason to refinance your mortgage: Save money  Chicago Tribune

A substantial drop in interest rate on a fixed rate mortgage could save you money with a refinance. But you must factor in closing costs on the transaction.


Fixed mortgage rates are diving. Here’s where to get the best deals  The Globe and Mail

Payment burdens are easing for hundreds of thousands of borrowers.


How should I apply for a mortgage refinance: in person, by phone or online? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You can apply for a mortgage refinance in person, over the phone or online. Just make sure that the company is legitimate before providing personal information ...


Refinance mortgage rate moves lower for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate trended down. If you haven't locked a refi yet, see how your payments might be affected.


Refinance mortgage rate slides for Friday  Bankrate.com

Refinance rates were mixed, but one key rate sunk lower. See what that means for your chances of scoring a killer refi rate.


Refinance mortgage rates mixed for Tuesday  Bankrate.com

Refinance rates were mixed today. If you're in the market for a refi, see how that could affect you.


Mortgage rates drop below 4.5%. Homeowners scramble to refinance | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

There is a quiet refinance boom brewing, as mortgage rates sink to 9-month lows. Not since April 2018 have rates been this low. Freddie Mac, in its weekly ...


How to refinance to pay off a mortgage faster | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You probably have a number of ways to pay off a mortgage faster. You can refinance to a shorter term, pay more on your existing mortgage or free up your ...


Refinance mortgage rate advances for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate floated higher. See what that means for your chances of getting a better mortgage rate.


Refinance mortgage rate moves higher for Monday  Bankrate.com

Refinance rates were mixed, but one key rate trended upward. If you're in the market for a mortgage, see how your payments might be affected.


Couldn't qualify to refinance last year? Lenders more likely to say yes in 2019 | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you have been wanting to refinance but had a hard time getting approved, 2019 might be your year. Lenders are allowing higher debt-to-income ratios, ...


Refinance mortgage rate dips for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate decreased. If you're in the market for a home loan, see how your payments might be affected.


Factors to weigh when considering whether to refinance your home  Washington Post

Q: I was offered a mortgage “recast” and I need help evaluating if it is a sound financial move. My home is worth $250,000. I owe about $68,000, as I have been ...


Refinance mortgage rates mixed for Saturday  Bankrate.com

Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.


Refinance rates decline for Thursday  Bankrate.com

Several benchmark refinance rates decreased today. See what that means for your refinance.


Mortgage applications fall, as refinancing hits 20-year low  CNBC

A significant drop in mortgage interest rates was not enough to entice homeowners to refinance their loans last week.


Refinance mortgage rates mixed for Monday  Bankrate.com

Refinance rates were mixed today. If you're shopping for a mortgage, see how your payments might be affected.


Refinance mortgage rate falls for Friday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you're shopping for a mortgage, see how your payments might be affected.


Mortgage refinance applications decline to 18-year low: MBA  National Mortgage News

Mortgage applications decreased 1.8% from one week earlier as refinance submissions fell to their lowest in nearly 18 years, according to the Mortgage Bankers ...


Credible Expands Their Marketplace Into Mortgage Refinancing  Lend Academy

Credible made a name for themselves in student loans. They are the first and largest marketplace for people looking to refinance their student loans. Borrowers ...


Should You Refinance Your Mortgage?  Forbes

Evidently many mortgage borrowers fail to understand that mortgage refinances have a variety of possible purposes, and their success depends on a variety of ...


Refinance rates retreat for Monday  Bankrate.com

Multiple benchmark refinance rates tapered off today. If you're in the market for a mortgage, see how your payments might be affected.


Refinance mortgage rate rises for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate climbed higher. If you're shopping for a mortgage, see what that means for you.


Refinance rates fall for Wednesday  Bankrate.com

Multiple key refinance rates ticked downward today. If you haven't locked a refi yet, see how that could affect you.


Refinance rates advance for Saturday  Bankrate.com

Multiple closely watched refinance rates notched higher today. If you're shopping for a refi, see how your finances could be affected.


Refinance rates tick higher for Monday  Bankrate.com

Multiple closely watched refinance rates moved higher today. If you're in the market for a home loan, see how your payments might be affected.


Refinance rates tick lower for Thursday  Bankrate.com

Several closely watched refinance rates dropped today. See what that means for you if you're in the market for a mortgage.


Refinance mortgage rate ratchets higher for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate climbed. If you're shopping for a mortgage, see how your payments might be affected.


Refinance mortgage rates mixed for Friday  Bankrate.com

Refinance rates were mixed today. If you haven't locked a refinance yet, see what that means for you.


Refinance rates hold steady for Friday  Bankrate.com

Several benchmark refinance rates held steady today. See what that means for you if you're in the market for a mortgage.


Refinance rates tick higher for Tuesday  Bankrate.com

Multiple benchmark refinance rates notched higher today. See what that means for your chances of scoring a killer refi rate.


With today's mortgage rates, you can still refinance for lower payments. Here's how | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Many homeowners refinance for lower payments or interest rates. Here's what you need to know about your options and some pitfalls.


Thinking of Refinancing Your Mortgage? Check These 4 Financial Areas First  Forbes

Refinancing your mortgage can be a great way to save on your monthly payment or to change up the terms of your loan. However, while it's a financial move that ...


Refinance mortgage rate falls for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate dropped. If you haven't locked a refinance yet, see how your payments might be affected.


How to use a cash-out refinance to buy another home | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Can or should you use a cash-out refinance to buy another home? Maybe, if that's the most cost-effective source of a down payment or even the whole purchase ...


Refinancing activity in the US just plunged to the lowest level in over a decade  Business Insider

Refinancing activity plunged to the lowest level since 2000 as interest rates rise.


Unpaid federal workers can sidestep rules to apply for cash-out mortgage refinance  Bankrate.com

As the partial government shutdown drags on with no end in sight, furloughed federal workers are faced with mounting financial obligations and a variety of relief ...


Refinance rates increase for Saturday  Bankrate.com

Multiple benchmark refinance rates moved higher today. See what that means for your refinance chances.


Refinance rates move up for Thursday  Bankrate.com

Several closely watched refinance rates advanced today. If you're in the market for a mortgage, see how your payments might be affected.


Best cash-out refinance lenders 2019 | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you want to pull equity out of your home in 2019, check out this list of best cash-out refinance lenders. Because mortgage rates and costs for cash-out ...


Cash-out refinance for renovation: Increase your home equity | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Considering a cash-out refinance for renovation? Here's what you need to know about options for financing home improvements.


Refinance mortgage rate slides for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you haven't locked a refi yet, see how your payments might be affected.


Refinance mortgage rate eases for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate dropped. If you're in the market for a mortgage, see how your payments might be affected.


Refinance mortgage rate moves up for Friday  Bankrate.com

Refinance rates were mixed, but one key rate moved higher. If you're in the market for a mortgage, see what that means for you.


When to refinance: I need to lower my mortgage rate or payment | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you're wondering when to refinance, consider your objectives and see if you'll pay less interest, reduce your payment, or lower your overall costs.


Refinance mortgage rate advances for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate moved higher. See what that means for your refinance chances.


Refinance rates trend higher for Tuesday  Bankrate.com

Several closely watched refinance rates rose today. If you're in the market for a mortgage, see what that means for you.


Do I need an appraisal to refinance my home? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Do you need a home appraisal to refinance your mortgage? Not necessarily. Here's what you need to know about conforming, USDA, FHA and VA refinances ...


Texas cash-out refinance: new laws you need to know | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Cash-out refinance Texas rules for homeowners in Texas. Texas cash-out refinancing is different from other states and you'd better know the rules before taking ...


Why refinance now? Because your home equity, credit scores are higher than you think | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Even if you were turned down for a mortgage refinance when rates were at their lowest, you may still be able to benefit. Credit scores and home equity are on the ...


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