Using a mortgage prepayment calculator may seem like a very hard task to some. Understanding sometimes confusing terms like adjustable rate mortgages, loan amortization schedules, and biweekly mortgage payments is enough to make your head spin. The reality is, if you are a homeowners or plan to purchase one, you need to know this information.

There is too much money to be left on the table by ignoring the potential savings you can reap by paying off your mortgage early. In order to truly conceptualize these numbers, you need to leverage applications like a mortgage prepayment calculator, loan amortization schedule, among other tools.

If you are interested in taking control of your personal finances, saving thousands of dollars, and owning your home sooner - pay attention to the following steps.

Read more »

You want to refinance your existing mortgage loan to take advantage of lower interest rates. This makes sound financial sense: By cutting your interest rate, you can reduce your monthly mortgage payment by $100 or more. Problem is, your home has lost value since you purchased it. Because of this, you don't have an equity level of 20 percent in your home. And that's what most conventional mortgage lenders require before they'll approve you for a refinance. There is hope, though, from the federal government. You'll just have to figure out if you qualify for the government's Home Affordable Refinance Program, often referred to as the bailout refinancing program.

Read more »

Are you considering a refinance, but you're not sure whether or not it's the right choice for you? There are a lot of things to consider when trying to determine whether or not now is the right time for you. In general you'll need to have at least 20% equity and above average credit scores to get the best interest rate, but in some cases, it may still be worth it to refinance.

1. • 1

     REFINANCE INTO A 30-YEAR LOAN IF:
     -You think you'll be in your home for 5 years or longer, AND the interest rate on your current mortgage is .75% or more higher than today's rates.
     -You're currently in an ARM (adjustable rate mortgage) with 10% or more equity AND you're planning on staying in your home for 5 years or more. You will probably have to refinance into a mortgage with "mortgage insurance" or take a second mortgage to cover any additional principal owed that is over an 80% equity value in your home. Another good option is to check with your current mortgage company first. They may be willing to stretch their standards and put you in a standard mortgage in order to keep you as a customer.

     Read more »

To add a person to your home mortgage, the person must be listed as an owner on the deed to your house. To add someone to the deed, you will need to refinance your mortgage. This is a complicated and costly process, but there are reasons you may want to do it, such as wanting to share ownership with a family member or partner.

1. • 1

     Contact your lender and tell them that you want to add a person to your mortgage. Before you add someone to the deed, check to see if there is a clause in your mortgage that would cause the loan balance to become due upon changing the ownership.

   • 2

     Do your research. Think about who you want to handle the refinance. Don't assume that your current mortgage lender is the best choice. Research several lenders to find out who can give you the best terms. If you have trouble finding a lender, a mortgage broker may be able to help you shop around for the best refinancing deal.

     Read more »