Why You Should Refinance Your Mortgage - Four Key Reasons
Life has a way of piling it on: student loans, credit card debt, your kids' school fees, monthly utility bills, etc. Under these circumstances, it is easy to get overwhelmed. But the way to escape financial straits could be as easy as refinancing your mortgage. Four key reasons why refinancing a home mortgage could be a financial salvation include:
The ability to lower your interest rate by extending the payment period of the loan, thus reducing the amount of monthly bills
Life is not about huge blocks of time but instead it is about the day to day financial needs, impromptu and planned. By refinancing and lessening the monthly bill, a person gains more financial freedom, room to spend, to splurge even. The focal of a life should not be finances. Finances are there to enhance one's life and they can if one treats them responsibly.
The advantage of saving money for other uses besides bills, like investing money into a business venture, schooling, etc.
There is truth in the old adage "you sometimes have to spend money to make money" to get out of debt. Once a viable business is up and running, a mortgage can be paid off plus a couple of other long standing debts. Or refinancing a mortgage can open up the option of going back to school and attaining that degree that will inevitably lead to a boost in income. Additionally, the interest a homeowner pays is tax deductible, but she/he would have to talk to your tax advisor to learn just how much is saved.
The benefits of consolidating debt
Paying a variety of different credit cards and bills each month could be expensive, time consuming and overwhelming. By including these debts in the amount refinanced with your mortgage, you could make just one loan payment each month. Plus, it will be easier to keep track of errors, if they occur, in what you owe because there would only be one source to consult about the problem. Because so much can happen during the duration of a loan, it is best to only have one company to deal with so as to keep frustration levels low.
The option of saving yourself from the hassle of rising and lowering rates
Refinancing with a long-term, fixed-rate mortgage may save you a lot of money in the long run. A fixed-rate mortgage can provide needed structure and habit to a person who is not as responsible with finances as they should be. Plus, if the fixed rate is low, it will remain locked at that amount, saving money over a period of time. For some folks, adjustable-rate mortgages could be the way to go because the rate would be able to change along with the fluctuations of some people's incomes. An adjustable rate with a cap is a happy medium between the fixed and adjustable rate.
As with anything, it is important to become as familiar as possible with a potential mortgage lender. Ask around town about the reputation of a particular company or do a little research online. A homeowner should make sure that a company is willing to do business at her/his convenience. Because getting the details of a mortgage in order is a huge undertaking, a patient, cooperative lending company could do nothing but move matters along quickly yet thoroughly.
About Author
Grant Eckert is a writer for Absolute Mortgage Company. Absolute Mortgage Company is a leading provider of Home Mortgage Lender | Mortgage Refinancing
How to Select a Reverse Mortgage Lender
Who you work with in a reverse mortgage affects greatly how they will work for you and with you. When you apply for a reverse mortgage make certain that you select a lender who is kind, considerate and dedicated to answering all of your questions in a way that is thorough and knowledgeable. A good, well-respected reverse mortgage lender can help you get a lot more money out of your home – giving you even more financial freedom than you previously thought possible.
There are plenty of reverse mortgage lenders that would love to have you as their client. Who you select needs to be based on research and careful study you have made to determine which lender you want to be a customer of. Your due diligence in this area is what ensures that you have a reputable reverse mortgage lender who has your best interests at heart and not only trying to work a deal that is favorable for them. Previously this search involved the time-consuming process of looking through a phone book and hoping a name jumped out that made a positive impression. That was risky. Today, there are many online resources that allow you to make an informed decision.
The National Reverse Mortgage Lenders Association has a wonderful website dedicated to helping you find a reverse lender in your home state. From a list you acquire from the NRMLA site, you can visit the websites of potential lenders in your area as well as give them a call to inquire what they believe would be a fair estimate of what you would expect from the mortgage process. Also make certain that you talk to people you know. Your friends, family, and co-workers may have a lender recommendation that coupled with the information on the internet could allow you to make a wonderful choice in a short amount of time.
Don't just find one source for info on reverse mortgage but do your homework so you are aware of various perspectives. In this cyber age we live on, there's a lot of valuable input you can find on any subject so take your time to find out what you need. We take pride in our site for offering you the best information on reverse mortgage so you can stop the frenzy of web surfing which is very exhausting. We have tools and tips here to help the surfer. Continue reading for more information on reverse mortgage.
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How to Save Money on Your Health Insurance Plan
1. Consider choosing a Health Savings Account – Health Savings Account’s (HSA’s for short) are becoming increasingly popular for many Americans for 2 reasons: A) Lower premiums and B) Tax breaks.
An HSA plan has a lower monthly premium than a traditional copay type plan because the HSA plan does not have copays and it typically has a higher deductible. HSA’s still have comprehensive major medical coverage in the case of a big medical bill but are just much cheaper because there are no pricey extras like copays for Doctor’s visits (Doctor’s visits are still covered under most HSA plans they are just subject to the deductible).
An HSA plan has some important tax advantages over a traditional plan because of it’s savings account component. The HSA savings account component allows the individual or family an above the line tax deduction for every dollar contributed to the plan (up to certain IRS limits) and also allows for the money to accumulate and grow tax free within the account. The strategy of the HSA is for the money in the savings account to grow to the point that all medical expenses can be paid for out of the account.
2. Increase Your Plan Deductible – Many people choose a deductible that is simply too high to be cost efficient. If you are one of those people that just sleep better at night with a lower deductible because you know that your maximum out of pocket cost is quite low in the event of a catastrophic medical bill then by all means keep your plan deducible low. However, for most people it may be a wise choice to increase your plan deductible at least marginally so as to decrease your monthly costs.
3. Compare Health Insurance Companies – Ideally you should aim to review your health insurance coverage every year. Rates change over time and it is important to make sure that your rate is still competitive. There is no need to travel all around town as you can view health insurance quotes online from many different insurance companies in less time than it takes to get your mail from your mailbox.
Search for health insurance the easy way by taking 30 seconds to input your health information and then viewing free health insurance quotes from the top 5 companies that offer health insurance coverage in your home zip code. Also learn aboutHealth Savings Accounts.
Make sure that you use the price transparency of the Internet to find the most affordable and comprehensive health plan quotes in your home zip code!