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Military Loans Free Home Loan Tips

Free Home Loan Tips That Will Save You Money

Our free home loan tips can save you lots of money on your home mortgage. Most of these free home loan tips are common knowledge but many people forget about them and the powerful effect they can have on saving you money.

Free Tip #1

Make Bi-Monthly Payments

Instead of paying your mortgage with one monthly payment switch to paying half of your loan payment every 2 weeks. The savings comes from the 26 half payments you make which add up to 13 monthly payments versus the regular 12 payments you would normally make in a year. The end result is you save a large sum of money on the interest owed and you'll own your home alot sooner!

Free Tip #2

Choose a 15 year mortgage instead of a 30 year mortgage

You'll end up with a higher monthly payment but in the long run you also save tens of thousands of dollars in interest charges, especially if you shop for the best home loans you can afford.

Free Tip #3

Mortgage Refinancing

Currently this is the most popular trend. You refinance your mortgage if you can get a rate that is at least one percentage point lower than your existing mortgage rate and plan to keep the new mortgage for several years or more.

Free Tip #4

Buy down the rate

The seller or builder, or through innovative pricing, can help you buy down your mortgage rate for one, two, or three years.

Free Tip #5

Consider an adjustable-rate mortgage (ARM)

If you think you will be in your house for less then 5 years then perhaps you should consider an ARM. An adjustable-rate mortgage (ARM) starts with a considerably lower interest rate, but then adjusts every year. This type of loan moves a little bit of the risk away from the lender, and the lender rewards you with a lower rate. Usually these mortgages are capped to rise not more than two percent in any year, and not more than five or six percent for the life of the loan for your protection.

Thanks for visiting our free home loan tips page.

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