Mortgage Tips

Mortgage Free Not In This Life Time
I had a conversation with my neighbor recently And if I could paint you a picture for a minute, it’s really funny . .As usual, when people talk to me they usually talk about how to get mortgage free, because that’s what I’m famous for teaching people But that’s not what was funny, it’s the picture I’m about to paint you . . .Can you picture a cartoon or classic old movie where two neighbors are leaning on the fence between two paddocks, chewing on some dry grass, watching the cows doing the same while they discuss important world issues? Well, that is exactly what we were doing! Talk about funny! But I digress .The location of the conversation wasn’t the point of this article, rather the content of the conversation .My neighbor made a comment during this conversation that opened up eyes to the main reason why most people never, ever get to be mortgage free Here’s what he said: "Well, you may as well always have a mortgage while you are working " . .I just grunted, chewed a bit more on my grass while I thought about the severity of what he had just said And I don’t make this next comment as a judgment, but an observation that I hope and pray speaks loudly into your psyche "How stupid is the notion that you should never enjoy being mortgage free?" . .My neighbor has completely missed an opportunity to take further advantage of the best years of his life As a household with two incomes and no dependants he has the opportunity to make some real progress in investing into his future and the future of the generations that follow him But he’s not going to because he is paying interest to the bank to satisfy his short term desires . .There’s a power of life changing principles we can unpack from that statement Here are just three that I thought of: . .1 Satisfying your short term desires will cost you more than you realize .2 Paying interest to the bank limits your ability to serve your long term ambitions .3 Failure to look beyond your current thinking means you rob yourself of a more fulfilling future . .Please hear me when I say that I do not write these thoughts to judge anyone, for I do not have that right But I write these thoughts firmly with the intention to challenge you on a mindset I find all too common with people who are not mortgage free . .If you still have a mortgage I have a question for you: . .Do you believe that you will always have a mortgage? . .If you answered this question in the positive then I urge you to begin the process of changing your mindset And I want to help you to do this . .I bought my first house at age 24 But I never, ever considered the possibility of having a mortgage for the rest of my working life I focused on how I could get mortgage free as soon as possible and I discovered five strategies that worked, so I used all five to smash my mortgage I’m privileged to say that I had my house paid off by age 30, it took me less than 6 years . .So now I teach people what I did and they do it too! . .Rush to get your hands on my FREE DVD that will help you to radically re-write the path of your financial future I will reveal to you the secrets I discovered why most families are on track to have a mortgage for the rest of their lives I want you to see this so that you are not one of them . .You can be mortgage free You deserve to be mortgage free Help yourself .
Source: www.rsstnx.com

ARM vs Fixed-rate Mortgages
The mortgage market is constantly changing, and smart consumers keep a close eye on those changes to determine the most strategic time to apply for a mortgage. At this point, the difference in interest rates between an adjustable-rate mortgage (ARM) and a fixed-rate loan has narrowed significantly. Therefore, more applicants are opting for a fixed-rate mortgage when purchasing a home. And an increasing number of homeowners are refinancing their existing ARM with a new fixed-rate mortgage. The most recent economic indicators show that inflation is, indeed, being held in check, said Freddie Mac s Frank Nothaft. That news allowed long-term mortgage rates to drift a little lower in recent weeks. Shorter-term rates, however, rose in reaction to comments by Chairman Bernanke, of the Federal Reserve Board, that hinted at continuing rate hikes this year. The housing industry remains fundamentally fit as we continue to progress into the spring home buying season, Nothaft said. Fortunately, mortgage interest rates are still at historic low levels, while home prices continue to rise. An increasing number of applicants are applying for 35 and 40 year term mortgages as a means of reducing their monthly payments while staying with a fixed-rate loan. This also makes it easier to qualify for a needed mortgage. The concern about an ARM loan s increasing interest rates and payments in future months and years is understandable. Many recent applicants are seeking more peace of mind by applying for a fixed-rate loan when purchasing a home or refinancing their mortgage.Copyright 2006 TheLow Quote.com Syndicated real estate columnist and feature writer Mortgage / Real Estate Update Report www.TheLowQuote.com
Source: www.ArticlePros.com