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How to Save Big Bucks on Your Mortgage
A home mortgage is the biggest ongoing debt most people will ever face. One of the easiest and most powerful money strategies you can employ is to pay off your mortgage early. It's a painless way to save thousands of dollars. Mortgage Loan Outlet provides mortgage program updates for all loan types.

Steps:
1. Look at the breakdown of your mortgage payment. Your monthly mortgage statement shows two elements: the principal payment, which is the portion of your debt that you're actually paying, and interest on the principal.

2. Pay off your mortgage early just by adding more to your monthly payment. Calculate whatever you can afford, and simply add that each month.

3. Make the equivalent of an extra payment each year. This requires simply adding an additional 1/12 of your payment to each mortgage check you write. Indicate on your mortgage payment slip that you're paying additional principal. For example, by paying an extra $50 a month on a 30-year, $100,000 mortgage at 6 percent interest, you slice six years off the life of the mortgage, and you save almost $25,000 in interest.

4. Sending in biweekly payments, rather than one monthly check, is another strategy for more quickly reducing your debt, if your lender allows it. Signing up for an official biweekly mortgage may not be worth the fee, however.

5. Renegotiate your mortgage rate by refinancing it if interest rates drop considerably. Typically it's not worth doing unless you can secure a rate at least 1 percent lower. See How to Refinance Your Home.

6. Consider variable interest or shorter term loans. A 30-year fixed interest loan is not your only choice. Many lenders offer variable loans, or loans that have a short-term "teaser rate" that keeps the interest low for a set period. If you're thinking of selling soon, there are also interest-only loans for different periods, as well as loans that are fixed for 5 or 10 years, then go variable.


Overall Tips:
If you've had your mortgage for a while and interest rates have dropped, consider refinancing. This will reduce your monthly payment and free up even more cash that can go directly toward the principal.

Every extra dollar you add goes directly toward reducing the principal that you owe on your home.

See How to Shop for a Mortgage and How to Refinance Your Home.


Overall Warnings:

Avoid paying the fee that some lenders charge to set up a biweekly mortgage (in which you pay a half-payment every two weeks). Adding one extra monthly amount every year does the same thing, and you can do that on your own.


What to look for:
Affordable extra payments
Refinancing

Freddie Mac's weekly survey of mortgage rates released Thursday showed that rates on 30-year, fixed rate mortgages averaged 4 percent for the week ending November 6th.

For most of 2011, rates on benchmark 30-year mortgages averaged 4.25% percent, second only to last year's 4.125 percent, the lowest annual rate in Freddie Mac's record keeping.

Take out a Home Improvement loan and make those cosmetic changes that you've been talking about. In most cases, making home improvements increases the value of your property. Home Improvement Loans!

"No Income Verified" Debt Relief Programs - Is your income difficult to prove? We have debt consolidation mortgage loans that do not require the standard income documentation. (like W2's)

Do you have Less-than-perfect credit? - We specialize in debt consolidation loans even if your credit is in "the rebuilding phase".

Bankruptcy or Foreclosure - Even if you've had a bankruptcy, or foreclosure in the past, we will do our best to get you qualified for a debt consolidation loan.

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