Ways to Save Money

In these hard times, money is hard to come by so you should know how to save it until things get better. Since it is a balancing act that is somewhat challenging, here are a few ways that can teach you how to save money. If you don’t want to lose your home like a lot of Americans have over the past year, you have to kill your debt first. You do that by calculating how much money you spend in a month and then see where the budgets can be made so there is money you can use to pay ...

Five Practical Ways to Save Money for Students

It can be hard to think of ways to save money especially for students since they don’t have their own money yet. This is because at times, for all the expenses while on campus, there is barely left to save. Although it is hard, it doesn’t mean that it is impossible for students to save money while studying. All they need is to develop good time management skills, strict budgeting, and practicality. If you are one of those who are thinking of ways to save money while on campus or even before you enter one, here are some of the ...

Six Simple Ways to Save Money

No matter where you look at it, there will be always ways to save money if the person has the will do so. If you are one of those who are trying to come up with ways to save money in this unstable economy, it is best to start with developing a simple lifestyle. When you are able to do this, the rest will follow. But, if you are one of those who are not sure where to start, here are some eight simple ways to save money. 1. Cut down on grocery or shopping sprees. Although buying groceries is a ...

Save Money Without Feeling Poor

Yes. You are feeling the economic crunch. Times are hard and you are finding it hard to even make both ends meet with the rising costs of basic necessities and the fact that you lost one of the part-time jobs that you are holding. This is the common scenario that people, not only in the US, is feeling. They may not have lost their jobs but they have certainly found it hard to earn extra. Can you blame them then if they look for ways to cut costs and save money? Although it looks like a pretty daunting task, it’s not ...

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Mortgage Finance-Tips to Save You Serious Money (Part Two)

For almost every American who is considering being a homeowner the purchase of the home with a mortgage is the single biggest purchase of their lives. With home prices averaging close to $230,000 in 2006, depending on the rate and the terms of the loan you can expect to pay $250,000 or so in interest over the life of the loan-that is close to $500,000-NOW do I have your attention?

The very first thing for you to remember when you are buying your home and buying your mortgage- is just that- you are the buyer. Someone else is selling you something-the house, the loan, etc. So in a sense it is no different from buying a car or any other big purchase. You wouldn't buy a car without doing some homework would you?
To review from part one:

1. NEGOTIATE the closing costs.

2. NEVER give a payment you can "live with" to your salesman.

3. SHOP for a mortgage broker/mortgage banker.

4. KNOW your FICO score. It is simple-the lower your score the higher your interest rate and the worse your terms will be. If you are in the driver's seat with a high score you can save some serious money and get better terms. Start with getting a copy of your credit report and do immediate repair work if necessary. It will be worth thousands of dollars to you

5. PAR. When you finally find someone you want to do business with ask for the par rate. That is the lowest rate for that day. It is not uncommon for lenders to start you off with a rate that is 2-3 points higher than what you might otherwise qualify. That is profit to them. On a $200,000 loan 2.5 points is $5,000. For e-lenders salesmen get a bonus of one point for every .25 points they can get above the par rate.

6. NEVER get a mortgage thru a bank. Here's why. A third party mortgage broker is required by law to disclose all fees and markups they are charging you. Banks do not have the same requirement. Thus you will never know how much they are overcharging you.

With the growth of the mortgage industry, it follows that the numbers of people functioning as mortgage brokers grow as well, especially online brokers. According to the National Association Mortgage Brokers nearly 2/3 of all borrowers use a mortgage broker. There is a lot of money at stake here. When applying for your mortgage, it pays to follow these steps to save some serious money.