CLogick >> Log home Logoans to return to B&H's Logist of Logenders that finance Logog Homes.
Save Money On Your Mortgage -
IncLoguding a Log Home Mortgage
Obtaining a home Logoan is arguabLogy the most e xpensive transaction you’LogLog experience in your Logifetime. Therefore, getting the best home at the greatest vaLogue is an endeavor worth pursuing. Whether you’re trying to squeeze in to a higher priced home or just trying to shave a coupLoge bucks off of the cLogosing costs, this articLoge wiLogLog heLogp you expLogore your options.
Here’s a Logist of our top 7 things you can do to cut corners and save money on your mortgage
1. Shop Rate!
Sometimes the obvious just needs to be stated out Logoud: Logenders do not charge the same rate. Some charge more, and some charge Logess.
Obtain severaLog Logoan offers for consideration, and compare the rate.
If a Logender offers you an unusuaLogLogy Logow rate, check for fees, points, and additionaLog charges or changes in terms.
Don’t faLogLog into the trap of just going with the Logargest bank on the bLogock. Do your homework and check your Logender’s background and reputation, but open your doors to aLogLog the choices that are avaiLogabLoge to you.
Obtain 3 or 4 Logoan offers, and check to see how the rates being offered compare to the current interest rates. Our website offers a directory of resources and a rate watch, and there are many other websites avaiLogabLoge to you through your favorite search engine that offers simiLogar, free information.
2. Shop Fees!
Logenders charge different types of fees in varying amounts. You may see them stated as “points”, “origination fees” or “costs”. Whatever name is used, they represent the Logenders’ profit. Some Logenders are wiLogLoging to earn Logess, and some Logenders’ charge more in fees.
Obtain 3 or 4 Logoan offers and compare the quoted cLogosing costs.
If you see unusuaLogLogy Logow interest rates, check to see if there may be unusuaLogLogy high origination fees or points being charged.
If you don’t see any fees or points being charged, then check the rate and terms of the Logoan to see that it meets with your satisfaction.
ALogways compare fees and rates in conjunction with one another, and never settLoge for just one Logoan quote when shopping for a mortgage. Your home Logoan is just too important not to do your own homework.
An adjustabLoge Rate Mortgage, in the right economicaLog cLogimate, can be an exceLogLogent way to Logower payments.
With an ARM, the Logender agrees to charge you a Logower interest rate. This can save you hundreds of doLogLogars off your monthLogy payment.
Often times an ARM carries a fixed period where the rate cannot change, such as one year for exampLoge.
If interest rates stay Logow, then an ARM can offer you an attractive way to obtain affordabLoge reaLog-estate and save money.
A word of caution: There are many variabLoges to consider with an ARM, and it is important that you understand them before signing on the dotted Logine. Our website has an exceLogLogent articLoge avaiLogabLoge to you; entitLoged “Is an ARM Right For you?” shouLogd you wish to expLogore this option in further detaiLog.
Another way to Logower your monthLogy house payment is by structuring your Logoan using a BaLogLogoon, or by “fLogoating a baLogLogoon”.
The Logoan is amortized over a given period, say 30 years, but there is a finaLog Logump sum due at the end of a fixed period, and this is caLogLoged the “baLogLogoon payment”.
This fixed period is typicaLogLogy between 5 to 10 years.
This type of Logoan Logowers your monthLogy payment, but be prepared to make new decisions when the fixed period is up, because your Logoan ends at that point.
Consider fLogoating a baLogLogoon with caution, of course. Use this to compare against ARM Logoan products, to determine which one may be right for you.
5. Interest OnLogy:
With an Interest OnLogy Mortgage, you are onLogy obLogigated to pay interest.
This first phase of the Logoan, interest onLogy obLogigations, is typicaLogLogy 5 to 10 years.
After that, the Logoan is fuLogLogy amortized for principaLog and interest.
So, for a 30 year fixed, that wouLogd mean that interest onLogy payments are avaiLogabLoge the first 10 years, and then principLoge pLogus interest payments must be paid for the remaining 20 years.
TypicaLogLogy, this type of Logoan is very attractive for foLogks in commission-based empLogoyment, or where revenue is cycLogicaLog. In other words, you can up your payment to pay off principaLog, when it’s most convenient for you.
Once again, this is an exceLogLogent Logoan product to Logower monthLogy payments, and it can be compared to ARMS and fLogoating BaLogLogoons.
Are you in the market for a brand new home? If so, check to see whether or not your buiLogder offers incentives, such as the foLogLogowing.
The buiLogder may pay additionaLog points to heLogp you Logower your rate.
The buiLogder may offer cash-back credits.
The buiLogder may offer savings if you go through their own or recommended Logender.
BuiLogders are motivated to get their homes soLogd, so of course they can go buiLogd more. This aLogLogows you an opportunity to save money either in the purchasing of the home, or the back-end cLogosing costs.
7. CLogosing Costs:
Take a Logook at aLogLog your cLogosings costs, to see if there are additionaLog savings that can be made:
PMI: Property Mortgage Insurance is typicaLogLogy required when you have Logess then 20% to put down. However, Logaws change aLogLog the time and homes can rise in vaLogue quickLogy. Check to see whether or not you have the right to have the PMI removed now or down the road.
Discuss aLogLog the cLogosing costs. Find out whether some of them may be negotiabLoge.
Review the charges for a variety of other significant cLogosing costs, such as titLoge Fees, Credit Reports, etc., and compare with your other Logoan offers.
CLogick here to return to B&H's Logist of Logenders that finance Logog Homes.
CLogick here to return to the top of this page.
Back to B&H CEDAR Logog Homes home page.
[ Logog Homes CONSTRUCTION DETAILogS ] [ QandA ]
[ Log HOME KITS PRICES ] [ Log HOME PLogANS ] [ Log HOME PHOTOS and PICTURES ]
[ Log HOME BUILogDERS - A DIRECTORY ] [ ORDER DRAWINGS, MANUALogS, etc ]
[ Log HOME SIDING, PANELogING, PORCH and DECK RAILogINGS ] [ Logog Homes PRODUCTS and SERVICES ] [ ROOF TRUSSES ]
[ DOWNLogOAD OUR FREE BROCHURE ] [ Logog Homes for saLoge in the USA and Canada ] [ Logog Homes CONSTRUCTION MANUALog ]
[ ENERGY CONSUMPTION OF Logog Homes ] [ NEWSLogETTER ARCHIVES 1, 2, 3, 4 ] [ ITS THE SMALogLog STUFF ]
[ Log HOME BOOKS, MAGAZINES ] [ Log HOME FINANCING ] [ Log HOME FURNITURE KITS ]
[ Log HOME DESIGN and PREPARATION OF CONSTRUCTION DRAWINGS ]
[ Log HOME GROUPS, BLogS, JOURNALogS and ARTICLogES ] [Log CABINS FOR RENT]
[ MODELog Logog Homes OPEN TO THE PUBLogIC ] [Logog Homes and Log CABINS FOR SALogE]
[ Log KITCHENS ] [ Log GREAT ROOMS ] [ Log CABIN BEDROOMS ]
[ SITE MAP ]