Explore our blog for insights on buying, financing, remodeling, and taking care of your home.
Sure, spring cleaning sounds great. However, in reality, tackling a long home maintenance checklist all at once can be overwhelming. Rather than letting it all add up, what if you tackled home maintenance a little each season? Here are some ideas for taking care of your home during the winter months.
There are several ways to pay off your mortgage faster and save on interest payments. Even better, not all methods require spending a lot of extra money! Take a look at the list below: Make extra principal payments. You can pay extra money toward your mortgage balance each month or make a larger, lump sum payment on your principal each year. This reduces the amount due on the mortgage as well as reducing the amount of interest that will accrue. Extra money can also be added to the principal payment from bonuses, gifts, savings and extra earnings. Just remember to make a note on the check for the money to go towards the principal! Make one extra mortgage payment per year. One of the easiest ways to make an extra payment each year is to pay half your mortgage payment every other week instead of paying the full amount once a month, otherwise known as “bi-weekly payments.” With these payments, an extra payment is made so that the total number of payments that one makes adds up to 13 payments in a year rather than the 12 that would have been made with monthly payments. This adds up to significant interest savings over the duration of a mortgage. You also want to make sure that if your lender accepts this kind of payment they will not charge you a prepayment penalty. Also verify that the bi-weekly payments are being applied to the principal amount and not the interest. Otherwise, you won't notice the savings. Reduce your balance with a lump-sum payment. Have you inherited money, earned a bonus or commission, or sold a large item? You could apply that amount to your mortgage’s principal balance. Another option is any time you have a month where you have that third paycheck, apply that to the principal on your mortgage. This will happen twice a year, adding an extra principal payment to your mortgage loan. While paying down a large debt is nice, it's not a requirement. Consider making sure you have enough to work toward other financial goals, such as an emergency fund, before paying more on your mortgage. However, there are many options you can explore that best fit your budget. You can learn more about buying your first home with our Get Mortgage Ready Guide below.
As fall moves in, do you know what home maintenance you should have completed by now? Are you simply raking leaves and checking gutters, and calling it good? If you're like the rest of us, you may already feel behind when it comes to getting ready for the next season. Instead of wondering what's being left out, let's take a look at the top things you can do this season to stay ahead of the game when it comes to taking care of your home.
Everyone knows that moving to a new home or apartment is an aggravating, tedious chore, but once you have a family, moving can become a truly daunting task. Obviously, there is a lot to be excited about with any move – more space in a new neighborhood, a new job or just a change of scenery. For young children, however, it can be a serious disruption.
Last Updated: March 21, 2022 If your mailbox could talk, what would it say? “Hey Susan, here’s more coupons for your favorite Moose Tracks ice cream you can't get enough of, an overdue bill for your monthly $50 gym membership, and two new pre-approved loan offers from financial institutions you never requested.”
It’s been a tough couple of years. And with incomes stretched tight, some homeowners may have entered a forbearance on their mortgages. This special agreement between lender and borrower gives homeowners a little breathing room, allowing them to delay or reduce mortgage payments to their lenders over a certain period of time.
It’s great to be your own boss! That is until you need to convince someone to give you a loan. But with a good plan and support from your loan officer, you’ll find that buying a home is one more American dream you can achieve.
Equal Housing Lender
A division of Amerifirst Financial Corporation
950 Trade Centre Way, Suite 400
Kalamazoo, MI 49002
NMLS ID #110139
This is not a commitment to lend. Not all borrowers will qualify; contact us for more information on fees and terms.
