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How to save over $10,000.00

Published on Jun 01, 2018

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How to save over $10,000.00

On your mortgage easily 
Photo by 401(K) 2013

Improve your FICO

Improving FICO

  • Obtain full copy of credit report
  • Dispute items which are not yours
  • Ask for higher limits
  • Pay CC's down to 30-40% of max
  • Reduce Debt to Income Ratio
  • Get Lender's Advice - they are experts

Buy down your rate

Interest Rate that is... 
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The Buy Down

  • Find out the cost of buying down your rate
  • Look at the new rate compared with the old rate
  • Pencil out the difference compared with the cost of the buy down
  • Ask lender/realtor if it's worth it
  • They do what you think is best
Photo by projectidea

Extra Payments to Principal

Reduce your mortgage time / save money 
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Reduce Principal Amount

  • A couple of hundred of dollars a month = huge difference
  • Make sure it's applied to principal
  • Pay totally seperate from your regular mortgage payment
  • Call bank/mortgage holder to verify it was applied correctly (important)
  • You can literally shave years off of your mortgage and save thousands in interest

Work with Professionals

  • Lender should have your best interest at heart
  • They should offer you tips on mortgage reduction
  • Your Realtor will have advice as to get your best deal on a mortgage
  • Ask them then recap promises in a formal email (this reminds them of what they said to you in the honeymoon stage)

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