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11 September, 2013

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Refinance your Mortgage

With rates as low as they are, now could be the ideal time for you to refinance your mortgage. Refinancing could save you thousands of unnecessary interest dollars over the life of the loan. Whether you are looking to lower your monthly payment, consolidate some other loans or to reduce the length of time to pay off your mortgage now is the time to check.

I just recently refinanced my mortgage. I was able to roll my mortgage and my Homeowner Credit Line (HOCL) into one loan at a lower rate. The rate was so much lower that I was able to shorten my mortgage to 15-years, roll the mortgage and HOCL into one mortgage and my payment only went up $15 per month. I saved over $100,000 worth of extra interest that I would have paid on the last 15 years of my previous 30-year mortgage.

To check out current rates click LENDERS COMPETE, LENDING TREE OR SELECT LENDERS. The reason I suggest any of these sites is that you can complete one application on the web and you will get multiple offers from different lenders. Also, if you apply for a loan the old fashioned way you have to drive to two or three different banks, fill out two or three different sets of paperwork and wait a week or so for an answer. Another down side to the old way is that each place you go they pull your credit when you make application. With LENDERS COMPETE, LENDING TREE OR SELECT LENDERS your credit is pulled once. The reason this is important is that every time someone pulls your credit it lowers your credit rating. These sites also have calculators that can show you what your savings will be.

Even if you have purchased or refinanced in the last year, you owe it to yourself to see if refinancing can help you lower total interest over the life of your loan. This one move could save you hundreds of dollars a month and thousands of dollars over the life of your mortgage.

Lower your credit card rates

If you have been paying your bills on time chances are you can substantially lower your credit card rate. Balance transfers will often have very low (if any) introductory rates for the first six to twelve months. To find a lower credit card rate try XYZ.

If you really want to lower your monthly payments stop using your credit cards except in emergencies. Most people view credit cards as a way to enhance their current lifestyle. However, by buying products on credit cards they are actually lowering their future standard of living since they might pay for that night out they charge for 4-5 years.

The following is a painless simple way to pay off all your credit cards in a short period of time. If you have multiple cards, pay the minimum balance on all of them except for the one with the lowest balance. With the ideas shared on this website you should at a minimum find a way to save $200 per month in wasted expenses. I think you will see a lot more than the $200, but lets just use that as an example. When the card with the lowest balance comes in, pay the minimum payment plus $200. After paying off the first card, start paying on the next lowest balance card. Pay the minimum payment plus the $200 and the minimum payment from the first card. Continue this process of paying off cards and rolling the $200 plus minimums and sooner than you can imagine you will be out of credit card debt.

I wish I could take credit for this powerful plan, but I read it in the book “Debt To Wealth” by . This book has made a dramatic difference in my life. Mr. discusses everything from moving out of debt to accumulating wealth and everywhere in between. Through the technique that the book spells out, I put together a plan that will have me debt free including my car and mortgage in 5 years two months. I highly recommend this book and for a preview click “Debt To Wealth”.

Refinance Your Car

If you have owned your car for a year or two you may be able to substantially lower your monthly car payment. Most people think about refinancing their mortgage, but overlook the savings possible on refinancing their car loan. To check current rates and to access a calculator to see what your savings might be, click PEOPLES FIRST OR LENDING TREE.

Lower Your Car Insurance Costs

Auto Insurance is another area where you can lower your monthly expenses in a hurry. The easiest way to lower the cost is to raise your deductibles. Deductibles are the amount of money you agree to self-fund before the insurance kicks in. By raising your deductible from $250 to $500 or $1,000 you can reduce your deductible portion of your auto insurance 40-50%. I know what you are thinking, what if something happens and you don’t have the $500-$1,000 to self-fund. Take it slow, click on BUILDING AN EMERGENCY FUND to get ideas on how to get started on the emergency fund you need. Another way is to take one of your credit cards you are paying off that has no annual fee and keep it somewhere that you will only pull it out for emergencies. Have that card available just in case.

Another way to lower your car insurance costs is to avoid buying extras like roadside service, towing and car rental. These cost between $20-$80 a year and how many times will you really use them. Some people have AAA and they don’t even realize they are paying AAA and their insurance company for the same coverage.

Don’t buy death indemnity. Instead buy a term life insurance policy (which we will get to in a minute) that will cover your life insurance costs in every situation instead of just if you were to pass away in your automobile.

Make sure you are getting all the discounts possible. Such as Multi-car (more than one automobile insured by the same company), Antilock brakes, good driving record, low mileage, antitheft equipment, senior citizen, etc.

Also, shop your rates. THIS IS THE #1 WAY TO LOWER YOUR CAR INSURANCE COSTS. The lowest rates I have been able to find are at PROGRESSIVE AND GEICO. To get a free rate quote on your auto coverage click PROGRESSIVE OR GEICO. Once you have your quotes contact your current insurance provider and let them know the lowest quote you got and see if they can beat it. I would be very surprised if these steps do not save you a nice amount on your monthly expenses.

Lower Your Homeowner Insurance Costs

The easiest way again to lower your homeowners insurance is to increase your deductible. By raising your deductible to $500 or $1,000 you can reduce your premium between 10-20%. Over your lifetime you will save much more in premiums than you will ever collect in small claims.

The other way to lower your premiums is by shopping around to make sure you are getting the best rate. Insurance companies target certain areas they want and don’t want to be. For instance, in Florida certain insurance companies have raised their rates dramatically in an effort to price themselves out of the market. Rates from company to company can vary from $100-$1,000. The lowest priced homeowners insurance I have found is NATIONWIDE AND PROGRESSIVE.  To get a free, no obligation quote click NATIONWIDE OR PROGRESSIVE.

Lower your Life Insurance Costs

The best and only way I suggest buying life insurance is through a term policy. Term Insurance is the only type of life insurance educated policyholders buy. The reason it is called term is that the insurance rate you pay is set over a 10-20 year time frame or term. The premiums are often 70-80% lower than the other forms of Life Insurance available. The reason term has lower premiums is due to the fact that it is only for a certain time frame and term does not include any of the investment options other forms of life insurance offer.

The following ideas are from the book “More Wealth Without Risk” by Charles Givens. It is a great book on everything financial. For a preview of the book just click “MORE WEALTH WITHOUT RISK. If you are single with no dependents do not buy life insurance. Never buy life insurance on children since life insurance is set-up to replace income and financial assets. As you get older and you have less responsibilities and debt, carry less life insurance. Never and I mean never use life insurance as an investment.

A good standard for the amount of life insurance you need is 4 times your current salary at a minimum. The reason for this is to give your dependents 4 years of replacement income.  Term policy premiums have actually been decreasing or staying the same for most age groups. If you already have a term policy you should get two or three quotes to make sure you are not overpaying for your term policy. To get a term life insurance quote and to see what your savings might be click NATIONWIDE, PROGRESSIVE OR GEICO.

Lower your telephone bill

Are you tired of all those annoying phone calls from telephone companies telling you they have just the phone plan for you that will save you big money on your bill. The reason you get so many calls is because the telephone industry is one of the most competitive businesses in the world. This is great for the consumer that knows what to look for and what their needs happen to be. But how do you know which company offers the lowest rate and best plan for you? I found a free service that offers to do a comparison of your usage with over 100 phone companies to see what the least expensive plan available is for you. All you do is fill out a short form on the web and they compare your needs to the plans offered by these companies and give you the lowest price option for you. I know what you are thinking. What is the catch and how do they make money? They act like a travel agency. They find the best deals and are compensated by the companies that send them quotes, should you decide to utilize their company. To go to their website and learn more click SMARTPRICE.



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