Understandably, when most home buyers look for a mortgage, their top priority is to get the lowest monthly payment. But its a better idea to look at how much its going to cost you over the long term, in both interest payments and fees. By looking at these costs, you can save a significant amount over the years.
Even if you already have a mortgage, there are still a number of strategies you can use to reduce the total amount of interest youll pay. Most of these accelerate the speed with which you repay the loan, and that reduces your long-term interest costs.
Here are some ways to reduce the long-term cost of your mortgage:
Compare offers
It always pays to get offers from several lenders when youre shopping for a mortgage. Offers can vary substantially. Especially if your credit is considered sub-prime, you shouldnt accept a high-interest rate mortgage without looking for a better offer.
Consider fees
One factor that increases the cost of your mortgage is the fees or points lenders add onto the deal. Look at these carefully, and dont be reluctant to challenge fees that seem too high. Compare offers using the annual percentage rate (APR),...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
