How,Save,Thousands,Mortgage,An finance, share, loan How To Save Thousands On A Mortgage Or Any Other Loan

Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track

Interest on the average home mortgage will cost thehomeowner nearly TWO TIMES the cost of the home.If you were to purchase a $150,000 home with a $120,000mortgage (80%), and you paid an interest rate of 9% for 30years, you will have paid over $227,500 just in interest (inaddition to the original $120,000). That's nearly two timesthe cost of the home!A credit card debt of $7000 (now the average) at 18% beingpaid at the rate of $20 principal plus interest each monthwill take over 29 YEARS to pay off, almost as long as a homemortgage. Interest charged on this credit card debt willtop $18,400, more than 2.6 TIMES the original debt!If you work for a living, you know that when you are notworking, you are not getting paid. But interest never getssick, never takes a vacation and never sleeps. It isworking against you 24 hours a day, seven days a week, eachand every day of the year.So what can you do?You may not be able to pay off your debts or mortgage now.You may not have enough equity in your home for a loan. Youmay not be able to afford the refinancing costs or homeequity loan costs. You may not be able to lower your creditcard interest rates.But you can make additional or extra payments.So how does making an extra payment help lower your interestcharges? Is it going to make next month's bill smaller?You can't scrape together too much for an extra payment sohow is just $10 going to help when you owe tens ofthousands?The secret is in making early and consistent extra payments.For example, on the home mortgage shown above, if you pay anadditional $100 each month you will save over $82,000 ininterest payments. Not only that, but you will also haveyour home paid off nine years and two months earlier. Youknock nearly 10 years off your mortgage just by paying anextra $100 a month.How does that work?Well, that $100 extra you pay the first month would havecost you about $270 in interest to borrow for 30 years.Since you have paid it already, you can reduce your lastmortgage payment by $270. The next month's extra paymentwill reduce your last mortgage payment by $268. Each monthas you pay that extra $100, your final mortgage payment willbe reduced until you won't need to make a final payment,then the second to last payment, then third to last and soforth. Soon you will have shaved years and thousands ofdollars in interest charges off your mortgage.That's great, but maybe you can't spare $100 each month.How about $50, $25, or even $10? An additional payment of$50 each month will save you five years and seven months andabout $52,000 dollars. $25 each month will cut your time bythree years and three months saving you about $30,000. Just$10 a month will reduce your time by one year and threemonths and save you over $13,500.Every little bit helps. Some months you may only be able toadd $10 to your payment; some months you may be able to add$200. And this applies to interest on credit card paymentsor any other kind of debt repayment. Paying down as much ofthe principal (or amount you owe) each month will helpreduce the interest you are charged and the length of timeit takes to pay off the debt.So why don't the credit card companies charge you more ofthe principal each month?How would you like to be making 18% on an investment?Wouldn't you want this investment to last as long aspossible? Of course! So do the credit card companies.They are happy for you to pay off your balance, but evenmore excited for you to keep paying them that 18% interest.There are some other interest tips and tricks.- One trick your mortgage company may have played on you isto include a prepayment penalty in your mortgage. If youtry to pay off your mortgage early they may actually chargeyou for doing so. Or they may only apply part of yourpayment to the principal and take the rest as a "servicecharge."- Make sure when you make an additional payment that yousend a check separate from your monthly mortgage paymentwith instructions that the amount is to be applied towardthe principal of your loan. Otherwise they may just applyit towards next month's payment and still charge you theinterest.- Generally you will not have this problem with credit cardcompanies. But watch out for late payments or going overyour credit limit. They may then use these "ruleinfractions" as cause to raise your rate to over 25%!- If you are looking to refinance your mortgage, look for amortgage that lets you pay on a bi-weekly basis. Since manypeople receive a bi-weekly paycheck this also makes iteasier to budget your money. If you are paying every twoweeks you will make an additional monthly payment each year(26 bi-weekly payments vs. 12 monthly payments). Also,because you are paying the principal down every two weeksrather than every month your interest charges will bereduced.You CAN take control of your interest charges. Make thoseextra monthly payments. The feeling of being debt-free willfar outweigh the temporary pleasure of that burger, movie ornew DVD-player. Article Tags: Credit Card, Next Month's, Each Month, Interest Charges