Although rates are rising, it may not be too late to save money! Even at mid 5%, we are still around historic lows and many can still benefit from the current rates. Do a quick check by comparing your payments and term on your current mortgage to the payments for a refi at a equal or lesser term to what is remaining. If the payments stay the same or reduce and the term reduces, it could still make great “cents”! The key is the savings must clearly outweigh the loan costs within 12 months. Everything after that is savings! As for purchasing, with the new tax credit of $8,000, these are still potentially great rates for purchasing. I’ll give more tips soon on other ways to take advantage of the rates to create great savings.
Archive for May, 2009
Rates Are Rising – But It may not be too late to save!
Friday, May 29th, 2009Proactive Approach to Debt Elimination
Tuesday, May 26th, 2009Consider this simple truth—all debt is debt. As I mentioned in chapter 1 of my book “Navigating the Mortgage Maze”, we tend to compartmentalize our debt between personal debt and mortgage debt. The reality is all debt is an encumbrance in our lives; it is money that is owed and must be repaid with interest. Any debt can result in a lien on our house if we do not pay it. Debt is dangerous!
When was the last time you sat down and added up every debt you have and every payment you owe? When was the last time you compared those debts and payments to every asset you own and every dollar you make? For most of us, we go through life, month after month, simply paying the bills as they come in and hoping there is money left at the end. This is no way to manage your debt. We must take a proactive approach.
The very first step to financial freedom and debt elimination is to completely understand your debt. This means knowing the who, what, when, and how of your debt: who you owe, what you owe, when it will be paid off, and how you will accomplish that. Start by analyzing and totaling every debt and payment you have to determine your total liabilities. This is essential to debt elimination and wealth management.
What should you look for in a mortgage provider?
Wednesday, May 20th, 2009Here are some pointers:
1. Be sure the company is licensed (if required by state).
2. Ask for testimonials that you can verify yourself by phone. Then actually make the phone call! 
3. Evaluate the company’s experience and knowledge.
4. Look for experience, credentials, certifications, training, etc., in the individual you are considering.
5. Request written letters of endorsement that you can check for authenticity.
6. Investigate the individual or company for credibility (number of years in business, number of employees,Website, annual reports, online search for negative postings, Better Business Bureau, state regulatory authority, etc.).
Do you have any other suggestions that would help others? Leave a comment!
Have financial questions?
Tuesday, May 19th, 2009
Get them answered this week by three financial experts during WMBI Radio’s Financial Summit. This event features Randy Fairfax, Dave Szafranski and myself. You can ask your questions ahead of time, then they will be answered and discussed by the panel. I hope you’ll join us! Here is the information:
When: Thursday and Friday, May 21st and 22nd from 3 – 4pm CST
Where: Chicago: 90.1FM, HD1
If you are not in the Chicago area, you can listen live online at WMBI.FM
There are two ways to submit your question:
1. Email your question to ptc@moody.edu
OR
2. Leave a voicemail on our listener line at 312-329-3000
Good Housekeeping June Article
Thursday, May 14th, 2009June’s Good Housekeeping Magazine (available now in newsstands) has a feature article on “8 Ways to Save $10,000 This Year”. Tip #3 is from an interview I did with them to “Refinance Your Home” (Page 93). With rates low and the new 105% loan-to-value government refinance program out there, a $225,000 refinance can save well over $200 per month (and reduce the term if done correctly). Read more and get the other 8 tips at In this month’s Good Housekeeping Magazine article on “8 Ways to Save $10,000 This Year” (June edition available now) – See page 93 or go to http://www.goodhousekeeping.com/money/budget/money-saving-techniques-2
Navigating the Mortgage Maze on Amazon.com
Tuesday, May 12th, 2009
Check out some of these great reviews of “Navigating the Mortgage Maze” on Amazon.com! Have you read the book? Chime in with your review!
