Mortgage Tips - Pay Your Mortgage Weekly

It’s official. The math does not lie – you should pay your mortgage WEEKLY. I have just completed all the math that you do not want to go through to find the truth.

I wanted to know the best way to pay a mortgage to save as much money as possible. Here are the conclusions that you want to take away from my studies.

Was it better to pay you mortgage weekly, bi-weekly or monthly?

-> Paying you mortgage weekly would save you 1294.12$ on a 200 000$ mortgage amortized over 25 years (rate of 5.4%). Now that’s not a ton of money but it does not cost you anything. You do not have to increase your payments at all to save. So take the saving and run with it.

-> The higher the interest rate the more you will save. If we double the interest rate, the savings are 7.08 times larger. That means that there is an exponential factor that increases, power of this strategy.

-> Paying your mortgage weekly generates 43% more savings than paying your mortgage bi-weekly.

How to increase your savings by weekly accelerated payments?

Recently many people have started to use a strategy called weekly accelerated mortgage payments. That means that they not only save money by paying weekly but they also make their payments a little bigger and save a lot of money.

To do this they simply take their monthly mortgage payment and divide it by 4. Since there is a little more than 4 weeks in a month (actually there are 4.33) they end up making 4 weekly payments more every year.

-> On a 200 000$ mortgage (rate 5.4% amortized over 25 years) the extra payment would only be 23.25$ per week.

-> You would pay out the mortgage 3.7 years earlier

-> The total savings would be 23 173.78$. Not bad! (for details visit the resource box)

Paying your mortgage weekly and accelerated is worth it! The savings on the capital you use to increase your payments is equal to having a return on investment of 7.52%. Not bad for a guaranteed return!

Saving money does not have to be complicated: pay your mortgage weekly. If you can accelerate your payments a little, you’ll save more. If paying your mortgage weekly is not possible then pay it bi-weekly. It’s not as good as paying weekly but it’s better than paying monthly!

Mortgage Broker Licensing Made Easy

Becoming a mortgage broker is like entering a well-rewarded profession. Being a mortgage broker requires a license to protect the consumers as they apply for mortgages. Also, getting a license means youve got to qualify yourself to become one.

But what does it really takes to be a mortgage broker? What are things that you needed to do? Are there documents that you have to submit? These are some of the questions an aspiring mortgage broker wants to know.

And this article aims to answer those questions accordingly. Here is a very comprehensive guide in being a mortgage broker. The steps here provided would lead you to become a mortgage broker the fast and easy way.

1. Train for the job

A mortgage broker is assumed to be the expert in the field of properties and houses. A regular homeowner expects you to help them understand the mortgaging concept and what it can do for them. To be real-deal mortgage broker, you also have to pass an accreditation procedure. Several trainings can be done online. Some is performed with a one-on-one seminar. You can also learn on your own, if you wish.

2. Know the respective state laws

Mortgage laws differ from one state to another. It is part of your job as a mortgage broker to fully understand and know all the mortgage laws in the state you are operating in. It is your responsibility to guide a prospective buyer in obtaining the best deal, both in price and legalities.

3. Enlist with the proper federal institution

This is your first step in getting your license. Send in your application form, together will all the pertinent documents required to the proper regulating bureau of the state. Again, these bureaus are different from state to state, so make sure that you go to the right one.

4. Pay the necessary fees

There is a particular amount that you have to pay. You have to shell out for the application fee, as well as the investigation fee. Also, you have to post a Surety Bond that is more or less $25,000. There could be other charges like licensing fees and fingerprinting fees. These should all be covered to get your application processed accordingly.

5. Take the examination

After going through the approved educational procedure and the minimum hours required, you should be ready to take the test to determine your knowledge and abilities to become a broker. This encompasses all your trainings and mortgage schooling. You have to do well in this test so that your license will be ready the soonest time possible.

6. Get your license and work

Now that your license is in your hands, you are now a bona fide mortgage broker. You now have the ability earn while helping others getting a mortgage on their houses. A strong steady stream of clients is all you need to boost you up. Also, that is well achieved by professionalism, performance, and commitment on the job.

7. Get some career connections

To launch you up in the field of mortgage brokerage, do become an apprentice to a mentor. This is advisable until after you get the hang of the job and can work solely on your own. You needed actual practice before threading on the waters alone. A good mentor is somebody who has been in the field long enough. If you do not know of somebody who could take you in, you can affiliate with some bigger organizations and make use of their continuous training and help.

Following these steps, you are sure on your way to become a mortgage broker professional. This is a very fulfilling job because it entails helping people get the best bargain out of their most precious investment that is their properties.

A mortgage broker serves as the middleman between lowly homeowners and powerful financial institutions. Mortgage brokers are people who genuinely helps other be on the same foreground with an otherwise big company an ordinary individual would sure not feel comfortable talking to alone.

8. Be a mortgage broker

This could be the best opportunity for you and your innate administrative talent. This could be where your success lies. Everybody with the proper commitment and love for the work can be a successful mortgage broker. Start now and become a professional soon.