Monday, May 27, 2019

Ways to Save Money on Your Mortgage

It’s hard to believe the Flex Modification Program actually exists when you hear that many  Americans could reduce their monthly payments by as much as 20%. If you’re struggling to make your mortgage payments, find out if you can benefit from this program by contacting your mortgage company.

Americans agree that refinancing with Freddie Mac Flex Modification saves money, and not surprisingly banks are on edge about it.

If you are not currently at risk of delinquency and foreclosure but could use some relief from high mortgage payments, refinancing may be your best option. Lowering your rate or adjusting your term can put money back in your pocket each month.

If lowering your payments and shaving years off your mortgage would help you, it’s vital that you act now. We were surprised that you may even take some cash out of your home when refinancing to use however you need it.

Many Americans borrow from their 401k to help with unexpected bills which can set them back years in reaching their retirement savings goals. Forget borrowing from your 401k – refinance and borrow from your home to get cash to pay bills, renovations, your child’s education, or any other big investments.

As the Fed changes rates, new opportunities to save may be available for you even if they were not in the past.   The Fed wants to boost the economy and often that means cutting rates and putting money back in your pocket to go out and spend.

The good news is there are services that could help you save time and money by comparing multiple lenders at once. One such service is LendingTree, which has one of the biggest lender networks in the nation to provide consumers with a comprehensive set of mortgage options.

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