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FIND YOUR DREAM HOME OR APARTMENT
must-see on msn
People will get confused and forget what they learned before they get to step 6.
Just pay cash for a house instead of having a mortgage. Its not that hard to save up money and buy a house. If the only reason you have a mortgage is to get a tax deduction, you cannot do math at all. Pay CASH for a home or at the worst get a 15 year mortgage or less and never a 30 year!
The refinancing advice in step one doesn't make any sense. If you don't know if your current mortgage includes an escrow account to pay for taxes and insurance, you should have remained a renter.
According to this stupid advice, the article is suggesting that the buyer must of never looked at his/her monthly mortgage statement which breaks down the payment with principle, interest, pmi and escrow if the account was set up with an escrow account to pay for taxes and insurance.
How about: Don't refi.
Get out there and do some odd jobs (sell blood plasma, bartend, clean houses/garages/basements, pick up doggie poo, cut lawns, deliver newspapers, etc.) and take the money you earn and send in extra "apply to principal" payments and pay the mortgage off early.
You'll save more by doing that than you will with a refi.
Stay away from Proficio Mortgage and The Money Source too. Proficio sold my mortgage immediately after closing, and used the wrong parcel to set up the escrow amounts (also paid the wrong taxes), which resulted in a $500 increase in my monthly payment. It took me 8 months to correct the problem with The Money Source - and that was only after I reported BOTH to the BBB.
DO NOT refi with CHASE BANK. All it is, is a big run around. No letters are signed. Telephone numbers to call with questions....never answer, if you get an answer, the person answering the phone never heard of the persons name on the letter. Customer service persons ask really dumb questions when you go into a Chase bank office to discuss a loan or refi. "Tell me about yourself starting with grade school"??????????
I said "are you serious"????????