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How to Reduce Your Mortgage

One Additional Mortgage Payment a Year

There's a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan's principal.

This is the method being used by "Bi-Weekly Mortgage Reduction Services" and "Bi-Weekly Mortgage Savings Programs". Only, when you do it yourself, you don't pay a third party unnecessary set-up costs and fees!

Example: $100,000 loan, 30-year mortgage, 6.5% fixed interest rate

Extra Mortgage Payments/ Year

Principal & Interest

Additional Monthly Payment

SAVINGS

Total Paid

# of Years

0

$632.07

0

0

$227,542.98

29.92 / 359 mos.

1

$632.07

$52.68

$29,088.02

$198,454.96

24.12 / 290 mos.

2

$632.07

$105.35

$46,492.13

$181,050.85

20.5 / 
246 mos.

3

$632.07

$158.02

$58,320.95

$169,222.03

17.92 / 215 mos.

4

$632.07

$210.69

$66,969.79

$160,573.19

15.92 / 191 mos.

5

$632.07

$263.36

$73,607.77

$153,935.21

14.34 / 172 mos.

One-time Payment

It may not be possible for you to increase your monthly mortgage payment. Keep in mind that most mortgages will permit you to make additional payments to your principal at anytime. Perhaps, five-years after moving into your home you receive a larger than expected tax return, or an inheritance or a non-taxable cash gift. You could apply this money toward your loan's principal, resulting in significant savings and a shorter loan period.

Example:

With a $100,000, 30-year, 6.5% fixed interest rate mortgage loan, the borrower will pay a total of $227,542.98 to pay back the loan in 30 years. That equals $127,542.98 in interest payments.

If the same borrower makes a one-time $5,000 payment the first day of year 6, he/she will pay a total of $204,710.75 and pay off the loan in 27 years (324 months). That's a savings of $22,832.23 in interest.

Posted by BILL CAMPBELL on October 7th, 2016 7:57 AM
Assuming you already know how much home you can actually afford. You are now  ready to seriously start your home search! 

Here are a few items you really want to pay attention to in your search for that dream home!
> Check out the yard 
  • Proper grading / drainage away from home
  • No evidence of standing water around home
  • Landscaping (are shrubs, trees, and walkways in good condition)
  • No branches or bushes touching the home or overhanging the roof
  • Railings on stairs and decks in good condition (adequate and secure)
  • Condition of downspouts (do they provide drainage away from foundation
  • Fences, retaining walls in good condition
> Structure
  • Siding ( no cracking loose or decay)
  • Vinyl siding condition 
  • Adequate space between ground and wood siding
  • No vines on exterior surface of structure
  • Stucco ( no large cracks, etc)
  • Visible foundation in good condition (no visible cracks, appears straight)
  • Fascia boards and ridge lines appear straight and level
  • Sides of house appear straight not bowed
  • Check out the windows
> Roof
  • Are there apparent shingles curling,no cupping, broken or damaged shingles, loss of granulation particles, missing shingles, etc.)
  • Exterior venting for eave areas, vents clean and in good condition
  • Chimney straight, no evidence of damaged or missing bricks, etc
 Just think we haven't even discussed, attic, Interior rooms, plumbing, kitchen area, bathrooms, crawlspace, basement, heating / air conditioning, electrical, and miscellaneous items such as smoke and carbon monoxide detectors, stairway handrails, etc.

 When investing in a home, it is a good idea to have a professional home inspection!
My other advice is always make sure the seller is offering a home warranty plan especially for an existing home.   New construction homes normally have a builders warranty (be sure to find out how many years the builders warranty applies)


Posted by BILL CAMPBELL on September 22nd, 2016 8:30 AM
A few basic tips to owners for selling your home!
  • Your front door is important when potential buyers look at your home.
  • Make sure your yard is mowed, trimmed and free of clutter.
  • Keep all steps free of hazards.
  • Never apologize for the home's appearance, instead make sure your home is ready for showings.
  • Do not leave dishes in the sink, make the beds, do not leave clothes piled throughout the home.
  • Keep pets out of the way when showing the home.
  • If showing the home during daylight hours make sure all curtains and window shades are open so outside light will brighten the home.
  • If showing a home at night make sure all lights are turned on and any burned out light bulbs are replaced
  • When listing your home with a Realtor, if a potential clients sees the yard sign and stops to visit with you.  Call your Realtor and let them deal with the potential client.
Posted in:Home Selling Tips and tagged: Home Selling tips
Posted by BILL CAMPBELL on July 19th, 2016 10:49 AM

Charles Burt Homefinders 417-455-2878

Effective marketing is the key to selling your home quickly and getting the highest price. Aggressive, effective marketing of our Client's homes by every available medium is how we have become a top real estate company in Neosho and SW Missouri.  It's our job to assure that you get as many qualified offers as possible, allowing you to extract the highest price the market will bear.

One of the most important elements of marketing your home effectively is setting the price right. Set the price too high, and you won't get any offers or your home will take too long to sell. Set it too low and you cheat yourself by not getting your home's full, fair value. As an expert in Neosho and SW Missouri real estate, we analyze the market and set area home prices every single day.  We will work closely with you to assure that everything possible is done to get the highest price, in the time frame you need.

The condition and appearance of your home are also critical factors in getting the best price for your home. Our professional Realtors will personally walk through your home with you and advise you of what you can do to properly stage your home most effectively. Some areas are much more important and more likely to pay off than others! Often, the buyer is motivated by emotional responses as much or more than financial issues. There are usually things we can point out to you that are easy and inexpensive, yet go a long way toward triggering those "buy" emotions.

As your agent, we will negotiate furiously on your behalf throughout the entire process to ensure that your best interests are protected. Real estate negotiations and contracts can be intimidating in their complexity.  Most people have almost no experience in these negotiations. After all, how often do you buy or sell a new house? As top real estate professionals, getting you the best terms and prices in all negotiations is simply part of our job.  Call us today at 417-455-2878 or contact one of our professional Realtors!   

Posted in:Selling a Home and tagged: Home Selling Tip
Posted by BILL CAMPBELL on May 23rd, 2016 10:11 AM
If you are planning on buying a home in 2016 here are some quick home buying tips;
  1. Check your credit score
  2. A recent survey completed by National Association of Realtors showed 85% of home buyers in 2016 plan on purchasing their home either during the spring or summer of 2016.
  3. Therefore start your home search early and be prepared to buy
  4. Comparison shop with lenders finding the best mortgage loan for you
  5. Compare new construction home prices versus existing home prices
  6. Have a check list of home features you must have in your next home
Looking to purchase a home in SW Missouri and do not have a professional Realtor? Then call Charles Burt Homefinders today 417-455-2878 and let one of our Realtors help you find that dream home.
Posted in:Home Buying Tips and tagged: Home Buying Tips
Posted by BILL CAMPBELL on April 11th, 2016 6:50 AM
If you are planning on buying a home in 2016 here are some quick tips;
  1. Check your credit score
  2. A recent survey completed by National Association of Realtors showed 85% of home buyers in 2016 plan on purchasing their home either during the spring or summer of 2016.
  3. Therefore start your home search early and be prepared to buy
  4. Comparison shop with lenders find the best mortgage loan for you
  5. Compare new construction home prices versus existing home prices
  6. Have a check list of home features you must have in your next home
Posted in:Home Buying Tips and tagged: Home Buying Tips
Posted by BILL CAMPBELL on April 11th, 2016 6:36 AM
So you are considering selling your home this year!  Wow! You have picked a great time to place your home on the market!  It is truly a seller's market, if your home is priced right.
Here are a two good tips;
  1. One of the most important marketing tips I can give you as a professional Realtor.  Is price your home for the market.  If you are not an expert in the local housing market conditions and selling prices contact a Realtor.  A Realtor will complete a Comparable Market Analysis (CMA) regarding your home.
  2. Always a great marketing tool is listing your home during the peak buying season

Posted by BILL CAMPBELL on April 4th, 2016 8:19 AM

Tips regarding purchasing a short sale home!

  1. A short sale is different from a foreclosure!
  2. Foreclosure is the seller's lender has taken title of the home and is selling it direct!
  3. Short sale the homeowner is trying to sell the home in order to avoid foreclosure!
  4. The lender has agreed to allow the owner to attempt a short sale!
  5. Lender will be taking a loss on the loan! 
  6. Even though the seller will sign on the accepted sales contract, must still be approved by the lender.

Are you a patient buyer?  Often it takes anywhere from 2 to 4 months to complete a short sale!

Be sure you completely understand the short sale process before making an offer on the property! 

Posted in:Short Sale Homes and tagged: Short Sale Homes
Posted by BILL CAMPBELL on March 21st, 2016 8:58 AM
Honor our hero's!   Registered voter in Missouri?  Then do your part and go vote!  Veterans served our country, many fought and many died to provide you that privilege!
Posted by BILL CAMPBELL on March 15th, 2016 8:54 AM
Basic House Rules!

1).  Your home should reflect warmth, welcoming and inviting to potential buyers

2).  When clients are looking at your home; temperature is best set between 68 degrees and 72 degrees  (you do not want your home either to cold or to hot!)

2).  Neutralize any offensive odors

3).  Have some soft music playing

 
Posted in:Selling Your Home and tagged: Home Selling tips
Posted by BILL CAMPBELL on March 10th, 2016 11:05 AM

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