The first time I felt like an official grown-up was when I got my first mortgage. The entire process, from gathering information on my assets and signing pages and pages of documents, to stepping into my own house, was a big deal. Even though I had to reduce my shopping budget to pay for the mortgage, I was ecstatic. I could finally decorate the house however I wanted, and of course, get my own dog!That was seven years ago and since then, I've done one refinance and signed another mortgage when I moved into my current house. That means I have paid over 80 months of mortgage, with close to 50 months for my current house and I still have at least 300 months of payments to go. That seems like a lifetime, but I really don't mind.
I really do enjoy paying my mortgage. It is a big chunk of my budget and a huge amount of debt, and every time I look at the monthly statements it's depressing to see how much is allocated to interest versus the actual mortgage. However, it dereases my tax bill (except last year, ouch!) and it makes me take care of my house more. Granite countertop? Done. New patio and a fence in the backyard for the dogs? Done.
So month after month, I happily send a check to my mortgage lender. When I'm ready to move or to refinance, I'll be happy to complete my paperwork and sign pages and pages of documents.
Anyway, if you are in the process of looking to refinance or to find a new mortgage company, check out the top mortgage searches on AOL for some more resources. For example, did you know there are so many mortgage calculators out there? Besides calculating the usual information, such as how much mortgage you can afford, you can also calculate how much you'll save in taxes, if you should pay points or not and more.
Wherever you are in the process with your mortgage, good luck and I hope you'll be as content as I am when you send a check to your lender.
For more information on mortgage, go to AOL Money and Finance. Also search for mortgage on AOL Search.
Top mortgage searches on AOL Search:
1. Mortgage calculator
2. Mortgage rates
3. Reverse mortgage
4. Mortgage news
5. Mortgage loans
6. Mortgage companies
7. Mortgage insurance
8. Mortgage lenders
9. Mortgage complaint
10. Mortgage brokers
See sponsored links for: mortgage, refinance, home equity loans.
Reader Comments (Page 1 of 3)
1. omg what a joke lol. I'd rather pay my taxes and have 0 debt than pay interest. do the math you are getting screwed.Mortgage company's love for you to do this. why else would they always send me mail to refinance? They are the ones coming out ahead not you. No thanks Mia
Posted at 12:47AM on Aug 28th 2007 by Jason
2. I'd rather pay the mortgage company than someone else's mortgage payment. At least I have something to show for my efforts instead of nothing to show for $800 a month rent.
Posted at 6:07AM on Aug 28th 2007 by Sue
3. Did you know that if you get curious and shop for a mortgage rate.... like clicking one of the links above... and especially is you fill out one of the forms... your name goes into a central data base and you will get up to 20 calls a day from different companies wanting you to refinance?
Posted at 6:34AM on Aug 28th 2007 by Laura
4. I need to refinance. One company had the best deal ever... then, after I paid for an appraisal ($450), they changed the tune. What they ultimately offered was another bad deal. So, I kept shopping... Guess what? No other company wanted to use the appraisal that was done just two weeks ago... Everyone has their hand out. Be careful.
Posted at 6:35AM on Aug 28th 2007 by Laura
5. Based on a loan of 172,000... I wanted to get some cash back to do some remodeling. I owed 150,000.
Mortgage brokers offered between $2,000 and $8,000 cash back and an ARM which would be outragiously high in a couple of years... The same loan at a local Credit Union offered a fixed rate and over $17,000 cash back. Talk about fees!
Posted at 6:43AM on Aug 28th 2007 by Laura
6. Mortgage brokers act like your best friend in the beginning. Later, when all they can offer you is another high rate - they try to tell you that you will NEVER get a loan with someone else... and I hated it when one company told me that I had to sign TODAY!!! Don't be pressured like that. I told him where to stick his great offer and kept shopping.
Posted at 6:43AM on Aug 28th 2007 by Laura
7. You'd rather pay your taxes and you think by paying interest the mortgage company is ahead? A mortgage company or bank sells a product, it's lending money. Yes, they collect interest for that. Who ever you work for, they also sell some kind of product or you wouldn't have a job. In return, the public pays for it, so you continue to have a job. BTW, when you put money in the bank, CD's, money market, whatever, don't you look for the highest interest paid?
I remmember when I bought my home, no one forced me to do it. Your forced to pay your taxes or go to jail. You don't have to own a home if you don't like paying for it. Pay someone elses mortgage and go rent and have no control on how you live and in what kind of condition.
Geez, I never heard anyone make a statement like that!
For anyone that does want to own a home, you can find us by clicking the link below. If you are trying to save your home, let us try and help you. Affordable Home Funding is located in HOliday, Florida but can help in many other states as well.
Http://www.affordablehomefunding.us
Posted at 7:08AM on Aug 28th 2007 by mariasecor
8. For the lady who's appraisal wasn't usable by any other bank of mortgage company, there was a law passed, that does not allow an appraisal to be passed from one company to the other. It is not that every one has their hand out, it is that there are real people doing real work and they have to get paid. The broker or the bank doesn't make a cent on an appraisal. Only the appraiser does and shouldn't he? There are these huge myths when it comes to getting a mortgage weather you are refinancing or buying a home!!!!!
The biggest myth of all is that you didn't have any fees, you did, you just didn't see them!!!!!! NO ONE, NOT THE BANK, NOT THE APPRAISER, NOT THE MORTGAGE BROKER, NOT THE TITLE COMPANY AND NOT THE UNDERWRITER WORK FOR FREE!!!!!
YOUR FEES, IF YOU DON'T SEE THEM, THAT MEANS YOU COULD HAVE HAD A LOWER RATE. YOUR FEES ARE JUST IN YOUR MORTGAGE RATE AND NOW YOU ARE PAYING FOR THEM FOR 30 YEARS AND PAYING INTEREST ON THEM.
A word to the wise, trust who you work with and ask questions. Ask if you could have a lower rate if there were more fees on the front. YOU will see what I am talking about and how quickly your interest rate goes down.
http://www.affordablehomefunding.us
Posted at 7:10AM on Aug 28th 2007 by mariasecor
9. Im looking for a lender who will help with funding. I have a double wide mobil home. I have the home over 3 years, and it was new when I bought it. Right now I lease a lot in a park which is currently $300 per month. Last summer my bank pre approved me for a loan for $84,000. It would cover the land, move of the home, well, septic, and some incendentals.(This would also include the refinance of the home loan itself which I didnt want or need) So you see, it not a giant amount. This, we could easily afford, as for the last 3 years we never had a problem, in fact each month I send in an additional principal amount, so Im actually ahead of the game. We found a nice lot in a great area. I checked with the bank, they didnt even want to talk to me, and said they made a mistake with the pre approval 9 months ago. They dont make loans like the one I needed, but they would lend me 65% of the amt needed for the land? I would need to come up with the rest. Thankfully I didnt give a deposit on the land first and then go to the bank, I would have lost my deposit. Is there any help at a reasonable interest rate for folks like me with good credit???
Posted at 8:19AM on Aug 28th 2007 by rose
10. Maria, I absolutely agree with you. Everyone involved in the purchase process has to get paid. I agree that buyers are much better off paying those fees and closing costs up front, rather than wrapping them into their mortgage and paying on them for 30 years! But I'm interetsed in the law that says that a recent appraisal can't be used twice. Is that a state or federal law?
Posted at 8:21AM on Aug 28th 2007 by Betsy
11. MORTGAGE INDUSTRY EXPOSED!!!!!!!
What every borrower needs to know
http://www.rmdirect.net
Posted at 8:33AM on Aug 28th 2007 by John
12. Jason, you must be retarded....owning a home is single most important thing that someone can do financially in their lifetime. Nowhere else will you be able to build up the kind of net worth you need in order to keep you financially stable after your retire, that is assuming your magical plan of renting for the rest of your life doesn't hinder your abilities to retire. While the rest of us are playing golf or going on vacations when we're 55 and retired your dumb ass will be renting my basement for $500 a month paying for my daily rounds of golf because I have no payments left on my house that I own outright and completely. But don't worry, I'm sure you'll still think your ahead of the game because your only paying $500 a month. Hey Jason, by the way, I will have the #1 supersized please.
Posted at 8:43AM on Aug 28th 2007 by Adam
13. In this current lending environment, mortgage brokers are scrambling to find loans for their customers. Guidelines have been severely restricted and unless you can fully document your income, the chances of you getting a loan have been drastically reduced. On top of that, ARM mortgages are adjusting to higher interest rates and borrowers cannot refinance out of them. If you find yourself 2 or more months behind on your payment, your lender will no longer accept your payment unless you pay the TOTAL amt. owed. If you need an expert to negotiate with your lender to work out the most aggressive repayment plan and take the burden and stress from you, contact us for a free evaluation. http://www.preforeclosureusa.com/peggyh -- If you would like to help borrowers save their homes, we are looking for Loss Mitigation Consultants as well. Go to: http://www.10kpermonth.com/peggyh
Posted at 8:48AM on Aug 28th 2007 by Peggy
14. It's so wonderful to hear someone actually appreciate their mortgage. I've been in the business for over 10 years and own Southern Country Mortgage serving Michigan & Tennessee and I have clients that only come back to me because of service and trust. www.southerncountrymortgage.com Trailers can do! 800-413-5546
Posted at 8:54AM on Aug 28th 2007 by Kelly K. Timmer
15. Make money with Real Estate. Learn the secret to financial freedom.
http://www.realwealthdimensions.com
Posted at 9:08AM on Aug 28th 2007 by pinnacleidc
16. for the appraisial question, it can be re-assigned by asking the appraiser and paying normaly $100 for a new appraisial and re-assignment fee, check with your local realestate broker, they see all the different loan programs and can reccomend a reputable lender if they are a Realtor. by the code of ethics they Have to act in the best intrest of the client..
Posted at 9:58AM on Aug 28th 2007 by paul burbank
17. i wish i could find a mortage co . to help me on a refinance loan. be hind on my payments etc got a bad deal on the last one .
Posted at 10:26AM on Aug 28th 2007 by toby
18. The best advice I could give someone who is looking to re-finance or purchase a home is to review, review, review all of the information you receive throughout the process. If you don't understand something, by all means ask and get several opinions. Watch hidden fees and if working with a broker, look at the points charged. Be wary of ARM or interest only loans. Don't overextend yourself financially. The appraisal (whether for a re-fi or purchase) should be completed in accordance with USPAP (Uniform Standards of Professional Appraisal Practice) which are the laws that govern appraisers. You do not want to get an appraisal that "hits the number". You will live under a false pretense of equity and appreciation. Never work with a banker or broker who wants to use the copy of an appraisal performed for another client. This is against the law. I've been appraising for over 11 years and we mainly only appraise commercial properties. There is too much lender pressure to "hit the number" so that a borrower can get a lower interest rate or better loan to value. We quit appraising residential properties because A) it is against the law to inflate values, B) some lenders will simply not pay you after you've completed the assignment and C)integrity cannot be bought. If you receive an appraisal and think it is incorrect, call another appraisal firm and ask for a review appraisal performed under Standard 3 of USPAP. I truly believe that the real estate bubble that seems to continue to grow is due to bad or fraudulent appraisers, lenders or brokers, real estate agents and closing attorneys. The only residential appraisals we do now is for a government entity that seeks out and prosecutes predatory lending and fraud. The last group of properties we appraised for them lead to the arrest of the broker, real estate agent and appraiser. The appraiser is now serving 5 years in federal prison and had to pay a $250k fine. Fraud is unfortunately real and it is unfortunate that the consumer rarely knows that he/she is being screwed. So protect yourself with knowledge and get second opinions if you feel uncertain about anything when purchasing property or re-financing.
Posted at 10:27AM on Aug 28th 2007 by Aces40love
19. The best advice I could give someone who is looking to re-finance or purchase a home is to review, review, review all of the information you receive throughout the process. If you don't understand something, by all means ask and get several opinions. Watch hidden fees and if working with a broker, look at the points charged. Be wary of ARM or interest only loans. Don't overextend yourself financially. The appraisal (whether for a re-fi or purchase) should be completed in accordance with USPAP (Uniform Standards of Professional Appraisal Practice - you can find info at the Appraisal Foundation's Website) which are the laws that govern appraisers. You do not want to get an appraisal that "hits the number". You will live under a false pretense of equity and appreciation. Never work with a banker or broker who wants to use the copy or of an appraisal performed for another bank. It is illegal to reassign or change the client of an appraisal performed for another. The law is specific; for example, Bank A gets an appraisal of your residence; you decide to go with Bank B because of a better rate; Bank B calls the appraiser and asks him/her to change the client name on the appraisal. This is illegal and represents bad business practice. In appraising, a different client who wants the same property appraised as antoher equals a new assignment. That means the appraiser must re-inspect the property and follow all of the steps/guidelines under USPAP all over again. I've been appraising for over 11 years and we mainly only appraise commercial properties now. There is too much lender pressure to "hit the number" so that a borrower can get a lower interest rate or better loan to value. We quit appraising residential properties because A) it is against the law to inflate values, B) some lenders will simply not pay you after you've completed the assignment if the number doesn't work and C)integrity cannot be bought. If you receive an appraisal and think it is incorrect, call another appraisal firm and ask for a review appraisal performed under Standard 3 of USPAP. I truly believe that the real estate bubble that seems to continue to grow is due to bad or fraudulent appraisers, lenders or brokers, real estate agents and closing attorneys. The only residential appraisals we do now is for a government entity that seeks out and prosecutes predatory lending and fraud. The last group of properties we appraised for them lead to the arrest of the mortgage broker, real estate agent and appraiser. The appraiser is now serving 5 years in federal prison and had to pay a $250k fine. Fraud is unfortunately real and it is unfortunate that the consumer rarely knows that he/she is being screwed. So protect yourself with knowledge and get second opinions if you feel uncertain about anything when purchasing property or re-financing.
Posted at 10:28AM on Aug 28th 2007 by Aces40love
20. Jason, interest on mortgages is tax deductible. That's why owning a home is one of the last genuine "tax shelters" there is.
Posted at 10:52AM on Aug 28th 2007 by diane