Imagine Cutting Over $8,000 Off Your Mortgage This Year

I once helped a customer cut over $700 off his monthly mortgage payment. That's right, over $8,000 each year and over $40,000 in just five years. Now, not everyone can save this much, but if you have a loan that is over $200,000, you could come close to this, if you refinance your fixed rate mortgage to a new loan program.

What's the secret, you might ask? Don't be afraid to take an Adjustable Rate Mortgage or, perhaps, an interest-first mortgage. The problem, though, is most mortgage brokers or bankers will not encourage you to make this move.

There are many reasons -- the most likely one being their desire to make more money off of you. They do this based on the program and the interest rate you accept. You see, mortgage brokers are not unlike realtors, home improvement companies or car salesman -- they all work on commission.

Mortgage brokers can also make a commission, paid by your lender, if you take a higher interest rate than you qualify for. So, a mortgage broker may encourage you to take a new fixed-rate, 15-year mortgage at 6.5 percent. This might be an improvement of 1 percent over your current 30-year fixed rate loan. Now, most people will think this is amazing.

What you may not realize is that you might qualify for this loan at a rate of 5.0 percent.

This might cost you $50 to $150 per month. Meanwhile, the mortgage broker likely pockets an extra $500 to $1,000 for selling you this bogus rate. Now, if you say you want the adjustable rate mortgage, perhaps a 5-year or 3-year ARM, you can cut your rate by as much as four or five percent. On a large mortgage, like $200,000 to 400,000 you can save as much as $400 each month.

Be sure if you get an adjustable rate mortgage that you learn all about how they work. The wealth-building program, Winning the Mortgage Game will help.

Mark Barnes is an investment real estate and real estate finance expert. Get his free mortgage finance course at http://www.winningthemortgagegame.com and also learn how to gain financial independence through proper real estate investment strategies. Mark is also the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com

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Mortgage Cycling ? Brilliant or Risky

With mortgage rates near 20-year lows, competition in the mortgage... Read More

Refinance Mortgage Rate and Mortgage Rates

Refinance mortgage rate is the best rate available to qualified... Read More

Bad Credit Mortgage Refinance - Should I, Shouldnt I?

It is a common financial scenario across households in the... Read More

Key an Eye on Your Mortgage Payments

In previous decades, when a borrower missed a payment on... Read More

Home Buyer Beware ? Know the Signs of Real Estate Market Trouble

Lots of articles have appeared recently about the booming real... Read More

How do I know what is the best Second Mortgage Home Loan for me?

The information in your credit history helps mortgage lenders decide... Read More

Sub-Prime Mortgage Company - 4 Signs of a Predatory Sub-Prime Lender

If you have bad credit and are looking to get... Read More

Home Mortgage Loan Refinancing Online - 3 Tips on Refinancing Your Home

When refinancing your home, it's helpful to know a few... Read More

A Personal Mortgage Experience

I don't know what the mortgage situation is around the... Read More

Seniors Can Use a Reverse Mortgage to Fund Annuities, Investments, and Insurance Policies

For many seniors in or entering retirement, the prospect of... Read More

Mortgage Calculator ? How to Calculate Your Monthly Mortgage Payment

Just starting to shop for a new home? Do you... Read More

Interest-only Equity Loans Create Amazing Power and are Quite Easy to Get

The power of home equity and interest-only payments, provided from... Read More

A Guide to Direct Homeowner Loans

Are you considering applying for direct homeowner loans? Perhaps you're... Read More

Credit Problems? With a Subprime Mortgage Lender, Poor Credit is Not a Problem

Have you been turned down for a home loan recently... Read More