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Christian InTech Articles - Home Business
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An opportunity called Home Business
Opportunity has strange ways of presentation. While you may search heavily for it everywhere, it will stand there silently, waiting to be found. It will not knock your door or pat on your back to grab your attention. It will stand there; appear in...
Do you work from home? Plan your next home purchase accordingly
The flexibility afforded by a "zero-commute" combined with the skyrocketing price of gasoline has strengthened the case for full time teleworking and telecommuting. According to an Environmental Protection Agency (2004) study:
"Americans spend an...
Home Business Tips
If your Online Business success was 100% guaranteed, wouldn't you jump at the chance to start your own money making online business? Of course you would! And now there is a guaranteed way you can start your very own money-making internet business...
Networking Your Home Business within Circles of Influence
When you need an auto mechanic or an air conditioning repairman, where do you turn for help? Sure, some people turn to the yellow pages. But most will turn to friends and family and ask if they know of anyone who can do the work.
The best...
No Income Verification Home Equity Loan
A no income verification home equity loan is a second mortgage loan that does not require you to provide income documentation to qualify for the loan. This type of loan is great for homeowners who need a home equity loan but have hard to...
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97% Of American Homeowners Overpay Their Lender In Mortgage Interest Every Month.
97% Of American Homeowners Overpay Their Lender In Mortgage Interest Every Month.
If you own a home, have just re-financed or are shopping for a mortgage, you’ll be outraged.
Housing: Americans across the country were shocked to hear of a new poll that states 97% of homeowners here in America are overpaying millions of dollars each month in mortgage interest.
The National poll was conducted last month to determine how many homeowners take advantage of the prepayment loophole in our mortgage system, which eliminates costly interest overpayments.
The shocking results showed only 3% of America’s homeowner population utilize this loophole and take advantage of the valuable benefits created by it.
When Sean Drover, a Chicago businessman and homeowner found out he was overpaying $217 in mortgage interest every month, he was appalled.
“Honestly, I was sick to my stomach when I thought back on all the monthly payments I’d made. If I would have known about the pre-payment loophole when I first bought my home I could have put all that money into equity instead of my lenders pocket.”
The problem lies with what the banking industry calls “front loading”. This is when the majority of a homeowner’s payment is applied towards the interest on the loan instead of the original amount borrowed.
The disturbing fact about front loading is it ensures you’ll pay over three times the original amount borrowed. Thus, resulting in enormous profits coming straight out of your pocket and directly into your lenders.
… Most people (97%) never stop and take a good look at how damaging the system really is. Unfortunately, it’s just the way conventional mortgages are structured here in America.
Average Homeowner overpays $60,000
In fact, the
average homeowner in America is overpaying $2000 in mortgage interest every year, or $60,000 over the life of the mortgage.
“That’s an enormous amount of money”. Says top mortgage analyst, Craig Romero. “This is money that homeowners are needlessly giving away each year. Imagine what a person could do with an extra $60,000.
While gaining back thousands of dollars from these overpayments is a huge benefit, it’s not the only one. Cutting up to 10 years from the term of a traditional mortgage is also another major advantage.
“I’ve been using the prepayment loophole for years”. Says Denver homeowner, Curtis Landau. “I’ve actually been able to remodel my home and pocket about $25,000…all from the equity that was built so quickly.”
Americans must understand this prepayment loophole isn’t something lenders are eager to share with their customers. If they did, they would risk taking a huge cut in profits.
With over 50 million mortgages in force, it’s estimated Americans overpay their lenders in excess of $12 billion every year. It’s no wonder this loophole is kept secret…lenders are undoubtedly getting rich off these interest overpayments.
Written by Craig Romero
To see how well the prepayment loophole will work for you please enter his site at: http://www.wisemortgageinfo.com
Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.
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About the Author
About Craig Romero:
To see how the well the prepayment loophole will work for you, please enter Craig's site at: www.wisemortgageinfo.com
Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.
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