Mortgage Insurance Defined

              

Text From Video

Money Saving Minute #039 - Mortgage Insurance Defined

Kip Warzon     NMLS 289451

Mortgage insurance is a policy that is required by a lender when a buyer less than 20% down payment or a home owner has less than 20% equity in their home.  To be clear, mortgage insurance does not protect the property.  Mortgage Insurance is in place to insure that the lender does not lose money should a borrower default on their loan. 

If you are currently paying MI you should contact a qualified lender to see if there are other options available.  Your lender may be able to explore refinance options that will eliminate the monthly mortgage insurance payments even with less that 20 percent equity.  

Lower Your Cable Bill

              

Text From Video

Money Saving Minute #038 - Lower Your Cable Bill

Kip Warzon     NMLS 289451

Most of us are not happy about the amount of money we spend to watch TV however not many people will take the time to call their provider and simply ask for a lower rate.  No company wants to lose your business. Often, a conversation about your cable, Internet and / or phone needs can result in a bill reduction.  This is especially true if your contract is nearing expiration, or you are no longer under contract.  Most providers offer dozens of promotional package so it’s worth exploring your options.  Once you find the promotional package that fits your needs and budget, mark your calendar with a reminder to call back in eleven months to transfer into a new promotion.  

Advanced Auto Shopping

              

Text From Video

Money Saving Minute #037 Advanced Auto Shopping 

FORWARD
After writing this blog we realized that we may be portraying auto dealerships in a negative light.  This was not our intention.  Profit is not a dirty word however how much profit a dealership makes is up to you.

Money Saving Minute #037
Advanced Auto Shopping

Most people are educated in Auto Shopping 101…shop and compare online, email or call and ask for the lowest price, negotiate the trade separately, always negotiate price not payment…basically do your homework.  The advanced shopper, however, knows that the negotiation does not end with the price of the car.

Once you have a price next comes the Finance Manager.  This person’s job is to present you with financing options, warranty options and vehicle protection options.  If you have not done your homework you will not know if they are offering you the best value.  In regard to interest rate, take the time to talk with your bank.  Find out what interest rate that you would qualify for based on your credit score and the vehicle that you are interested in.  If you have little to no down payment then you will be offered GAP insurance.  This insurance covers the difference between what you owe on a vehicle and what the value of that vehicle is should the vehicle be totaled prior to being paid off.  For this you will want to check with your auto insurance agent prior to visiting the dealership so that you have a number to work with.     The F&I manage will present warranty options as well.  Again, do your homework.  Look online for options and email dealerships for quotes.     You will also be offered paint protection or windows etch theft recovery.  Talk to a trusted detailer or body shop about their cost on these items if you are interested so that you have a quote to work with.  Remember, however, that lowest price does not always equate to best value.  Be prudent but most of all be educated.

Credit Cards

              

TEXT FROM VIDEO

Money Saving Minute #036 – credit cards

Having a credit card in your wallet is a lot like adopting a Pit Bull as a pet.  When properly trained they can be your best friend…when left to run wild they can be trouble.

A properly trained credit card will not be used as an extension of one’s earnings.  The mentality of “I can’t afford it today but I can afford the minimum payments” is what will get a borrower into trouble.  Instead one should think of credit cards as a way to help them track their spending as well as earn rewards or cash back.  If you can afford to pay off the balance each month you are using your credit wisely.  If you can’t pay off the balance each month stop and ask yourself if you need the purchase enough to pay 18 to 25 percent more for the item.

If you are currently carrying balances on your credit accounts go to this webpage and download the credit card calculator.  This will help you to set up a target payment to get those balances paid off.

http://tinyurl.com/MSM-CCcalc

For more information about this or anything home loan related please contact Team Warzon.