You’ve probably heard that making an extra mortgage payment per year is a good thing. But how good?  Will it really make a big difference in your financial future?

In most cases, YES!  Any extra payments made to your loan will 1) cut the length of the mortgage and 2) cut the amount of interest you pay over the life of the loan.  You will build equity faster, which will also make you more appealing to future lenders.

Consider this: for a 30-year loan of $200,000 at 5%, your monthly payment may be approximately $1,074.  Making an extra payment per year, you typically could pay off your mortgage 4 years and 9 months ahead of schedule, while saving about $35,000.

To calculate your actual payment information, use our Mortgage Extra Payment Calculator on our website here: johndunn.XSellerate.com

Before you decide to make an extra payment, though, consider how else you might use this money.  For example, if you have unsecured debt in high-interest credit cards, you may choose to attack that debt first.  Also, it may be wise to make sure you are taking advantage of any “matching” benefits that you have with your 401k before you consider extra mortgage payments.

If you have decided that making an extra payment is the way to go, but can’t afford to plop down one whole payment, consider breaking your extra payment into 12 monthly chunks.  You are still getting the benefits of making an extra payment, just in smaller, more manageable bites.

Paying off your mortgage early through one extra payment per year is a smart financial move, but be sure that you’ve paid off your highest interest loans first and fully funded any matching retirement accounts.  If you decide to pay monthly, or make one extra large payment per year, be sure to ask your lender how to make extra payments so they will reduce the principal amount on your loan.  This extra payment can dramatically reduce your repayment period and save you a lot of money over the life of your loan.

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Cool front is coming in!  You will want to keep those pesky critters out while keeping your warm air in!  This will help your out with your utilities by up to 30 percent. 

Seal air leaks around your windows and doors to prevent wasting precious home heating and cooling energy that costs you money.

If you are looking to spruce things up this fall and winter in anticipation of having guests or selling your home check this article out.  It will give you some great ideas!!! 

Keep the color going in your fall garden with a combination of summer – and late-blooming annuals and perennials.

Tight home loan credit is affecting everything from home sales to household finances. Many borrowers are struggling to qualify for loans to buy homes. Others can't take advantage of some of the lowest interest rates in 50 years because they don't have enough equity in their homes to refinance. Those who can get loans need higher credit scores and bigger down payments than they would have in recent years.

You have just received a call telling you that buyers are coming to tour your home. What should you do? Well, first get dressed and then check out this list of tips.

•Let in as much daylight as possible. Turn on lights, open drapes. If it’s dark outside, turn on outside lights.

•Open inside doors so that the house will have an inviting feeling as the buyers move through.

•Turn off the TV and radio to avoid distractions.

•Pick up clutter and put dirty dishes in the dishwasher. Take trash out if needed.

•Get pets out of the way. Not everyone loves animals and your buyer may be allergic.

•Bathrooms should be clean, towels folded, toilet seat down.

•If an agent is bringing a buyer to show the home, make every effort to NOT be in the house during the showing. Buyers feel very uncomfortable when the owners are present. They typically will not voice any objections and will hurry through the home. Agents can be much more effective when they can handle objections on the spot or feel free to let the buyers spend time in the home.

•Pets can be a nuisance when strangers come to see your home. If you can’t isolate your pet, take it with you.

Always leave it ready to be shown when you are away from home. You never know when just the right buyer will come looking!

The first step is to determine your stove-sink-fridge triangle.

Now is the time to buy.  Interest rates WILL go up.  Lock in now for a low rate!!!  Someday people will be saying I wish I had!

MCLEAN, Va., — Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates continuing to decline with the 30-year fixed averaging 4.32 percent marking a new low for 2011, and the 15-year fixed, 5-year ARM, and 1-year ARM averaging new all-time record lows this week.