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financing a car for a teenage driver

Do you have a teenager that is about to start driving? Do you really want your teenager driving your car? Having recently bought my car, I knew that there was no way that I was going to trust my 17 year old son to take it out with his buddies. I wanted to find a more affordable option for him. When I found a car that was perfect, I just had to come up with the money to buy it. Then, I had to decide if I wanted to get a car loan and pay for full coverage insurance, or if I wanted a personal loan with higher interest rates. Go to my site to use the charts that helped me decide how to go about financing a car for my son.

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3 Great Tips That Can Help You Pay Off Your Mortgage Faster

If you feel like your mortgage is hanging over your head, and you want to get out from under it and start living a debt free life, you need to make some changes to how you look at and approach your mortgage. Here are three tips that can help you pay off your mortgage at a faster rate than you are right now.

Pretend Your 30 Year Mortgage Is A 15 Year Mortgage

You don't have to go through the cost of refinancing and getting a 15-year mortgage in place of your 30 year mortgage in order to pay off your mortgage in half the time. If you have a good interest rate locked into your 30 year mortgage, all you need to do is change how you approach to your mortgage. 

You can't just divide your mortgage amount into fifteen years instead of thirty. In order to accurately figure out what type of payments you would need to make in order to pay off your mortgage in fifteen years you need to use a mortgage calculator. A mortgage calculator will allow you to take into account how the interest would change by paying off your loan at a faster rate. As you make additional payments, you will reduce the overall interest that you have to pay over the lifetime of your loan. 

In order to use a mortgage calculator, you need to know the balance of your loan right now. You also need to know your current interest rate, your tax mileage rate and your private mortgage insurance rate. You need to know both your tax mileage rate and your private mortgage insurance rate because many mortgages are designed to pay your yearly property taxes and your mortgage insurance in addition to paying off your loan.. Additionally, you'll need to put in how many years you want to take to pay off the loan. 

The mortgage calculator will show your monthly payment, how much interest you would pay over the life of your loan if you pay it off over the next fifteen years, and the date that you would pay off your loan. It will also show you the total amount of property taxes and private mortgage insurance you would pay over that time period as well. 

Instead of making your regular, 30 year mortgage payments, you can start making the monthly payment amount the mortgage calculator shows you would need to make in order to pay off your mortgage in 15 years. You don't need to refinance to change how you make your mortgage payments.

Pay Every Two Weeks Instead Of Once A Month

Next, instead of making your mortgage payment once a month, divide your monthly mortgage payment in half (using the new monthly amount you calculated above). Every two weeks, pay half of your mortgage. If you keep this up throughout the year, you will end up making two extra mortgage payments throughout the year, which is an entire extra month worth of payments every year. 

If you use your newly calculated 15-year payment rate instead of your required payment rate, you'll be making an even bigger dent in your mortgage. This will not only cut off one month of payment every year, it will also help decrease the overall interest you have to pay on your mortgage. If you make bi-weekly payments using a 15-year mortgage interest payments, you'll actually be able to pay off your mortgage in 13 years instead of 15. This will cut further reduce the total interest you'll pay over the life of your loan. 

Put Your Extra Money Towards Your Mortgage

Finally, if you really want to pay your mortgage off early, every time you get a raise or receive a bonus, put all that extra money towards your mortgage. Any extra money that you can pay will decrease the interest you owe over the lifetime of your loan and help you get debt free sooner rather than later.

If you want to start living the debt-free life, and your mortgage is the only thing standing in your way, start applying the strategies above to your mortgage payments so you can begin the debt-free life sooner rather than later. Be sure to check with your lender (like MCS Bank) first before you begin making extra payments, as some lenders have specific rules governing additional payments towards your mortgage.