Save Money in Mortgages and Finance in Tennessee, Mississippi, and Arkansas

It is a hard lesson to learn, so the next time you receive your monthly credit card statement on your favorite credit card, take an equally hard look at the fine print in the inserts or on the backside of your statement!

Perhaps you have never been late on your monthly payment to your favorite credit card company; yet while on vacation you remember that you forgot to pay another account....your Sears bill. Immediately you take action and rectify the situation. However, you notice that your favorite credit card company's interest rate on your balance with them increases substantially upon receiving your statement 2 months later.

WHAT HAPPENED? You have never been late on your payments to them; however, their random review of your overall credit history, a right which you gave them extending credit to you, their "risk assessment" of you changed due to observing your late-pay to Sears. Thus, they increased their interest rate on your account with them.

It's time to get serious about your CREDIT SCORES...those pesky little 3-digit numbers that have become largely representative of determining your interest rate in a Mortgage Loan, but also widely used by Insurance Companies to determine whether or not they can write your insurance, and at what cost, as well as prospective Employers in job application evaluation!

See our "CREDIT REPORTS & YOU!" Section in this Site, readily accessed by one of the major navigational buttons on the top left of this page. We cannot emphasize enough to you the importance of having the very best credit scores you can have!

Follow the instructions for obtaining a copy of your Credit Profile from each of the three major Credit Bureaus; isolate any inadvertent reporting errors, and request the removal, based on documented facts that it is erroneous. Step-by-Step corrective measures and contact information is provided in the initial reports you receive.

You'll find it more than worth your time; the higher the scores, the greater the financial benefit!

When you purchased your home, your Settlement Statement indicated that there was a charge for "title insurance" which guaranteed you that, as of that date, no one previous to that date had a claim to the property you were purchasing.

Why are you being charged title insurance again when you refinance that particular home purchase mortgage for a better rate and/or term? You still live in the same property!

Title insurance guarantees the new mortgage company which is offering you a better mortgage that there has been no claims from the ENTIRE time you have owned your property, and previous to the 1st mortgage you took out, and for the time up to the closing of your new refinace loan. Title insurance only applies when you secure a mortgage!

The most poignant example of the "perils of rate-shopping" we have experienced occurred recently in this current refinance-frenzied market!

We received a call from the cell phone of a lovely lady whose husband was driving them, complete with mapped itinerary, from mortgage company to mortgage company in their area to "...get the best deal." There was no convincing them that they were playing a potentially dangerous game with their good credit which, at the end of their day, would only give them confusion, exhaustion, and a myriad of conflicting mortgage advice.

In the wholesale marketplace, which mortgage companies access for your benefit, the programs available are credit-score driven and virtually identical. Before you start shopping, GO NOW to THE LEARNING CENTER, Section 2, and protect yourself by reading Mr. Lord's "WHAT'S YOUR RATE TODAY?" Get answers which will serve you and your family well!

Starting this month, we'll be reviewing the factors which have contributed to the all-time-lows which the current mortgage rate market is experiencing. Here's a reason you may not know about:

Did you know that as a borrower you actually are a competitor with America's corporate world as well as our government for capital? (the money that's "out there" and its rate of interest!)

Current Home refinancings, which the Mortgage Bankers Association of America reported this month, equal ALMOST 70% OF CURRENT MORTGAGE LOANS actually serve to keep mortgage rates low! Homeowners' refinancing for lower interest rates is fueling the interest rates staying low!

FINANCIAL TIP !! - One of the most important considerations in refinancing your current mortgage loan is to avoid returning to the original loan term!

For example, if you have been paying on a 30-year loan for 10 years, why begin again at square one?!

Save that 10 years you have already investing in paying for your home by making the finance mortgage a 20- year term!

Not only will you be free from the "starting-all-over-again" syndrome, you'll be wisely applying astute mortgage planning for the benefit of youself & your family!

FINANCIAL TIP !! - Got a checking account you've had for many years? How much do you pay on a monthly basis for a service charge and what "extras" are available to you as no-cost fringe benefits for keeping your money in that particular financial institution?

As you've been writing checks over the years, depositing your paycheck(s), there have been a host of "New" account incentives added of which you may not even be aware! A simple inquiry and possible checking account program change the next time you're at your bank may reward you with free cashiers' checks, travelers' checks, and much more!

FINANCIAL TIP !! - MORE ON IRAs, IRAs, IRAs! Last month we encouranged you to look at your Individual Retirement Account (I.R.A) annual contribution which gives you an I.R.S.-approved tax write-off which could be earning interest now!

WARNING! I.R.A. Distribution Rules, updated in April of this year, are 154 pages long!

TIP #1: You MUST declare your goals correctly on the form which initiates your particular type of I.R.A...and YOUR LAST WILL & TESTAMENT WILL NOT OVERTURN THE FORM! We'll be devoting TIPS throughout 2003 which will assist you in your I.R.A. planning to enable your financial objectives to be met!

FINANCIAL TIP !! - DID YOU KNOW? Your Individual Retirement Account (I.R.A) could be earning interest now! Although you have until tax time to make a standard I.R.A. contribution for 2002, you'll only make interest on the allowed contribution from the date you deposit it! Wise planners are making interest NOW...so give yourself a Christmas gift early and get that contribution in as soon as possible!

FINANCIAL TIP !! - Many insurance carriers have either cancelled earthquake coverage for homeowners or have plans in the works to either eliminate offering earthquake coverage or significantly increase the deductible for such coverage. Give your agent a call! If ever you would require coverage, your experience would be softened greatly by having help in paying for rebuilding or repair!

FINANCIAL TIP !! - ALL of your financial life is beginning to depend on your credit scores on file with the "big 3" credit bureaus! Give us a call to determine where you are in relationship to "good," "better," or "best," scores...we'll help you get to where you want to be!

FINANCIAL TIP !! - RE-ROUTE YOUR HABITS ABOUT SAVINGS! Does your 401(k) get your full attention while you find that your cash-on-hand doesn't cover those small emergencies that occur time to time?

Avoid any 401(k) withdrawal penalties by having a "time-out" with yourself and establishing an Emergency Savings Fund of a few thousand dollars before continuing with your 401(k) savings...then continue with your customary 401(k) savings plan!

FINANCIAL TIP !! - Looking for the LOWEST MORTGAGE PAYMENT AVAILABLE?? Go to THE LEARNING CENTER'S Section 7 or the LUXURY HOME DIVISION's navigational button and check out our
NEW Dynamic LOWEST RATE Interest-Only Program and free up some cash-flow to invest for the future!
Call today to get your free PreQual-Analysis and find out your options!

FINANCIAL TIP !! - Student Loan Rates Slashed!! Sallie Mae (serving 7 million education loans!) announces that, effective July 1, 2002, the repayment rate on Stafford loans will be 4.06! PLUS loans to parents will go from 6.79 to 4.86! Time to refinance those higher rate loans?!

FINANCIAL TIP !!- Don't forget!
Effective this year, the Individual Retirement Account (I.R.A.) contribution amount has increased; you can place up to $3,000 in retirement savings annually...plus $500 more each year if you're age 50 or older!