Today I want to show you mortgage refinancing strategies
that will slash your monthly mortgage loan payment while
making it possible for you to consolidate credit card debt,
establish and fully fund a nest egg that you can tap into
in the event of an emergency, as well as provide you with
more funds for your retirement planning, and still keep
your monthly outlay of cash just about where it is now.
Even though mortgage times are tough for consumers who are
locked into variable rate mortgages in the subprime market,
and it seems as if some institutional lenders may not last
much longer. If you have decent credit this is a perfect
time for you to take advantage of falling interest rates
and mortgage refinancing lenders who are more than willing
to reward you for having a good repayment record.
Even if your credit isn't flawless, mortgage refinancing
right now could be a smart opportunity to maximize your
savings - while getting on top of your expenses.
In a lot of cases right now it may be possible for you to
refinance your current mortgage at about 5%. If you can do
that, chances are pretty good that you'll save a lot of
money - money that you can immediately put to good use.
Here are three categories you can spend some of your
savings on:
-Paying down credit card debt - an extra $100 per month
could take a substantial bite out of your remaining credit
card debt. If you're diligent about applying your monthly
mortgage savings towards that debt, in no time at all you
could be throwing away a credit card that is costing you a
bundle.
-Establishing an emergency fund - many of the financial
gurus recommend having three to six months of living
expenses available to provide a financial cushion in the
event of a financial catastrophe, such as losing a job or
an unanticipated expense like an engine overhaul. The key
to having an emergency fund is to start it. Don't worry so
much about how much you have in that fund to begin with,
because steady monthly deposits will grow that fund and
provide you with emergency cash in case you need it, and
will act as a security blanket to make you feel more
financially comfortable. Having an emergency fund is not
only a good idea, but it will make you feel extremely smart
in the event that you are ever presented with a pink slip
from your employer.
-Statistics show us that Canadians are failing to
adequately prepare for the future, so any additional money
you can sock away into your retirement planning will
prepare you for your golden years. Unless your name is
Lucky, you're really not interested in eating Alpo for
dinner five nights a week; increasing your contributions to
your retirement fund can help prevent this from occurring.
With as little as $300 per month savings from your monthly
mortgage payment, you can very easily boost your retirement
planning goals, consolidate credit card debt and add peace
of mind. Taking advantage of these three smart strategies
will add greater stability to your life. This won't cost
you a dime, because it will be funded completely by your
new monthly savings by mortgage refinancing the smart way.
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Darrin Roseborsky is a Refinance Specialist with OMAC
Mortgages, seminar speaker and president of
HomeRefinanceCoach.com. Darrin shows people how to MAXIMIZE
their equity PROPERLY and how to choose options that make
the MOST SENSE for their situation! An example of exactly
how this works, is at: http://www.homerefinancecoach.com
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