1. Make all offers to purchase "subject to an independent appraisal,
meeting or exceeding the agreed offer to purchase price."
An independent appraisal will ensure that you and your family are not paying too
much when buying a new home. For example, if you overpay by as little as $3,000
for your new home, with a 7.75% interest rate, financed over 25 years, you will actually
be overpaying by $6,725.89. You work hard for your money, protect your investment
and have an independent appraisal completed.
2. Accelerated Bi-weekly Payments - The chart below illustrates the benefits of accelerated bi-weekly payments which when chosen over monthly payments will amount to a savings of $29,420.61 over the life of the mortgage.
Samples
| Original Principal |
$100,000 |
$100,000 |
|
| Interest Rate |
7.75% |
7.75% |
|
| Amortization Period |
25 years |
25 years |
|
| Payments |
Monthly |
Bi-weekly |
|
| Amount |
$747.32 |
373.66 |
|
| Cost of Borrowing |
$124,196.30 |
$94,775.70 |
$29,420.61 Savings |
|
Mortgage Savings Tips