One Good Way to Find Free Money and Mortgages

May 6, 2012 by  Filed under: Loans 


If you are tired of making lifestyle changes to accommodate your savings plans then read on. These ideas lead you to prime places to look for money that’s already rightfully yours.

Some people see little point in changing their ways to save a quick $5 or $10. These same people find it difficult to believe such small amounts can actually make a significant difference to their bottom line. They’d much rather indulge in a little daily luxury, like enjoying a cup of espresso each day, then tighten their belts for what they see as measly savings.

For all the spendthrifts at heart, here are some concrete ways to save on things you are already paying for. No need to change your lifestyle or habits in the least. Think of it as money that you are already overpaying to others.

Step up to the plate and claim your free money!

Your mortgage. Your biggest savings potential here is to get rid of PMI, or private mortgage insurance. PMI protects the lender should you default on your loan. You’re obligated to pay this so long as your equity remains below 20%, but once you cross that magic threshold, you should ask your lender to drop the fee.

The law actually says your lender must drop the fee once your equity crosses 22%, provided you have a conventional loan originated or refinanced after July 29, 1999 and you have a good payment history. However, if you have an older loan, you could be paying this unnecessarily without realizing it.

Depending on the size of your mortgage, this could be adding hundreds of dollars to your mortgage cost annually. Look into this, today.

Make the most of your current resources

Begin by using what you have. Paying for Internet access already? E-mail can be a great way to cut your long-distance telephone costs. It may not be a substitute for your weekly heart-to-hearts with Dad, but it probably should substitute for the “when can we get together again?” calls. Why spend precious money leaving voice mail?

Take the time to get rid of what you don’t use. If you’re not using it, you won’t miss it when it’s gone. Donate all unwanted items for a tax deduction, have a garage sale or sell them on eBay. If you have to come up with money for a storage unit for all that stuff, it’s time to eliminate that debt.

Pay attention to potential income

Perhaps you have had a hobby for years but have never considered it as a money earner. Take a good look at it now. If you love to scrapbook, consider putting an ad in the paper to teach others how to do the same. At the same time, establish a Web page where others can sign up to learn your craft online.

Could you have old money just waiting to be claimed? Perhaps, you made a move and forgot about an old bank account. There are plenty of free sites that list people who are owed money by insurance companies, banks and utilities. Try MissingMoney and CashUnclaimed.

Ask for a deal

It’s that time again when you need to go out and buy a big-ticket item. You know by now to shop around for the best price but are you prepared to ask for a deal. Next time you have your heart set on that ruby ring and you are prepared to drop 3K to make the purchase, stop and think about haggling that price a bit. Don’t just assume because you are at a finer jewelry store that the price will be carved in stone. Ask. It never hurts to ask.

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