Savings and Loan

Half of mortgage loans in United States are made by local savings and loans. If you belong to one, be sure to check their rates—they’re likely very good.

Government Loans

A lot of people falsely believe that government is in business of making mortgage loans—they’re not. But they do “back” certain loans, which make lenders more apt to extend them. For best information on government backed loans, talk to your local banker.

There are also many mortgage companies online that can help you find direct mortgage lenders and home loan brokers that will best suit your needs. This is a quick way to find a good mortgage loan and compare rates and offers from multiple lenders. When lenders compete for your business, it works to your advantage. To view our list of these recommended online mortgage companies, visit this page: Recommended Online Home Mortgage Lenders.

Savings – Seeing Big Picture

If you could save 20 percent of your salary each month, imagine what that would mean in real financial terms. For example, if you earn 2000 dollars per month and you saved 20 percent or 400 dollars out of every pay cheque, after 12 months you will have saved 4800 dollars! Regularly saving this amount of money would give you financial freedom to take advantage of more of life’s opportunities. You could plan special holiday you have always wanted to go on, buy car that you have been dreaming about for years, or help put a child through college. When it comes to life’s challenges, having a lump sum put away could help you pay for private medical care or deal with an expensive plumbing problem in home, all without having to turn to bank for a loan and getting into debt.

How Can it Be Done?

As we have already seen, knowing exactly where your money is going is starting point. Next, start thinking about big things you could achieve with some money in bank. Some people compensate themselves for not having what they really want, by making many frequent small purchases and getting a temporary “feel good” sensation afterwards. Rather than satisfying yourself with small purchases, such as new clothes and CDs every week or always buying latest mobile phone, think about how much more satisfying it would be to save up and buy or do something special, which you previously thought was out of your reach, but is achievable with a little effort.