Invest your payment savings in something else – This could open up opportunities for you if you could invest in real estate, stock market or another investment when you use extra $500-1000+ a month you free up from your property payment. Pay off debt with your payment savings – You can use payment savings to pay off other debt.

Have security and options in your mortgage loan – The main benefit to this type of loan is security of a mortgage payment that you control. You decide at any time what kind of a mortgage you want. If all goes well in your future, you have freedom to pay your 30 year loan into a 15 year loan without even consulting another mortgage broker. Get more home for your money – You can qualify for more home with these low payment options.

Who Can Qualify? Qualifying for this loan is basically same as any other loan, it is based on credit, equity & assets, if you are strong in 1 of these or 2 of these, you could probably qualify and with lowest rate possible.

What if I want to take out a stated income loan? “Stated Income” or “No income/assets” loans are possible with this Option One Loan.

These are just general guidelines and information about this type of loan. You will want to discuss all of these details with your broker or lender before you actually complete loan. These factors may vary with each individual lender. Many lenders do not offer their customers this type of loan. If you are seeking an option one or option ARM loan, you will need to talk to your broker about it or find a broker that can do this type of loan. To see our recommended lenders for this type of loan. Visit here: Option One Mortgage Lenders.

Conversely, if you do decided to change insurers a proof of prior insurance discount may apply. Most insurers request at least 6 months of consecutive insurance from previous insurer. If you are a full-time student who meets certain grade requirements and are unmarried and usually under 25 years of age (some states age is 21) you could be eligible for a good student discount. If you own a home, including condominium, town home, or mobile home, which is used as a principal residence, a discount could apply. Military personnel either currently active or retired from any branch of US military a discount could apply. If your vehicle is equipped with an anti-theft device, a discount could apply.

You could lower cost of your car insurance in other ways as well.

For people who own older cars, it may not be necessary or cost-effective to protect them with collision and comprehensive coverage. By comparing book value of your vehicle and premium that insurer has offered, you may find that it cost as much for insurance as it does for vehicle. If car is worth less than $2,000, you will probably spend more insuring it than it is worth. The whole idea of driving an older car is to save money, so why not get what is coming to you.

In addition, keep in mind that type of vehicle you buy could greatly affect your premium. A flashy red sports car is usually going to cost more to insure than a mid sized sedan. This is also true of vehicles that are on list of most stolen. There are many ways that policyholders can save on their insurance. Knowing more about auto policies and premiums can help consumers take advantage of less obvious discounts while ensuring that they have appropriate protection for their vehicles. The last way to save is to assume more risk. If you chose higher deductible on your Personal Injury Protection or Comprehensive and collision coverage will lower your premium as well. The deductible is amount of money you have to pay before your insurance company begins paying rest.

Understanding how discounts affect your car insurance rates is important to save you money.