97% Of American Homeowners Overpay Their Lender In Mortgage Interest Every Month.Written by Craig Romero
97% Of American Homeowners Overpay Their Lender In Mortgage Interest Every Month. If you own a home, have just re-financed or are shopping for a mortgage, you’ll be outraged. Housing: Americans across country were shocked to hear of a new poll that states 97% of homeowners here in America are overpaying millions of dollars each month in mortgage interest.The National poll was conducted last month to determine how many homeowners take advantage of prepayment loophole in our mortgage system, which eliminates costly interest overpayments. The shocking results showed only 3% of America’s homeowner population utilize this loophole and take advantage of valuable benefits created by it. When Sean Drover, a Chicago businessman and homeowner found out he was overpaying $217 in mortgage interest every month, he was appalled. “Honestly, I was sick to my stomach when I thought back on all monthly payments I’d made. If I would have known about pre-payment loophole when I first bought my home I could have put all that money into equity instead of my lenders pocket.” The problem lies with what banking industry calls “front loading”. This is when majority of a homeowner’s payment is applied towards interest on loan instead of original amount borrowed. The disturbing fact about front loading is it ensures you’ll pay over three times original amount borrowed. Thus, resulting in enormous profits coming straight out of your pocket and directly into your lenders. … Most people (97%) never stop and take a good look at how damaging system really is. Unfortunately, it’s just way conventional mortgages are structured here in America.
| | Are You Tired, Yet?Written by Joyce C. Lock
Are you tired of having more days at end of month than money? Perhaps you've missed family time due to overtime ~ just to make ends meet. Maybe, your credit card bills are rising, too. Only, Murphy's Laws go into effect about time you'd intended to keep your word and pay on your debt. Suppose you borrowed from Peter to pay Paul, then failed at keeping your word to Peter, too. Exhausting creative ideas to your financial dilemma, end of your rope could be near. Are you ready to give up and admit solution is beyond your control? That would be a really good place to start. Because then, we're ready to look higher for answers. Our enemy is same one it always was. "The thief cometh not, but for to steal, and to kill, and to destroy" (John 10:10) and he can not be dealt with by earthly methods. That's why God gave us 'how-to's', like this one. Owe no man any thing, but to love one another: for he that loveth another hath fulfilled law. Romans 13:8 Are we listening, really listening? Or, are we still in mode of learning everything hard way? If you want answer, pay attention. Owe no man any thing ... Not if car breaks down, furnace goes out, or anything else goes wrong. God isn't kidding. Don't forget that He gets jealous. Your faith, for remainder of your needs, is to be placed in none other than Him. If you have a debt to pay, pay it first and don't make any more debts.
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