Buying your first home is a stressful experience. When the initial excitement of deciding on the perfect neighborhood, finding the best house for your budget, and signing on the dotted line begins to fade, you’re left with coming up with a down payment, signing loan documents, handling inspections, escrow, and the anxiety that comes with packing and moving all of your belongings. It’s easily one of the most stressful times in anyone’s life.

With that said, my husband and I moved into our first home just last summer, and I can honestly say that it was one of the most frustrating and anxiety-inducing experiences that I’ve ever experienced. Now, from this awful experience, I was able to gain some knowledge on the entire process, and I can say that there are things that I would do differently if we had it all to do over again. That’s what I want to share with you today. I want to give you some advice that I wish someone had given me before we went through this entire process.

Ensure you’re working with quality people

Our first real estate agent was a nightmare to work with. She recommended a loan officer who couldn’t get us approved with favorable terms, she didn’t answer phone calls (or return the call in a timely fashion), and she was quick to show us properties that didn’t contain the items on our wish list, or were too far above our agreed upon budget.

It didn’t last long. We ultimately hired a real estate agent who put us in touch with a loan officer who we loved (and would highly recommend), was more than thoughtful about returning calls, and showed us just what we wanted to see without pressuring us to view properties in a separate part of town, or that were above our price range. It was slow going, but she found us the house of our dreams, and for that we’re highly appreciative.

Anticipate hiccups

Nothing goes right when buying a house. Anticipate these issues before they happen, and you’ll find that you’re much more likely to laugh when they do as opposed to stressing out. Oh, and in anticipating thing going wrong, don’t buy a house without hiring (and listening to) a home inspector.

Accept that you can’t have it all

You might not find everything on your wish list in your budget, or you might learn that living just outside of the area that you had initially chose actually makes more financial sense. Unless you have a budge that supports it, you have to understand that — at some point in the process — you’re going to have to compromise. We didn’t get it all, but it’s better than renting.

Hire movers

I wish I had. We looked up the cost of hiring movers to move us out of our condo and into our new home, but ultimately decided that we’d just take a few days off and do it ourselves.

Big mistake. The cost of the movers was only slightly more than the cost of us both taking off work, and we managed to damage more than a few items in the process. In addition, it seems like the entire thing was one big fight. Next time, I’m going to overrule my husband and hire movers to complete the job.

Buying a home is exciting, and although it can be an unimaginably stressful experience, it’s one that I believe we go through for a reason. This new home is where future memories are going to come from, and you don’t get to experience these amazing things, without a little hard work first. Enjoy your new home, and the lessons you learned in obtaining it.

Eliminating Stress When Purchasing Your First Home is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

Home-sharing services such as Airbnb, HomeAway and FlipKey can make renting and turning your home into a money-making vacation rental easy.

The sites hold payments from guests who are renting private rooms or entire homes. All the host has to do is provide a key and then collect payment from the site after check-in, right?

Not so fast. Here are three things that hosts should plan on, whether renting a couch, spare room, in-law suite or their house to visitors:

Know the rules

Cities and counties are regularly updating laws when Airbnb or other services become popular in a town, though sometimes they’re rarely enforced. A loud party at your home by your paid guests may get your neighbors to complain to police, which could quickly lead to enforcement of any laws for short-term rentals.

Some cities, such as New York City, require that rentals of less than 30 days in apartments are only allowed if the host is there.

Check with your city to see if you have to register, get a business license and if it has any rules on short-term rentals.

Taxes and renting

If the rental service you’re using has an agreement with your city, it may collect an occupancy tax from any fees you receive and pay the tax to the city, county and state for you.

If not, you’ll have to figure out how much taxes to collect and report them on your income taxes. If you rent for 15 or more days per year, you’ll have to pay income tax on your rental income also.

You can deduct costs related directly to your rental, such as taxes you pay, advertising and supplies. The IRS offers advice on deducting a portion of expenses for utilities and insurance.

Insurance

Homeowners insurance may cover the occasional paying guest who is injured in your home or starts a fire, but you should get it in writing.

Alert your insurer if you rent out your home often, and if you’re there when guests are staying. The extra risk can cost 25 percent more in your premium, or you can buy an umbrella policy for about $200 per year for liability protection above your regular insurance limits.

Airbnb includes insurance for up to $1 million each in liability and property damage.

To help lessen the chance of guests trashing your home on purpose and causing enough damage to lead to an insurance claim, you can impose a hefty security deposit. That might make your insurance company happier.

What to Know Before Renting Out Your Home is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

Home sellers who have just pulled down the “For Sale” sign from their house and have made a successful sale may think the hard work is over.

It is, for the most part. But a home sale may leave home sellers with some tax questions for a tax professional. Below are some questions that home sellers should ask (with some possible answers), with the caveats that everyone’s tax situation can differ and tax laws change, so seek professional advice.

Deductions to claim from my home sale?

Don’t expect to be able to deduct expenses from fixing up a house to lure buyers. However, significant capital improvements that add to your cost basis for purposes of sale can be deducted.

Can real estate agent commission be written off?

No, not for a personal residence. But it may be added to your basis for the sale as adjustments your tax professional says are OK. Such costs can be subtracted from whatever gain you made on the house.

Do I need a real estate lawyer?

No, legal services can’t be deducted on a tax return. However, if you sold a business or rental property, they can.

Can I write off my tax lawyer and accountant?

Yes. Services for tax advice and preparation can generally be deducted from your taxes.

Deduct mortgage interest if I don’t own the house at tax time?

Yes. Your mortgage can’t be for more than $1 million and is your main or second home. Check form 1089 that is issued by your mortgage provider at the end of the year to see how much interest you’ve paid.

Do I pay taxes on the sales proceeds?

Yes. However, you can avoid paying tax on up to $250,000 of gain, or $500,000for married filing jointly, if you’ve owned and lived in the property for two of the last five years.

Can I avoid paying tax on the gain by putting the proceeds toward a new house?

No. Before 1997 the proceeds from the sale of a home to buy another house could be excluded. Now, the IRS doesn’t care what you do with the proceeds. Ask your tax pro for advice.

What am I missing?

This is the final question you should ask your tax or real estate law professional. Are you missing anything having to do with your taxes this year?

Your taxes revolve around your bigger financial picture. If you have any questions, ask. If you need something explained, ask for help. You’ve hired these professionals to work for you, so let them do it and give them time to ask you any questions.

8 Tax Questions Home Sellers Should Ask is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

Before moving to the desert for my first job as a reporter after graduating from college, I never lived with full-time air conditioning, such as from ActronAir. I didn’t need it. I lived in a temperate climate in the San Francisco Bay Area my entire life, and the homes I lived in didn’t have central air and didn’t need it. A quiet fan or wall air conditioner that was about as loud as a truck and only cooled one room was good enough in the summer.

Other than my stint in the desert, I’ve since lived in the Bay Area my entire life. While jobs and housing prices have forced me to move inland where it’s hotter in the summer than it is by the bay, I thought I could live with only a wall AC unit.

Those 11 months in the desert, however, changed my mind.

A swamp cooler blowing dust

Living in 100-degree days in the dry desert heat will change how you think about a lot of things. Among them are the need to stay hydrated and constantly drink water, the downsides of only being able to afford a rental that has a swamp cooler, and how one day when you can afford it, you vow that you’ll never live in such hot conditions again and will spend every penny you have to have a home completely cooled by central air conditioning.

As a poor newspaper reporter, I could barely afford to rent a small home where the yard was dirt and gravel and the only cooling the home had was a swamp cooler. If you don’t know what a swamp cooler is, consider yourself lucky.

It’s a big metal box on the roof that spins a cylinder inside to blow cool air into a home. Where does the cool air come from on a hot day? From water that runs over the fan. The water isn’t cooled, so it doesn’t blow in much cool air, as advertised.

What it does blow in is dust, which is usually hot and well, dust. It’s not fun.

Sweating my fingertips off

After living in high heat for about nine months, I discovered that I woke up so thirsty in the middle of the night that I had to keep getting up and going to the fridge to get a cold drink of water. Eventually I shortened the trip by putting a cooler of Gatorade next to my bed and drinking from that.

No matter how much I drank during the day, I was still getting dehydrated. How much? Enough that the skin on the tips of my fingers started peeling away from sweating and drying out so much.

I went to a doctor and his advice was simple — leave town. I could take a salt pill to help solve the missing fingertips, he suggested, but essentially the best solution was to move to a cooler climate.

Movin’ on up with air conditioning

So I found a new job and moved back to the Bay Area. While it was cooler, the summers in Tracy, Fairfield, Walnut Creek and Concord — where I moved on to new jobs as a journalist who still couldn’t afford more than an apartment with a wall air conditioning unit — were still plenty hot.

The wall AC units tended to cool the room they were in and not much more. They practically turned the room into a freezer, which is better than blazing hot, but the coolness didn’t get to the back bedroom.

My vow to get central air conditioning wasn’t fulfilled yet. That would require moving to a better apartment or buying a home with central air. I’d done enough renting for a lifetime, so it seemed like it was the right time to buy a house. And only a house with central air conditioning.

That was my main requirement when my wife and I started searching for homes to buy. We found a condo and since it had central air, I agreed that it was a great place and worth the cost.

A year later we outgrew the condo and looked for a house in an older neighborhood. The small homes were built in the 1950s and it was hard to find one with central air. But we did, and that was all I needed to convince me it was the perfect home.

How the Desert Quickly Changed My Thinking on Air Conditioning is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

The 20 percent mortgage down payment rule is all but dead. Still, many home buyers think they need that much or near it to qualify for a home loan.

The average down payment on a home with a mortgage was 11 percent in 2016, according to a report by the National Association of Realtors. For borrowers under age 35, the average down payment was just under 8 percent.

Coming up with any down payment — whether it’s $20,000 for a 10 percent down payment on a $200,000 loan, or less, — can be difficult.

Some home buyers may consider getting the money from a source where they may have a lot of money stashed away — their 401(k) retirement plan. Borrowing against the balance of an employer-sponsored retirement account is an option in 53 percent of 401(k) plans, according to the Employee Benefits Research Institute.

Up to half of an account balance or $50,000, whichever is smaller, can be borrowed in a 401(k) loan. A credit check isn’t needed for approval. Interest rates are usually low, about two points above the prime rate.

Borrowing from yourself for down payment

The loan must be repaid, with interest, in monthly or quarterly installments. The full loan must typically be repaid within five years, though it can be extended if used for a down payment on a primary residence. You’re essentially paying yourself in principal and interest, instead of a bank.

If a payment isn’t made within 90 days, the amount borrowed is considered a distribution from the retirement account and is taxed as income. If you’re under age 59-1/2, you’ll also pay a 10 percent early withdrawal penalty.

If you quit or lose your job before the loan is repaid, you must pay the outstanding balance within 60 days.

Down payment can lower compounding interest

In the long term, a 401(k) loan leaves you losing out on compounding interest on the money you’ve borrowed. Also, people with such loans have been found to decrease or stop contributing to their retirement account during the years they’re repaying it. All of this can hurt your retirement fund balance.

A 401(k) loan should probably be your last option for coming up with a down payment for a home. Even if your retirement plan allows it, there are other options such as grants and other financial assistance programs through various housing agencies that are better alternatives.

But if a 401(k) loan is something you think you can repay within a few years, and you don’t have better options, then it may be worth exploring.

Why You Don’t Want to Borrow From 401(k) for Home Down Payment is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

Renters insurance is relatively inexpensive, costing between $15 and $30 per month, according to the National Association of Insurance Commissioners. For less than $1 per day, renters can protect all of their possessions and not be held liable for an accident in their rental home.

But even the most miserly renters can save on renters insurance by adding safety features to the property they’re renting. Here are four upgrades insurers may offer discounts for:

Smoke detectors

Landlords should already have smoke detectors installed in rental units. Most states require them by law, so if your rental doesn’t have them, ask your landlord to buy smoke detectors and install them.

Smoke detectors alert you to a fire quicker, hopefully giving you time to get outside to a safer location or to possibly put out the fire quickly and minimize property damage.

Three out of five home fire deaths are from fires in properties without working smoke alarms, and 37 percent are from fires where no smoke alarm was present. The risk of dying in a home fire is cut in half when a smoke alarm is working.

Fire extinguishers

Insurers may also offer discounts for having a fire extinguisher that’s working. One in a kitchen can keep a stovetop fire from spreading to your other possessions.

They should be checked monthly to ensure they’re working, and the extinguisher should be easy to get to and not blocked in a closet by coats or anything else.

Deadbolts for saving on renters insurance

If a burglar tries to pick the locks on your doors, a deadbolt can add an extra line of defense for a few dollars.

The high volume of foot traffic in apartment complexes can increase the chances of a break-in. Add deadbolts to front, back and side doors.

Security system

A home security system can be as expensive as you want to make it. You can hire a professional alarm company to install a burglar alarm and other forms of surveillance, or you can install video cameras yourself.

An around-the-clock security system can alert tenants and police to harm and can prevent the loss of your property.

Whatever upgrades your considering adding, first discuss them with your landlord and point out that not only will you save you money on renters insurance, but they’ll likely save money on homeowners insurance for the property for having the extra safety measures.

4 Upgrades to Save on Renters Insurance is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

If you want to get a second mortgage so you can make renovations to your home, it can be difficult if you have poor credit. Still, there are mortgage refinance options out there.

A second mortgage can use a home’s equity as collateral for a second home loan, allowing up to 80 percent of a home’s value to be borrowed. However, getting a second mortgage through a home equity loan or line of credit can be difficult if you don’t a credit score of 680 or better.

While high home equity will make a second mortgage less risky and may compensate for poor credit, there are other mortgage refinance options. Here are a few:

Cash-out mortgage refinance

Instead of an additional loan on your home, your loan and the cash you need is refinanced into one loan with one loan payment.

Even if you have bad credit, a cash-out refi is less risky for the lender because it doesn’t involve a second loan. With a second mortgage, the second lender is second in line to get paid if a lien is ever put on the home.

Streamline refinance

Some government home loans offer what’s called a streamline refinance that offer a lower mortgage rate. FHA and VA home loans, for example, allow borrowers to refinance into a lower rate and payment without a credit check, income or employment verification, or property appraisal.

It also doesn’t matter if you how little home equity you have or if you’re underwater on your mortgage.

For borrowers with a VA loan or FHA mortgage in good standing, refinancing a loan through the federal government is so streamlined that it’s almost automatic. The underwriting process is simplified enough to allow a refinance to happen based largely on if you’ve stayed current on your mortgage payments.

HARP refinance

The Home Affordable Refinance Program, or HARP, was created in 2009 to help people who were underwater on their mortgage refinance into a lower rate. Without it, the fear was that people who owed more on their home than the home was worth would walk away from the loan and lose their home.

The federal program is set to expire at the end of 2018, though it may be extended.

Improve your credit score

If a poor credit score prevents you from getting a second mortgage, the simple solution is to improve your credit score. While not easy and usually not fast, here are the best ways to increase a credit score within a month or so to improve your chances for a mortgage refinance:

• Pay off your credit card balances.
• Pay your bills on time.
• Remove or pay off collection accounts.
• Get added as an authorized user.
• Don’t apply for new credit.
• Dispute negative accounts with the credit bureaus.

Mortgage Refinance Options if You Have Bad Credit is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

If you aren’t sure what this means, flipping a house is basically investing in a house, fixing it up as quickly as possible, and selling it to reap a profit. But, can you start flipping houses as a side hustle?

Research Flipping Houses

First things first, know what you are getting yourself into. Flipping houses can be a lot of work. While it can make a great side hustle, sometimes it’s going to take working long hours on the weekends and after your full-time job.

You’ll have to understand the ins and outs of real estate, understanding the costs and how things can add up, negotiation strategies, and more. Flipping houses isn’t for the faint of heart, but knowing what you’re getting yourself into can save headaches down the road.

Have Cash (or Know Someone Who Does)

If you’re struggling to pay your bills or save money, flipping houses is not for you. In fact, I only recommend this side hustle if you can put some money upfront for a house and the repairs, or if you can find an investor willing to work with you.

If you choose the latter, make sure you have a contract in place and that everyone understands their roles and duties. Remember to talk profit percentages. Who gets what, and when? Whos job is it to sell the home? Asking questions like these will make sure everyone is on the same page.

If you choose to buy the homes yourself, understand that trying to finance a home for the purpose to flip requires jumping through a lot of hoops. It may be easier to pay for the home in cash and then getting a loan for the repairs (if needed).

Have Help

If you’re flipping houses a side hustle, it’s important to hire help. It will be hard buying, renovating, and trying to sell a home all by yourself. Outsourcing certain jobs, like landscaping, roofing, etc can save you time and energy. Many people who flip homes as a side hustle generally work with a contractor, but that’s a whole other story.

Once the home is ready to be sold, you can hire a real estate agent, or at least have someone come in and give you the renovated home’s value and comps in the area.

Understand Taxes on Flipping Houses

A lot of house flippers talk about taxes, and you should be wary of them and understand them if you want to flip houses as a side hustle. Sometimes, you can get away with being taxed less. For example, if you work a full-time job, flipping a home may not be considered as part of your regular income. Also, after doing some research, I’ve found that some people “hold” their flipped properties to save on taxes.

It’s important to know the local, state, and federal laws in your area when flipping houses. Take the time to read through each piece of info. Ask lawyers and tax professionals the questions you need to. Take the time to understand the tax information now, so you aren’t regretting it later.

Know Your Timeframes

You have to understand that being a part-time house flipper isn’t going to be as quick and easy as doing it full time. You won’t be able to flip a home in 3 weeks, no matter how hard you try. Instead, set reasonable deadlines. If you are working with a contractor or any hired help, make sure they have reasonable deadlines as well.

If you have to, set up a schedule based on when things need to be accomplished. But, don’t beat yourself up if things don’t go according to plan. Renovating a home takes time. A lot of time. Even the most experienced flippers come across things that take longer than expected. So just be aware of what’s going on.

Don’t Base Changes On Emotions

Always remember that if you are flipping a home to sell, you are NOT the homeowner. You’re an investor. Don’t choose a paint color because it makes you feel good. Choose a neutral color that will suck in possible buyers. Don’t renovate the bathroom to look like yours. Renovate the bathroom to fit what a buyer would want.

By taking your emotions out of the equation, you’ll be able to flip houses much more quickly and easily, plus you’ll save yourself some headache on trying to reason with a buyer on why you choose hot pink carpet.

Flipping homes can be a lucrative, time-consuming, and even fun side hustle. These are just a few tips to start you off on what may because one of the best side hustles you’ve ever done.

Flipping Houses as a Side Hustle is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

While many people choose to rent instead, you can still afford a house when you’re broke. Here are a few steps to take if you want to own your own home.

Weigh Your Options

If you live in an area that buying a house is cheaper than renting (even factoring in insurance and repairs), it may be your best option to buy a home instead of rent. When trying to afford a house when you’re broke, you may think that moving is expensive, but it doesn’t have to be.

Some expenses may come up in your first few months of owning a home, but that is to be expected. Think about it this way: If you typically rent for $1,500 a month and you buy a home that only costs $800 a month, you are already saving $700 every single month. If something breaks down, and it costs $500 to fix, you still get ahead by $200 by having your own home.

Now, owning a home isn’t always cheaper, so it’s best to weigh your options. However, in many areas, including my own, owning a home tends to fare better than renting.

Look Into Assistance to Afford a House

Every state has home buying programs that can help you afford a house when you’re broke. While the assistance varies from state to state, it’s still worth it to look into what yours offers. Some will help you secure a loan as a first-time home buyer, even if you are low-income.

Some states even offer grants to move into less desirable areas or moving into more deserted places. It’s best to look into these programs to see what you qualify for, you may be able to get your home for a lot cheaper than you first thought.

Choose The Right Loan

All conventional mortgages require a 20% down payment. But other loans such as VA (military) loans and FHA loans require no money down or as little as 3.5%. If you don’t have a 20% down payment, there is still hope to afford a house when you’re broke.

In some cases, an FHA loan may not be the best option. With an FHA loan, you will be paying at least .85% of your loan in mortgage insurance every single year. That only goes away when you refinance or:

1. Have at least 20% of equity in our home; or
2. Paid at least 20% of mortgage payments

While conventional loans may have higher interest rates, you can avoid PMI fees.

Location Can Make A Difference

If you are looking for a home in an affluent neighborhood, chances are that it’s going to cost you. You may have to settle for less or pay hefty fees. Instead, try looking in neighborhoods that have fixer uppers, or are a little more affordable.

This doesn’t mean you have to sacrifice your safety, but it does give you a little more flexibility and opportunity to afford a house when you’re broke.

Lower Your Loan

Even with the economy and recession, many Americans are still qualifying for loans way above their means. While this may seem like a great thing at first, instead you will be getting a home that you can’t afford.

To make sure that you can afford a house when you’re broke, try using an online calculator to see what payments would work best for you, and keep your loan in that amount. And remember, you don’t have to take all of the money that the bank offers you.

Cut Unnecessary Spending

If you can’t afford a 20% down payment on your home, and won’t have extra cash in your budget to prepare for emergencies, it’s time to cut back on your expenses.

Try living frugally, like making your own food at home vs. going out to eat, or cutting down on expenses like your phone bill. To be able to afford a house when you’re broke, you’ll have to make a few sacrifices in other areas.

Be Happy With Your New Home

When you are trying to afford a house when you’re broke, you may have to make a few sacrifices on your first home. You may not get all that you wanted on your wish list, but that’s okay.

Everyone starts somewhere, and you can always get a bigger and better home later down the road. But for now, be satisfied with what you have.

It’s not impossible to afford a house when you’re broke. It just takes some careful planning, research, and savings. A home is a great thing to have.

How To Afford A House When You’re Broke is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

Wait, what!  Save money on a loan?  That’s right.  I bet you didn’t know that you could save money on the loans you have.  Sure, one simple answer is to look for the lowest interest rate. But in the days of the internet, it has become harder for lenders to charge more than the market rate for the privilege of using their money. 

Take, for example, your average mortgage.  Let’s say it is for $200,000 and is on a 30-year fixed rate loan of 6 percent. Based on that the monthly payment is $1,199 or a total payment of $431,640 over the life of the loan.   You got it right, the bank will charge you more than double what your original loan was for if you keep the loan for the entire 30-years. 

OK, enough with the depressing news, let’s see how you can save some money.

Extra Payments

Now you know how much your loan costs why would you be content with making the minimum payment every month.  Instead, you want to put together a plan to make at least one extra payment per year.

These payments will automatically be applied to the principal balance on your loan and this will help you to not only pay down the loan by eliminate some of the interest payable.  If you think this sounds too good to be true then check out the math for yourself. 

Based on the payment schedule mentioned earlier one additional payment per year will help you to save more than $45,000 and will cut nearly five years off the life of the loan – talk about saving.

Bi-Weekly Payments

You might have assumed that you can only make monthly payments on your loan but this isn’t the case.  Besides making extra payments another option is to ask your bank to put you on a bi-weekly payment schedule. 

Doing so will cut the total payment amount in half and this will make it easier to manage from a cash flow perspective.  In addition, you are reducing to total amount of time which the interest can compound and this will result in additional savings.

Shop Around for Mortgage Insurance

This is something else that most people don’t know but you can shop around for mortgage insurance.  In this way, you can find a policy which might be as much as 20 percent less than what you are paying now. 

However, you don’t want to take those savings and run to the casino, instead use the money to accelerate the payments on your mortgage.  Even if you only save $100 per month that is the cost of another additional mortgage payment every year and if you can do this AND make the additional payment as mentioned above, then you can save close to $94,000 and reduce the life of your mortgage by 10 years.

Property Taxes

This is something else which most people take at face value but in most places, you can ask to have your home reassessed, especially if the property values in your community went down over the last year. 

By doing so you can lower the cost of your property taxes in absolute terms and this will give you extra money to put towards your mortgage.

Hit the Reset Button

Ok, many lenders won’t be willing to do this but in some cases, you can ask to have your mortgage reset, especially if you regularly make large payments. 

This will recalculate the payment over the remaining time that is left on the loan and this could result in further savings.

Hit the Pause Button

While the other tips were geared for borrowers of all ages, this one is for older borrowers who can use the equity in your home to pay off their existing mortgage and then take the money they saved to invest for their retirement.

This is called a reverse mortgage and has become a more popular option in recent years.  If you want to learn more about reverse mortgages, then check out this state by state listing of vendors.

There you have it, six ways to save money on your loan.  Check them out for yourself as the money saved will help you to achieve financial freedom.

How to Achieve Financial Freedom is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.