Shorter Term - More Savings

Whether you’re refinancing your current home or buying a new one, something worth considering is a 15-year loan rather than a 30-year term. The payments will be a little higher but you’ll get a lower interest rate and you’ll build equity much faster.

Let’s look at an example of a $300,000 mortgage with the choice of a 30-year term with a 3.92% rate compared to a 15-year term with a 3.2% rate. The payments would be $682.28 higher on the shorter term but the equity would be considerably higher even after you adjust for the higher payments.

Another benefit is that the shorter-term loan creates a forced savings situation where the savings on longer term loan might end up being spent rather than being saved and invested.  A conscious decision to pay more in payments could pay big dividends in the future.

Home Safe Home

Home is a place you should feel safe and secure. Sometimes, we take it for granted and unfortunately, we do need to remain vigilant about things we do that could compromise our safety. Here are a few tips to consider:

• Everyone loves an inviting home including burglars. Make sure it looks occupied and is difficult to break in.
  • Always lock outside doors and windows even if you’re only gone for a brief time.
  • Lock gates and fences.
  • Leave lights on when you leave; consider timers to automatically control the lights.
  • Keep your garage door closed even when you’re home; don’t tempt thieves with what you have in your garage.
  • Suspend your mail and newspaper delivery when you’re out of town or get a neighbor to pick it up for you.
• Posting that you’re out of town or away from home on social networks is like advertising your home is unprotected.
• Equally dangerous could be allowing certain social network sites to track your location.
• Don’t leave keys under doormats, in flowerpots or the plastic rocks; thieves know about those hiding places and even more than you can think.
• Trim the shrubs from around your home; don’t give criminals a place to hide.
• Use exterior motion detectors and yard lighting.
• Have an alarm system and use it when you leave home and go to bed.
• Put 3 ½” deck screws in door plates and door hinges.
• Have good deadbolts on all exterior doors.
• Exterior doors should be solid core.

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