8 Magic Mortgage Tricks For The New Year

The holidays are behind us and the new year is in full swing, so it’s a great time to make the most of your existing mortgage – or the one you hope to have.

Here are 8 tips to help you save money, renovate your space or buy a new home.


  • Renovate your home by accessing equity with a Federal Housing Administration (FHA) 203k rehabilitation loan. Homeowners with an FHA mortgage are able use funds for approved repairs or upgrades.

  • Save money by refinancing your mortgage to a lower rate or shorter-term loan. In addition to paying less interest overall, if refinancing reduces your principal balance to 80% or less, you may also be able to eliminate PMI.
  • Pay your mortgage down faster by implementing one of three simple strategies. Read about them here.

Make the most of your money by buying off-season. Although it’s common knowledge that spring is a hot time for real estate, you can sometimes negotiate a better price during winter months.


  • Begin saving for a down payment by making 7 small changes, such as brown-bagging it to work.

  • Buy a home even if you don’t have a down payment or have limited funds available. Some financing options, including Federal Housing Administration (FHA) loans, don’t require a large down payment.
  • Ask if you qualify for no down payment USDA loan. Some borrowers are surprised to realize that you don’t need to purchase a farm in order to take advantage of a United States Department of Agriculture Rural Loan program. Many small towns, as well as suburbs of major cities, fall within the USDA definition of “rural.”

  • Borrow bigger – but only if you can afford it. The Federal Housing Finance Agency (FHFA) has announced an increased borrowing limit for conforming loans. However, it’s wise to not acquire a mortgage that will cause cash flow problems down the road.

Fortunately, buying a home or refinancing doesn’t take magic. It just takes a bit of time, research and good financial habits. Now is the perfect time to get started!




Top Broker Channels. Rep. no. 6M2016. Inside Mortgage Finance, June. 2016. Web. 15 Sept. 2016.

“The 2013 Inc. 5000.” The 2013 Inc. 5000., Aug. 2013. Web. 18 Mar. 2015.
“The 2014 Inc. 5000.” The 2014 Inc. 5000., Aug. 2014. Web. 18 Mar. 2015.
“The 2015 Inc. 5000.” The 2015 Inc. 5000., Aug. 2015. Web. 18 Aug. 2015.

- By Janelle Sabin, Jan 15, 2017