Choosing a Mortgage

Saving For The American Dream

One of the most important tips for how to get pre-approved for a mortgage is to know the difference between a pre-approval letter and a pre-qualification letter. You need the former to show that you are approved, not just looked upon favorably assuming you pass credit checks, etc. Remember that mortgage brokers aren't lenders. A mortgage broker may write you a pre-approval letter without receiving lender underwriting approval beforehand. If you have a bad credit history, have borrowed your down payment money or have short-term employment, make sure your mortgage broker has added a lender's underwriter review to your package before issuing a pre-approval letter.

One easy way to save toward your future is to actually get rewared for the money you already spend. Did you know your everyday purchases and big ticket purchases like a home loan can earn toward a big cash payout of up to $1 Million? Find out how to earn big money with uTANGO.

Perhaps you are a homeowner who wants to save money, but can't pay off debts, can't afford to refinance your home or afford the costs of taking a home equity loan. If this applies to you, here are a couple of simple suggestions for how to save money on a mortgage:

• Pay your monthly payments a little earlier every month.
• Pay just a little more.

By doing either or both of these things consistently, you can conceivably pay off your mortgage sooner and save thousands in interest payments!

There are basically two types of mortgages:

Fixed-rate mortgages hold a set interest rate for the life of the loan. Monthly principal and interest payments remain constant, with the portion of each payment allocated to principal increases over time.

Adjustable-rate mortgages start lower than their fixed-rate cousins but their interest rates can go higher or lower during the length of the loan.

So how do you know how to pick the right mortgage? If you intend to stay in your home for many years, then a fixed-rate mortgage will give you the best rate. However, if this is “starter home” for you and you plan to move again in 3-5 years, then low points and closing costs become more important than getting the absolute lowest available rate.

About uTANGO

uTANGO is a new kind of reward program specifically for singles, engaged couples, and newlyweds (married less than 3 years). The program is FREE and allows you to earn Points toward Annual Cash Rewards up to $800 and Life-Stage Cash Rewards up to $1 million for your future.* It's easy - just enroll, then make all of your online purchases through any of nearly 300 uTANGO merchants and watch the Points add up!

To accelerate your Point earnings, get the uTANGO LifeStage Rewards VISA® Credit Card! Card holders will earn an extra two (2) Points per dollar spent online or offline at over 300 program merchants and one (1) Point per dollar spent anywhere Visa is accepted.

Receive 10,000 Bonus Points…and a $10 Gift Card from one of these merchants; Home Depot, Target or Starbucks when you spend $100 with your uTANGO Visa card! Click here to apply for the uTANGO LifeStage Rewards Visa Card