Since the start of this year, my wife and I are thinking to refinance our house which we loaned from a bank for 10 years. Our interest rate for the first 5 years was fixed at 10.5% which ended this month of February 2010. The reason we’re planning to refinance our housing loans is because there’s a lot of banks offering a much lower interest.

We actually set aside some of our savings for various fees such as processing fee, documentary stamp, notarial and other fees the other bank will impose.  Until we received a letter today from our current bank stating that they reduced our monthly amortization to 9.50% per annum. This is indeed a good news for us. We don’t have to shell out any money to pay for the fees I’ve mentioned, and no need for us to fill-up new documents too which I really hate doing.

Have you refinanced your home loan? Or do you have any idea on what it’s all about?

Home refinance in other terms can be called refunding on the same property. Home loan refinances are taken up usually to repay the first home loan and continue the second loan with a favorable rate of interest. A home loan refinance always lowers down the interest rate from the prevalent interest rates. This profitable home loan refinance rate can be the biggest reason to refinance your home loan. There also can be various other different requirements for taking up a second loan or a refinance.

Reasons to obtain a Home Loan Refinance Read the rest of this entry

This is the third and last series on Think and Act Rich. If you haven’t read the previous articles, here are the links:

1. Think and Act Rich – It is what you choose to think, and act upon, that produces the money you want. What you think will be, will be.

2. Control Your Expenses – It’s living “below” your means and not “within”.

And here’s our last post for this series:

Many people think that rich people are selfish, that’s why they have lots of money at hand. This may be true in some cases; however, there are a lot more individuals who are wealthy because they know how to give.

When you give something from your heart without expecting anything in return, you release a powerful force that will trigger your good deed to “bounce” back to you in amazing, and sometimes unusual ways.

Whenever possible, be generous in giving to others. You will notice that what you receive, or the return, will be more than what you give. As humans, we have the tendency to reciprocate what we receive. But don’t give for the sake of expecting something in return. Read the rest of this entry

When I was still young, I used to hear the expression: “Live within your means.” I think nowadays, we need to correct this expression by changing “within” to “below.” These days, if we work for somebody or for a corporation, we need to set aside some savings which we can use for a “rainy day.”

There is never enough savings, that is why we sometimes find a second job. And this is the reason why we want to improve our lives financially, by getting off the “rat race” and achieving financial freedom.

Sometimes, we have the uncontrollable habit of buying things we don’t actually need, especially when items are “on sale.” We stock up on things that are “on sale” thinking that we are saving. At first thought, it seems we are, but on second thought, we are actually losing. Foodstuffs get spoiled. Clothes go out of fashion. Appliances’ warranties expire even before they are used. Sometimes, they become defective due to prolonged storage. And new models are introduced which makes what you have on hand, obsolete or phased out. This might probably be the reason why they are “on sale.” Read the rest of this entry

Always keep in mind that you can attract as much money as you desire by knowing that it is all in the mind. It is what you choose to think, and act upon, that produces the money you want. What you think will be, will be.

Feel Rich and Be Grateful

What I am about to tell you is a simple yet very powerful way of attracting wealth and prosperity in your life.

First, imagine what life would be like if you are rich.

Don’t just see it. Feel it as if you’re already experiencing the luxuries and lifestyle of the rich. Do you see yourself driving your dream car? What model and color is it? Touch the seat and feel its soft texture. Open the car radio and listen to your favorite music. Experience the joy of driving it towards your favorite place.

Maybe you could visualize a house. How many rooms does it have? Take a relaxing soak in the bath tub. Smell the food aroma coming out from the large kitchen. Play sports in your own private gym.

The important thing here is to believe that you are already rich.

Now doesn’t that feel good? By doing this exercise, you are unleashing the powers of your subconscious and directing it to give you what you’re dreaming of.

But it doesn’t end there. To make this even more effective, breathe slowly while still hanging on to this wonderful feeling of being rich, and say a small thanks to God, or to a Higher Power.

By being grateful, you are commanding the Powers of the Universe to work in your favor. You are confirming that you are graciously accepting your blessings.

Try it out. Believe and feel that you are already wealthy, and be thankful for it. You will be astounded by the results.

This an invitation which I received the other day. The speaker, Antonio Miguel J. Sanchez, let me share this invitation to all KayaMoPinoy readers. Below is the email which I’ve copied verbatim.

The invitation starts here:

Attention: Human Resources Manager
Subject: Free Financial Planning Seminar
Dear Sir/Madam:

Greetings!

We believe that it is every employee’s aspiration to be financially independent in life! However, studies have shown that only 1 out of 10 Filipinos are actually saving for their financial future.

As such, we strongly believe in the paramount value of saving and investing as a financial tool to have a secured future for yourself and your loved ones. And, it is for this purpose that we are reaching out to you for an opportunity, which you might consider worthy of your time.

For more than 114 years now, Sun Life Financial-Philippines, one of the leading financial services companies in the country today, has remained steadfast in its mission to provide financial freedom to every Filipino family. The company has well-trained Financial Planners to herald the good news about the benefits of planning ahead to cushion the impact of life’s uncertainties.

It is in this light that we would like to offer a FREE SEMINAR on FINANCIAL PLANNING to your company employees for the purpose of educating them on the importance of saving and investing for the future.

This seminar and workshop aims to:
(1) Educate employees on the basics of Wealth Management through financial planning to enable them to effectively manage their finances; Read the rest of this entry

Our house is currently mortgaged for 10 years. By February of next year it’s already our fifth year. My wife and I are planning to refinance our mortgage if the interest is lower than the current one we have. We’re also planning to expand our house by taking additional loan, but that’s another topic to discussed in the future.

Advantages of Mortgage Refinancing

There are many advantages to having your mortgage refinanced.  Of course, the most important and obvious reason is the lower rate you’ll enjoy.  When applied at the right time and opportunity, having a mortgage refinanced can save you a lot in the long run.  However, since timing plays a crucial role in refinancing, it’s important that you understand the factors that can affect how successfully you can take advantage of it.  So how soon can a mortgage be refinanced and should you?

The right time
Getting a mortgage is not for sissies.  Read the rest of this entry

In some cases, bad credit is a result of irresponsible money management. But it often occurs because of unexpected financial hardship. One day you might have all of your bills current, and the next you could become disabled or lose your job. And if you fall behind on your debts, it will wreak havoc on your credit rating.

Raise Your Credit Score

Credit repair agencies claim that they can remove bad entries from your credit report. But did you know that you can often have them removed yourself at a much lower cost?

There are two methods by which you may be able to get negative entries removed from your report. Read the rest of this entry

Living on a budget is the key to financial freedom, but getting started can be frustrating. When we look at our expenses and see all of those bills we’re paying every month, it’s easy to throw our hands up in disgust. But what about all those little expenses we incur? You might be surprised to find out just how much they amount to.

It’s easy to dismiss cutting back on little things. A few pesos (dollars) a month won’t make a significant difference in the big picture. But a few pesos(dollars) here and a few pesos(dollars) there adds up to a few more pesos(dollars). When you cut back in a lot of small ways, you could end up with a lot more money at the end of the month.

Waste Not, Want Not

One thing we can do that is good for the budget is stop wasting so much. This can apply to many areas in our lives. From eating to home heating, waste equals money going down the drain unnecessarily.

Cooking for the family instead of eating takeout or dining out is a great way to save money. But if you’re throwing food out, the benefit is reduced. So if you have leftovers, don’t let them end up in the trash. Some dishes freeze well, and this makes for easy dinners when you don’t have time to cook. You could also eat dinner leftovers for lunch the following day.

If your home is not well insulated, Read the rest of this entry