"Shark Tank" Barbara Corcoran's Advice on Mortgage

Stop giving away your hard-earned money...
At least that's what Barbara Corcoran, millionaire and star of ABC TV show "Shark Tank" thinks you're doing by sitting on your current mortgage rate. According to the expert, she thinks "not shopping the market...is like giving money away" when mortgage rates are low. ¹ Known as "New York's queen of real estate" who famously turned $1,000 into a multibillion dollar real estate business,² you should listen to her.
With today's mortgage rates at near rock-bottom lows, millions of homeowners are spending tens and thousands of dollars more than they need to.³ By refinancing their homes to today's low rates, homeowners saved on average of $250 a month on their mortgage payments.⁴ This translates into $3,000 a year, which you could use to pay off debt, go on your dream vacation, or even pay your children's college education.
If homeowners could save thousands of dollars a year (and potentially even be mortgage-free by the time they retire), why are they not actively jumping on this opportunity?

What the Banks May Be Hiding from You

Do you think that banks want you paying a lower interest rate, which means less money for them? You can bet that they do not. They would rather keep you at the rate you financed years ago so you can continue giving your money away to them. They also know that you could start shopping around for the lowest rates, which means they could lose your business to another lender. Homeowners may be shocked at the extremely low rates available to them, especially when multiple lenders are fighting and competing for your business.

The Home Refinance Plan That Has Banks "On Edge"

There is also a little-known government program that was not widely publicized by the banks called the Home Affordable Refinance Plan (HARP). During the economic downturn in 2009, the US government designed HARP to help middle-class Americans reduce their mortgage payments and put more money in their pockets. But again, many banks kept this from homeowners because they want to take your money.
Through HARP, the government relaxed refinance guidelines and “it doesn't appraise your house which allows so many more people to actually refinance the high interest they have on their loan,” Barbara says. If you owe less than $625,000 on your mortgage, you may be able to qualify for this terrfic HARP program.
However, time is running out for homeowners to save money through this program. Set to expire this year, it is vital you act now. The good news though is once you're approved, you're locked into the lower rate.
With average savings of $250 per month⁴, you could use the extra $3,000 a year for expenses, pay off your credit card debt, and even begin your road to a mortgage-free retirement. But it is important you act now before this opportunity passes.

Where Do I Start?

With hundreds of mortgage lenders and brokers available, it can take consumers hours to simply contact each one separately and request a quote.
To cut through the clutter, Barbara Corcoran suggests that a great place to start is online⁹. There are services that could help you save time and money by comparing multiple lenders at once. Services such as The Easy Loan Site¹⁰ has one of the biggest lender network in the nation.
There's no obligation to homeowners, and The Easy Loan Site offers easy and fast comparisons. It takes about five minutes, and the service is 100% free. You have nothing to lose, except for your money problems!
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