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What is a Principal Only Mortgage Payment?

Wednesday, October 26, 2022

by Nancy Heim-berg

Today more than ever we are all looking for ways to save money and one of our largest expenditures is our mortgage. While monthly budgets can get tight, utilizing a little extra money to pay down our largest expenditures can pay off BIG in the end. Here we’re going to look at ‘principal only’ mortgage payments and the effect they can have on your finances.

When you purchase a home and secure a mortgage through a lender, you are paying several components of that mortgage.

The principal- the amount of the loan needed to purchase the home.
Interest on that loan- a monthly interest payment calculated on the interest rate accessed to the loan.
If you put down less than 20% you are also paying PMI (private mortgage insurance)
Property taxes
You may also have your Homeowners Insurance tied into the loan as well and pay a monthly premium for that.

These 5 components make up your monthly mortgage payment. However, the principal component of the mortgage represents the amount of equity you accrue each month and essentially ‘buy-back’ from your mortgage lender.

If you currently have a 30-year mortgage, and never make any additional payments, it will take you 30 years to pay off the mortgage in full and pay the full amount of interest associated with the mortgage. For example, a $350,000 loan with a 5% interest rate would be $17,500 a year paid in interest alone!!!

By making a principal-only payment, in addition to your monthly mortgage payment, you are paying down the principal amount of your mortgage faster. If you were to pay a $100 principal-only payment today at the 5% interest rate, you’ll save $332 over 30 years. Now imagine doing that every month, or more if you can. It will put equity in your pocket much quicker, pay off the principal and loan faster and save you thousands of dollars in interest over the course of your loan.

Please don’t confuse making additional mortgage payments with a principal-only payment, as they are very different. If you choose to start making principal-only payments- in addition to your regular monthly mortgage loan payment, we suggest you call your lender and have them walk you through the process, so it is done correctly, and the monies are applied appropriately. Remember, a principal-only payment NEVER takes the place of your regular monthly loan payment. That must always be made monthly and on time. This would be an additional payment to help pay down the principal amount of your loan. Any questions regarding your loan should ALWAYS be directed to your lender.

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Are you looking for a home in the Omaha area right now? Our team is ready to be our local experience knowledge and expertise to work for you! If you’re ready to begin the exciting home-buying journey, reach out! The Heim-Berg Team- 402-677-9024

Trick or Treating Family Fun Omaha Style!

Monday, October 24, 2022

by Nancy Heim-berg

Halloween is fast approaching, and the kids are ready to have some fun! To have a safe and exciting Halloween for all, we’ve put together a list of some fantastic Trick or Treating activities around Omaha the whole family will enjoy.

Spooktacular Storytime

Saddlebrook Branch Library & Community Center have joined together to bring you a spooktacular event! October 25^th, from 10:30 – 11:30 a.m. they will host a trick or treat followed by a story walk, crafts, and more. Come in your costumed best!

The Durham Museum presents…The Great HALL-oween Haunt!

October 25^th, from 5:00- 8:00 p.m, walk through spooky displays throughout the museum and trick or treat with historical characters! Play some ghostly games, ride a spooky train and make some creepy crafts! You’ll have a ghoulishly good time…just not scary. Learn more and get pricing at the link above.

Trunk or Treat in Farnam Hill

Trick or Treat with area non-profits! There will be games, face painting, bounce houses, great local food, shopping, and more. October 29^th, from 10:00 to 3:00 p.m.

Trick or Treat at Rockbrook Village

Are you ready to meet Chase from Paw Patrol & Woody from Toy Story?? Then you’ll want to check out Trick or Treating at Rockbrook Village participating stores on October 29^th, 2:00 – 3:30 p.m.

Junk in the Trunk- Family Fun Day

The Schenzel Community Center is hosting Junk in the Trunk. Go out for a day of fun family activities, games, candy, and prizes. The event is scheduled to be inside and out, in case of colder weather. October 30^th, 10:00 to Noon.

Halloween Safe Night

Put on your costumes and get ready to trick or treat! You’ll get a free hot dog inside the community center and can even hop on a hayrack ride outside! Head over to the La Vista Community Center, on October 31^st from 5:00 – 6:30 p.m.

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Safety reminders:

Costumes should be flame-retardant & reflective.
Opt for hats and makeup vs face masks
Always wear comfortable shoes in the appropriate size.
Parents should inspect ALL candy before children eat any of it.
All children should be always accompanied by an adult when trick or treating or at an event.
If older children attend an event, ensure you have the address and names of parents and hosts in advance.

WISHING YOU ALL A SAFE AND HAPPY HALLOWEEN.

Things to do in Omaha Nancy Heim Berg Heim Berg Team Omaha Area Living Halloween Events Omaha NE Trick or Treating Omaha NE Fall Events Omaha NE

Avoid these 5 Mistakes when you’re Ready to De-Clutter!

Monday, October 17, 2022

by Nancy Heim-berg

Did you know that Fall is a great time to de-clutter your home? As we begin to approach the holidays and the extra guests they bring, it is the best time to rid your home of all those unused, unwanted, and extra items. However, too often many of us fall prey to these mistakes before we even begin the task! Let’s check them out to ensure we maximize our efforts and really make the de-cluttering task worthwhile.

Work at your own pace. Stop looking at the clock. This cannot be stressed enough. Too many times we put unreasonable expectations on ourselves when we set out to de-clutter our homes. If we really want to get rid of unnecessary or unused items, we must take our time to do it right. That means taking off the watch and pacing ourselves.
Make a plan. What are you trying to achieve? If you don’t know, it's going to be hard to stay motivated to keep going! Are you striving for a more orderly home? Easier ways to keep your home clean and organized? Or really want to get rid of the unused and unneeded items in your home…maybe to downsize? Whatever your reason is, define it first.
Storing de-cluttered items. This is a biggie! How often have you “de-cluttered” a room, only to move those items to another room, closet, or storage box? If you answered yes, you’re not alone. If you think about it, this really defeats the whole idea of de-cluttering because you’re just moving the objects from one location to another. Instead, what you need to do is divide these items into 3 different categories: selling, donating, or going into the trash. Once you’ve done this, the task becomes much simpler. Go room by room and divide into one of each category, then get those items out of your home as quickly as possible. Otherwise, you’ll start going through them again and want to put them into storage boxes or closets and start the whole cluttering process again.
Engaging others in the process. While family members are obviously part of the process in a home, don’t go outside that circle in soliciting advice on what to keep and not. Everyone will have differing opinions and it's only your opinion that counts. You will end up keeping many more unwanted, needed, or unused items when soliciting outside advice.
Lastly, stop buying things you really don’t need! That may sound obvious, but how many times do we shop and impulse buy? That tends to give us many items we may use a few times and then find ourselves looking for places to store them. Also, try tracking spending and see where your dollars are going and what you really need. It’s also a dynamite way to save money!

The holidays are just around the corner, so getting our homes deep cleaned and super organized now will be a game changer as the days arrive. Not to mention to peace and calm it brings into our homes. Happy de-cluttering!!

For more homeowner tips, real estate updates, and more, be sure to follow us on Facebook.

Nancy Heim Berg Omaha Area Living DeCluttering Home Owner Tips Heim BergTeam

Halloween Events you don’t want to miss around Omaha!!!

Tuesday, October 4, 2022

by Nancy Heim-berg

It’s a great weekend to have some family-friendly fun in Omaha with some ‘not-so-scary’ Halloween events that the entire family can enjoy. While we all enjoy the scarier aspects of Halloween, it’s always nice to be able to take the whole family for some adventures to enjoy the season, and these events are perfect for those occasions.

Cobweb Castle at the Omaha Children’s Museum

A wonderful hands-on event where the kids can scale the castle walls, meander their way through the spooky maze and dress up as a sorcerer with makeup and hats. A great afternoon of fun for sure. For ticket information and dates, click here.

Ghouls & Glow at the Henry Doorly Zoo and Aquarium

This illuminated and delightful spectacle is great for all ages! With many great family-friendly activities around the zoo, including trick or treating, magic shows and 400 larger-than-life lanterns. You can also purchase s’mores kits and mini pumpkins to decorate & take home. Parents are treated to two bars on Friday & Saturday nights with seasonal alcoholic drinks as well. Get more information & ticket prices for non-members here.

The Legend of Sleepy Hollow at BLUEBARN Theater

Watch Washington Irving’s masterpiece come to life! Omaha’s own Ben Beck & Jill Anderson incorporate dance, music, and even puppetry in this incredible theatrical invention. The headless horseman does ride again! Get more details and ticket information here.

Jack-O-Lantern World

Take a whimsical ¾-mile walk through 17 immersive worlds of thousands of amazing jack-o-lanterns hand-carved & designed by 50 artisans! Local food trucks will provide food and beverages along the way. Great for an evening stroll to enjoy the season! More information is found here.

Happy October and the start of the spooky month of Halloween.

Follow our Facebook page for more exciting Halloween and Fall events.

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Fall is a great time to sell your Omaha home. The supply of homes for sale is still far below what the demand is seeking. While interest rates have definitely gone higher, serious buyers are still looking for their perfect home and with the supply level home, many are not finding what they want.

If you're still thinking of selling, please reach out. Let's discuss a personalized SOLD plan for your home. 402-677-9024.

Nancy Heim Berg Heim Berg Team Omaha Area Living Living in Omaha Halloween Events Omaha NE Things to do Omaha NE Visiting Omaha

Displaying blog entries 1-4 of 4