As rates are inching up but still very affordable, buyers should remember that there is an alternative to a fixed rate mortgage that can provide the lowest cost of housing for the homeowners who understand the parameters. A $300,000 fixed-rate mortgage at 4% has a principal and interest payment of $1,432.25 per month for the […]
Making additional payments toward the principal of your mortgage will do three things for the homeowner: save interest, build equity and shorten the term on fixed rate mortgages. These things should be beneficial enough to justify the extra payments but another huge advantage is available to those who have private mortgage insurance on their loan. […]
A home can easily be a person’s largest personal asset and it can be a powerful tool to increase financial stability also. Since most mortgages are amortizing, the loan becomes a forced savings account that reduces the unpaid balance with each payment. The equity could be used to improve a homeowner’s financial position involving other […]
Some people take their credit for granted and don’t start paying attention to it until they need it. The problem with this is that it could delay if not altogether cause the loan to be denied. The most common issue is not correcting items on your credit report. A large majority of credit reports have […]
An unexpected, larger-than-normal water bill could lead a person to think that they might have a leak. Before incurring the cost of a plumber, it is fairly easy to run your own test. Locate your water meter. They’re usually in the front of the house, near the street. In some cases, you might need a […]
What if you could live in a larger and possibly newer home for less than you are currently? Would you consider moving? Do you want to hear more? Interest rates, while they’re expected to go up, actually took a small dip and are still hovering at the 4% or below mark for a 30 year […]
One of the important things as a parent is to plan for their children’s education. Let’s look at two different approaches: a savings account or investing in rental real estate. Assuming your child is five years old and you start putting $250 a month in a savings account earning 2%, in 13 years you’d have […]
There is a frequently quoted expression “more money has been lost from indecision than was ever lost from making a bad decision.” Regardless of the extent of its accuracy, most people can recall when procrastination has cost them money. There are markets so short of inventory that buyers have become frustrated after losing bids for […]
The Super Bowl and World Series determine the football and baseball champions. Since there can only be one champion, the other team loses the competition. In feudal times, a knight might champion for the king or a patriotic, romantic or religious cause. Fierce competition can occur when buying or selling a home because each party […]
With mortgage rates below 5% since 2009, you’d think any homeowner who should refinance would have already. However, it is estimated, there are approximately 6.5 million borrowers who would benefit with significant monthly savings by refinancing. Rodney Anderson of Supreme Lending, on his weekly radio program, described a recent pipeline meeting where they reviewed every […]
