While you’re isolating at home, there are things you can do to help buy a home now or in the near future. Instead of spending time surfing the Internet looking at homes, do the groundwork necessary to be able to purchase the home that you find. There is a lot of documentation necessary to qualify for a mortgage and to be approved. This part of the homebuying process can be done in advance, long before …
You don’t have to watch TV for long before Tom Selleck, Henry Winkler or Robert Wagner will tell you why seniors should consider a reverse mortgage. However, there are a seniors who are resisting the conventional wisdom of having their home paid for and opting for a mortgage with payments on their home. In some cases, seniors will downsize into a smaller home and have a large amount of equity to pay cash for the …
A lower rate will not only result in a lower payment, it will amortize the loan quicker. A $250,000 mortgage at 4.5% for 30 years will have a $1,266.71 principal and interest payment. At 4%, the same loan will have $1,193.54 payment saving $73.18 a month and the unpaid balance would be $1,776 lower at the end of five years. Mortgage lenders tend to price their mortgages based on the credit score of the borrower. …
A well-planned garage or yard sale can give you extra space in your home, get rid of unused items and make some money but it needs some of the same considerations that any business needs to be successful. Start early to research and plan Promotion is key Display items attractively Price items right Organize checkout Determine the date of your sale, remembering that there are exceptions, but Saturdays are generally the best day. Experienced garage-salers …
Home improvement loans provide a source of funds for owners to finance the improvements they want to make. These are usually, personal installment loans that are not collateralized by the home itself. Since there is more risk for the lender with this type of loan, the interest rate is higher than a normal mortgage loan. In today’s market, the rates on home improvement loans could vary between 6% and 36%. A borrower’s credit score will …
House-hacking refers to buying a multifamily property on an owner-occupied mortgage, living in one unit and renting the others. If you’re thinking about becoming a rental mogul, starting early is an advantage. Not only will you have longer to accumulate a larger portfolio, you can increase the leverage on the first acquisitions if they are owner-occupied. Leverage is the use of other people’s money to finance an investment. The higher the loan-to-value, the greater the …
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Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensuring you get the highest price possible. 1. Price it a LITTLE LOW This may seem counterintuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room …
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