According to Mother Jones, the median income for Millennials has decreased by 10% since 2000 while average home prices have increased significantly from where they were in 2000. This massive gap is caused by a combination of stagnant (or even deflated) wages and a housing market roaring back to life after the 2008 era crash. It is often preventing many people under 35 from being able to purchase their own homes. Student loan debt isn't helping either. But, should you consider saving for a down payment and buying a house with student … [Read more...] about Can You Save for a Mortgage Down Payment With Student Loan Debt?
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One of the most significant financial events in an adult’s life is the moment when they pay off the mortgage on their home. It’s something we spend decades preparing for by faithfully making our payments on time and in full, month after month until the home finally belongs to us. As of 2017, 34% of Americans had 100% equity in their homes, which means they either paid off the mortgage or bought their homes outright and never had a mortgage loan in the first place. If you’d like to join the mortgage-free club in the future, there are many … [Read more...] about Pros and Cons of Paying Off Your Mortgage Early
If you have a 15 or 30-year mortgage, it may seem like it will take forever to pay off your debt. Thirty years, or even 15 years, is a very long time to continually have to make payments on something even though it is your house. However, there is a trick to the mortgage payment system that allows you to pay off your mortgage even quicker than you expect with little pain out of your pocket. It is called a bi-weekly mortgage. What Is a Bi-Weekly Mortgage? A bi-weekly mortgage is just like it sounds. You make mortgage payments every … [Read more...] about What Is a Bi-Weekly Mortgage Payment?
When I was in the bank the other day, the teller was telling me about the new rates on a 30 year fixed rate mortgage and how I could save by refinancing my current loan. So, it got me thinking about my mortgage. So, I thought that I would consider refinancing my mortgage. Here are a few things to consider when looking at refinancing and what I look for when refinancing my mortgage. With interest rates on the rise, lock in a low, fixed rate with Figure’s Home Equity Loan Plus today. Refinancing a Mortgage My Current Interest Rate When my wife … [Read more...] about Why I Am Considering Refinancing My Mortgage
If you’re like most people, your mortgage is the costliest payment you make each month. Making your mortgage payments can be a struggle, whether you’re buying your first house or twenty years down the road in a house you’ve made your home. While you might feel stuck in the monotony of your mortgage payments, there’s hope. Read on for 5 ways you can save money on your mortgage today. #1 Improve your credit score One of the biggest factors lenders look at when deciding on APR is your credit score. FICO credit scores are the standard measure … [Read more...] about 5 Ways to Save Money on Your Mortgage
You’ve decided to look for your dream home in the area of your choice, you know exactly what kind of home you need, you’ve crunched the numbers and now you’re looking for a mortgage lender. How do you know that you are getting a reliable lender that will give you the best deal? Do you know and understand the entire mortgage process? Here are a few tips and hints to help you navigate the mortgage process. Understanding the Mortgage Process What Credit Score Do You Need to Buy a House? Although your credit score is by no means the only factor … [Read more...] about Financing a Home Purchase: Demystifying the Mortgage Process and Making Your Dreams Come True