Last year, my wife and I joined the league of accidental landlords. We were upside down in our home and couldn't sell it without taking a big loss. So after relocating for work, we decided to rent our house out. I thought it would be a simple endeavor to charge enough rent in order to cover our mortgage payment each month. But that was hardly the case when the rubber met the road. There were several important factors I neglected to take into consideration that hampered my return. I was struggling just to break even. With a mortgage … [Read more...] about The Trials, Tribulations, and Struggles of a First-Time Landlord
People can confuse prequalification vs. preapproval for mortgages when they are applying for a loan. However, there are noted differences. For example, to become prequalified, you must give a loan officer income and debt information to determine the loan amount you can manage. Preapproval, on the other hand, requires more information gathering and checking on the part of the lender. In other words, the lender must compile your credit report data as well as determine your debt to income ratio. Preapproval makes it easier for you to shop for … [Read more...] about Understanding the Difference Between Prequalification and Preapproval
The cost of housing is skyrocketing across the U.S., particularly for renters seeking affordable housing. While there are many benefits to renting a home, you don’t have to pay for repairs or property maintenance. Some utilities might be covered in your monthly rent, the freedom to move. But, many people still aspire to the American Dream of owning a home. But if housing prices continue to rise as mortgage lenders are still hesitant about lending in a post-recession economy, how can you possibly manage to save up the massive, 20% down … [Read more...] about Everything You Wanted to Know About FHA Loans
If you already have a steadily growing investment portfolio of stocks, bonds and mutual funds, then perhaps it’s time to add a new type of investment to your collection: rental property. Investing in rental properties can be an immensely rewarding venture, but it demands a lot of planning and financial involvement to be successful. Buying Your First Rental Property Are you ready for investing and buying your first rental property? Here are some things to consider while making your decision: What’s Your Current Financial Situation? To get … [Read more...] about Buying Your First Rental Property – How to Know if You’re Ready to Invest
In today’s economy, finding housing is hard enough even when you’re flush with cash. When your financial situation is problematic, finding a place to live can feel darn near impossible. Before you panic and/or reconcile yourself to being homeless, make sure you try some of these tips and techniques to help you keep a roof over your head. Finding Housing During a Financial Crisis Put Your Pride Away In spite of what you might have heard, there is nothing wrong with applying for the Section 8 program. In fact, the Section 8 program is often a … [Read more...] about Finding Housing During a Financial Crisis
If you follow housing market news and know anything about the Millennial Generation, then you probably have heard from many different sources how Millennials aren’t buying homes. In many cases, this is more due to their inability to afford the expenses of homeownership, rather than an unwillingness to pursue the American Dream of owning a place of their own. However, in this day and age, is home ownership really the best option for young adults who are either still in college or only joined the workforce in the last decade or so? A lot has … [Read more...] about Millennials and Home Ownership – Do Millennials Need to Buy Homes?