Pros and Cons of Downsizing Your Home When You Retire

Planning for retirement is one of the most important things every adult should do, but we often focus solely on the saving money aspect without considering what lifestyle we’d like to lead during our post-working years. For instance, do you think you’ll want to sell your home to live in a cheaper area or move into a smaller home once the kids leave the nest? To help you determine whether you should rent out your current home, continue to live in it, or sell it altogether, here are some pros and cons of downsizing before or during retirement. Downsizing Your Home for Retirement Pro: Save Time and Money  The biggest advantage of downsizing is that you’ll likely save money on … Read more

The 6 Great Qualities Your Loan Officer Must Have

Understanding The Types Of Mortgages Available To Save You Money

Getting loan approvals is not always an easy task. It may end up having multiple detours or even have more people involved that you initially hoped. But still, the thrill of it all, and getting your application approved is downright fantastic. Loans, especially the big loans like the ones enough to get you enough funding to buy your dream home, can have a lot of players involved. And in most instances, the number-one player should be your loan officer. Chances are that you won’t manage to get through all the realtors, escrow officer, flood certificates, appraisals, title agents, and insurance agents and come out the other side unhinged. Especially if this is your first time. And that’s where a loan … Read more

5 Ways to Save Money on Your Mortgage

12 Things You Should Know Before Buying A House

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 lenders use to assess your financial standing, and it can have a huge impact on your mortgage. WIth a $200k 30-year mortgage, for … Read more

5 Home Renovation Projects that Have the Worst Return on Investment

Not all home improvement projects come with a high return on your investments. In fact, some home renovations can be downright disastrous for your budget and home value if you don’t do some careful research in advance to avoid throwing your money down the drain. It’s all about home-buying trends and preferences of potential buyers in your area. While “smart” appliances and home security upgrades are currently popular, you might be surprised to learn that luxurious additions to your home or backyard might actually hurt your home’s resale value! Why? Because buyers increasingly want low-maintenance homes for affordable prices, rather than flashy décor and immaculate landscaping that will require tons of time, effort, and money to maintain.  No matter what … Read more

The Trials, Tribulations, and Struggles of a First-Time Landlord

How To Evaluate The Rate Of Return On Rental Property

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 payment of $1,400 a month, there are many things that took a bite out of my renter’s payment. Forget making a profit; I … Read more

Understanding the Difference Between Prequalification and Preapproval

Understanding Prequalification and Preapproval for Mortgages

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 real estate as you do not waste your time looking at homes you couldn’t possibly afford. Not only is your credit history important when you are becoming preapproved so is the amount … Read more