If you are new to home buying, you will soon find out that most lending institutions require that loan applicants put 20% down when applying for a mortgage, or you will need private mortgage insurance. Of course, there are exceptions to this rule, of course, as some financial institutions will accept applications even in this turbulent home buying market with 10% down. Go online first and contact a couple brokers or several lenders through a service like LendingTree.com which will find you four mortgage loan offers. Buying a Home With … [Read more...] about Buying a Home with Private Mortgage Insurance and Pay PMI Off Early
I wrote an overview of Dave Ramsey’s baby steps system from his book, The Total Money Makeover, and I have been dissecting each of his individual baby steps as well. The Total Money Makeover is a personal finance book that I highly recommend and one of the greatest personal finance books to read. Today, we will look at Baby Step 4 in more detail which is to invest 15% of your income for retirement. There are seven Dave Ramsey baby steps that you should follow in order that will lead you to financial peace. Dave … [Read more...] about Dave Ramsey’s Baby Step 6 – Pay Off Your Mortgage Early
Finding a home that you want to buy is a long and drawn out process that has obvious rewards. A vital part of getting the price on the home that you want is finding the best mortgage lender in your area to deal with. Generally, you will have a variety of different lenders to choose from, so you will need to put a lot of thought in to this decision. You need to sit down and figure out what you need from a mortgage lender and then go out and find a company that fits the criteria. The following are a few of things that you need to look for … [Read more...] about Things to Look For in a Toronto Mortgage Lender
What would an extra $1,000 do for you? Whether you need to pay off a handful of bills, reduce debt payments or pay for a vacation, most people would agree that extra cash is helpful. Here are some great ideas to save money.
Not all of these suggestions will work for you. Read through and check out the items that will help you the most.
If you need a little extra cash this year, here are a few ideas to save money that can save at least $1,000 this year.
Top 9 Easy Ideas to Save Money
Low Income Benefits
If you are a low … [Read more...] about
To those who find it a challenge to manage their finances around one mortgage, the idea of buying a second home can seem like a stretch. There are good, workable ways to approach the idea of a second home.
They call it the property ladder for a reason - once you have one home, moving to more properties becomes easier. Aiming to buy a second or third home shouldn't even count as financially ambitious.
Buying a Second Home
If you're like most middle-class families, you probably need to plan for and income of £50,000 a year once you … [Read more...] about
With UK mortgage rates at an all time low, and house prices falling by 0.1%, now may be the perfect time to consider buying a new home. But even with today's falling interest rates, taking on a mortgage is a major responsibility. Naturally, you want to find the best deal possible. Mortgage rates may currently be low, but that's no reason to take the first deal that's offered, or to pay more than you need to on the total cost of your home loan. Before you sign on the dotted line, let's review a few simple tips to help you find the best … [Read more...] about What You Need to Know in Order to Find the Best Mortgage Rate
A friend of mine just refinanced his house. And he's not happy. You'd think that someone who lowered his interest rate by more than 1.5 percentage points and dropped his loan term to 15 from 30 years with a fixed-rate mortgage would be ecstatic. But he's not. In fact, he feels like he got a raw deal. But they were self-inflicted wounds; he made some classic mistakes when refinancing his house, and it cost him a lot of money in the end. Mistakes When Refinancing Your Home Here are some of his missteps, and what we can learn from them when … [Read more...] about 4 Costly Mistakes to Avoid When Refinancing Your House
The excitement of homeownership is often countered by the burden of long-term debt. Imagining life in 30 years, still forking out hundreds or thousands of dollars each month, can be an overwhelming thought. Each loan has unique terms, but most allow a few options for homeowners to save money on the total cost of a mortgage. Pay Extra Toward the Principal The most common strategy to save money on a mortgage is to pay it off ahead of schedule. This technique allows owners to avoid a great deal of the cost of interest and shorten the life of … [Read more...] about Tips To Save Money On A Mortgage
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 a refinancing and what I look for when refinancing my mortgage. My Current Interest Rate When my wife and I bought our home in December 2008, we received a 30 year fixed rate mortgage from our bank of 5.325%. My current … [Read more...] about Why I Am Considering Refinancing My Mortgage
Selling your home with a short sale, which is selling it for less than you owe on your mortgage, not only takes a lot of time and energy, but it also as a lot of long lasting consequences as well. There are many things that you should consider before going the route of selling your home for less than you owe on your mortgage. Here are a few reason why short selling may not be a great idea for you. Short Selling Your Home Nukes Your Credit Score The only thing worse you can do to your credit score with respect to your home is having it … [Read more...] about The Dangers Of Short Selling Your Home Are Enormous And Long Lasting