loan: Unmarried Couples Need To Use Protection When Getting A Mortgage
- 04/05/21 03:17 AM
"First comes love, then comes… marriage?" Not always. There has been an increasing trend of young couples flipping the order around and going straight to buying a home together before getting married. This is perfectly fine -- there's nothing wrong with unmarried couples buying a home together -- but I would like to offer a few things to consider before they jump in feet first.
Just like marriage, buying a home is a big decision. Unmarried couples need to protect themselves and their investment since they have fewer legal protections compared to married homebuyers. Before you and your significant other commit to … (4 comments)
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loan: Can You Use Bonus Income to Help Qualify for a Home Loan?
- 03/24/21 03:30 PM
Yes, you can. But the bonus income needs to follow a few rules, first. Employees get paid in different ways. The most common is a regular paycheck on the 1st and the 15th of each month or maybe every other week. One of the primary responsibilities of a mortgage lender when evaluating a loan application is to make the determination the borrowers have the ability to repay the new mortgage along with any existing monthly credit obligations. The process is relatively simple. The lender compares total monthly credit obligations with gross monthly income. When calculating the mortgage payment, which includes an … (1 comments)
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loan: What Kinds Of Mortgages Are Available?
- 12/19/18 09:01 PM
Once you have signed a contract for the purchase of your new home (or condominium or cooperative apartment), and assuming you do not have all of the cash in your bank account, you will need to obtain a mortgage loan.
There are many different loans on the market - and many different loan programs from which to choose. You should contact at least three different lenders, and ask them to give you a list of the loans which they can offer you. Take careful notes, and remember one important thing: do not give any lender any money until you are absolutely certain … (0 comments)
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loan: The Inside Workings of Credit Scores
- 06/25/18 04:25 AM
Consumers are encouraged to check their credit reports once per year. The primary reason for doing so is to make sure there aren't any mistakes. Unfortunately, credit reports are prone to contain mistakes. It's not really the fault of the three main credit repositories, Equifax, Experian and TransUnion because all three are just a database. Whatever is reported to them is what you see. Further, someone with a similar name can show up on someone else's report. If you're not the only Bob Smith in town, this is certainly possible.
Someone else's poor credit might very well be showing up on your … (1 comments)
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loan: 4 Tips for Buying a Home for Someone Who's Disabled
- 11/22/16 06:59 PM
Owning your own home is considered a cornerstone in the society but sadly, only a few families are able to enjoy this privilege. This prospect seems daunting especially if you are physically or mentally challenged. Due to the condition, you may require a house in certain areas, which comes with various modifications that could be costly. All hope of owning a home despite your condition is not lost, as there are several assistance programs that can make this dream a reality. The programs make the process easier than going alone. Below are four useful tips to assist you in getting a … (3 comments)
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loan: Mortgage Payments When You Are In Financial Trouble
- 05/17/16 08:10 AM
None of us can appreciate -- nor anticipate -- the future. Although we always believe it will never happen to us, once in a while, calamity strikes, and then we have to address these very hard and difficult questions.
You own a house, with a sizable mortgage. Suddenly, you (or your spouse) lost their job, and you cannot make the monthly mortgage payments.
There are a number of options you should immediately consider. However, the very first thing you should do is to talk with your lender. Don't just discuss your issues with a low-level employee. Try to go as high up the … (0 comments)
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loan: What Does Your Personality Say About Your Home buying Future?
- 01/26/16 04:43 AM
You found what you think is the right house. The bank approved you. The lender secured your loan with just five percent down. You've got your closing costs together and you've lined up your movers. But are you really making the right move?
Turns out, a simple personality test might help you figure it out.
A study titled "Real Estate and Personality" from the Journal of Behavioral and Experimental Economics shined a light on the relationship between personality and buyer decisions, suggesting "that a person's personality traits are predictive of his or her real estate decisions" said Lakeside Real Estate Group. "Researchers gave … (0 comments)
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loan: Capital Gains: The Stepped Up Basis
- 01/25/16 11:53 PM
If you are married, and file a joint income tax return, the tax laws allow you to exclude up to $500,000 on any gain you make on the sale of your principal residence. There are some basic rules (conditions) which must be met, the most important is that you must have owned and lived in the house for two out of the last five years before the sale. This is referred to as the "ownership and use" test.
If you are single -- or widowed -- you can only exclude up to $250,000 of your profit.
At first blush, this seems unfair -- … (2 comments)
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loan: Does Having A Gym In Your Home Add Value To Your Home?
- 01/25/16 11:04 PM
It's that time of year of again. Seemingly everyone is dedicating the next few days, weeks, and months to getting in better shape. That being said, traditional gyms are absurdly crowded right now and will most likely be for the next few months.
So how about just building one in your home? Sounds expensive and it probably will be as exercise equipment is both pricey and difficult to move. That being said as a society we are very unhealthy and many of us are overweight. To combat this there has been a plethora of movements to help prevent obesity. One such movement … (3 comments)
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loan: Getting The Best From a Real Estate Investment
- 12/22/15 06:43 AM
The Chartered Financial Analyst (CFA) Institute categorizes real estate as an alternative investment that includes residential and commercial properties as well as mortgage-based securities and real estate investment trusts. For most real estate investors, these investments are characterized as income-generating properties that see revenue from rent earned and capital appreciation from the increase in market value. Since this investment vehicle depends on the net operating income (NOI), maximizing cash flow is key to a successful real estate investment.
Property Valuation
To fully understand the importance of cash flow to real estate investment, it is necessary to know that the value of the property … (0 comments)
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loan: Are You Better Off Staying With the Herd? City or Country Living?
- 12/22/15 06:23 AM
When it comes to finding the ideal environment for you and your family to live, it goes without saying that safety is a top priority. But will you be safer in the city, living among groups of people or going it alone in a rural atmosphere? Before jumping into somewhere based on your instincts, use some basic research techniques to find out the facts. Safety has many faces, from physical to financial, and each environment has its own risks and rewards. The best choice for you depends on the facts you ferret out.
Physical Safety
All things being equal, it seems logical that … (1 comments)
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loan: What Kinds of Mortgages are Available?
- 12/01/15 11:55 PM
Once you have signed a contract for the purchase of your new home (or condominium or cooperative apartment), and assuming that you do not have all of the cash in your bank account, you will need to obtain a mortgage loan.
There are many different loans on the market — and many different loan programs from which to choose. You should contact at least three different lenders, and ask them to give you a list of the loans which they can offer you. Take careful notes, and remember one important thing: do not give any lender any money until you are absolutely … (0 comments)
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loan: Why We Love Energy Efficient Homes (And You Should, Too!)
- 11/20/15 03:54 AM
A home is a place where many of your major milestone memories are made, including those related to holidays, parties and more. This is also a place where daily life activities take place, such as chatting with your family over morning coffee, chatting about your day in the evening and other activities. With so much of your life taking place at home, you certainly want this space to be comfortable, and you also want it to be aesthetically pleasing with beautiful décor and stylish features. You may not place much emphasis on making your home truly energy efficient, but there are … (1 comments)
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loan: Get a Better Mortgage Interest Rate
- 11/17/15 06:25 AM
People will clip coupons and drive across town to save a few cents at the gas pump, but few will shop around for the best interest rate on their mortgages. Most buyers tend to go with the first lender they talk with, perhaps out of fear of losing the house if they don't act quickly enough. Paying one-eighth of a point too much can add up to thousands of dollars over the life of the loan.
You're smarter than that. Know you have the right to shop lenders and negotiate mortgage interest rates and fees. Here's how to do it.
First, you need … (0 comments)
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loan: Applying For A Mortgage? Know Your Numbers
- 11/09/15 04:18 AM
When you buy a home, it's all about the numbers. Your mortgage rate is based on your credit scores, debt-to-income, and how much of a down payment you can afford.
Know your credit scores: Your credit scores can fall between 300 and 850. Lenders use these numbers, which are compiled by three credit bureaus and Fair Isaac to give them a quick snapshot of your credit-worthiness.
Lenders are still in a low-risk mood and are requiring fairly high credit scores from borrowers. To qualify for the best mortgage interest rates, such as a benchmark 30-year fixed rate, your credit scores must be approximately … (1 comments)
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loan: The Youthful Roots Of Urban Gardens
- 10/23/15 07:39 AM
National survey finds that city-dwelling millennials are twice as likely to garden in the city than older generations
On one hand, millennials (roughly, those between the ages of 18 and 34) are faced with a number of hardships unique to our time, including a fluctuating economy, blossoming inflation and a cost-of-living scale that refuses to become scalable.
On the other hand, like previous generations, millennials have found practical (and in some cases, highly imaginative) ways to deal with the economic hand they've been dealt. From innovative approaches to frugal living to turning small-space-living into a cultural trend, millennials have taken on the torch … (2 comments)
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loan: Don't Cut Yourself Short, Shop Loan Prices!
- 10/23/15 07:27 AM
Americans will clip coupons and hunt around for sales, but when it comes to saving money on major financial loans like a mortgage, they tend to go with the first bank they talk to.
Online lender LendingTree found that four out of five Americans consider themselves bargain hunters. Nine out of ten Americans have researched prices online before purchasing an item. Yet, less than 30 percent of consumers look for the best rates when it comes to major financial loans. Roughly 18 percent stated they never looked for better rates or prices on loans.
Comparison shopping for loans offers the greatest opportunity for … (0 comments)
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loan: Fixed-rate Mortgages Don't Change, But Escrows Do
- 10/20/15 04:50 AM
One of the biggest breaks homebuyers get with a fixed-rate mortgage is the escape from ever-escalating rents or adjustable rate increases. But that sigh of relief can be short-lived when you get your next property tax assessment or hazard insurance renewal.
When you buy a home with a fixed-rate mortgage, lenders require a year's worth of escrows in advance. These are included in your closing costs which can also be rolled into your loan, if you've got the wiggle room to borrow a little more money.
Hazard insurance is required by lenders to protect their investment. How much coverage you get is up … (0 comments)
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loan: Four HOA Reserve Fund Investment Hurdles
- 10/16/15 08:23 AM
HOA boards are faced with a challenge. They have limited time and resources, yet must meet the financial obligations of the reserve study by following a funding plan that provides adequate member contributions and additional revenue from prudent investment of reserve funds that reduce those member contributions. Here are four hurdles the board must jump when tackling reserves investment.
Hurdle #1: Failure to use the Reserve Study or not having one in the first place. Homeowner association boards have the duty to conduct long range planning to identify common elements, their current condition, their useful lives and current cost of repair or … (0 comments)
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loan: Which is Best: Freezer on the Side, Top, or Bottom?
- 09/29/15 10:32 AM
Most homes don't come with a refrigerator-freezer, so that may be the first item you purchase for delivery after buying your home. But where do you start?
Measure carefully and take the dimensions with you when you shop for a unit. With about a half-inch of clearance on either side, you'll know if it's worth it to you to do some remodeling. What you don't want is a unit that sticks out far beyond the cabinetry, or encroaches on the doorway. The refrigerator should look organic to the kitchen. Here are three types of refrigerator freezers to consider.
1. French door, bottom freezer. … (0 comments)
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"First comes love, then comes… marriage?" Not always. There has been an increasing trend of young couples flipping the order around and going straight to buying a home together before getting married. This is perfectly fine -- there's nothing wrong with unmarried couples buying a home together -- but I would like to offer a few things to consider before they jump in feet first.
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