homebuy 2019: 3 Ways to Improve Home Buying Power - 08/19/19 12:01 PM
 
If you or anyone you know is buying a house this summer, chances are you’ll be dealing with competing for offers and low inventory issues.  Here are three ways to avoid getting priced out of the house you want:
1 – Consider Your Overall Debt Strategy
For example, what would it look like if you used some of your down payment funds to pay off other debts instead of using those funds for a down payment?  This may open the door to getting you qualified for a larger mortgage so you can bid higher on the house. Plus, home loans often carry … (1 comments)

homebuy 2019: 3 Reasons to Finance Your Home Improvements - 05/13/19 07:56 AM
If you’re thinking of paying cash for home improvements, you may want to think twice.  Here are three reasons why you may want to consider a cash-out mortgage refinance or home equity loan instead:
1 – Preserve your cash: a large home improvement project could quickly deplete your savings. Think about this project in the context of the next 3-5 years. What other large expenses could crop up during that time period, and would it be useful to keep your savings on hand for those items?
2: Opportunity Cost of Money: would it more useful to invest that money in a college savings plan or … (1 comments)

homebuy 2019: 2 Questions to Ask Before You Turn Your Primary Home Into a Rental - 04/29/19 10:39 AM
 
How can I take advantage of tax-free capital gain? When you sell your property for more than what you paid for it, you have a "capital gain" that could be subject to the capital gains tax. The current tax rate for capital gains is anywhere from 0% to 20%, depending on your level of income. If you've lived in your house as your primary residence for two full years out of the past five years, you may be able to sell your house without paying any capital gains tax.  The primary residence capital gains tax exclusion is $250,000 for single … (1 comments)

homebuy 2019: 3 Ways to Get Prepared for Home Ownership - 02/25/19 09:20 AM
 
1: Prepare Your Credit Mortgage lenders typically require at least 24 months of good credit history in order for you to qualify for a mortgage.  It's normally a good idea to have a few credit cards, a few installment loans, and 24-month history of making rent payments on time.

2: Prepare Your Cash Flow Mortgage lenders typically require less than a 43% debt-to-income ratio in order to qualify for a mortgage.  This means that your total monthly debt payments (including the new mortgage payment) should be no more than 43% of your monthly income.

3: Prepare Your Savings Mortgage lenders typically require … (2 comments)

homebuy 2019: 4 Questions to Ask About Your Home Equity Line of Credit (HELOC) - 02/11/19 09:00 AM
  
 Here are four questions to ask in order to better understand your HELOC:
 
 
What will cause the Prime index to go up?  The interest rate on your HELOC is determined by adding a margin to the Prime rate.  This means that your interest rate will go up when the Prime rate goes up.  The Prime rate changes whenever the Federal Reserve change its Federal Funds rate.  The Fed has indicated that they'll be increasing the Fed Funds rate as the economy improves.  This means that as the economy continues to get better, the interest rate on your HELOC … (1 comments)