If only buying a home was as simple as buying a loaf of bread at the grocery store. Life sure would be easier. Imagine the price that you see on a home actually being the price you end up paying. As you likely know by now, that simply is not the case. Depending on where […]
There comes a time in most people’s lives when you find it necessary to go through the process of applying for a loan. It may be for a car, a home, or to help pay for school tuition, but the underlying process of getting a loan is what fuels the consumer economy of the United States. You might not know how to think about this new financial aspect of your budget though, so here are a few things everyone should understand about the American credit and debt industry.
The year 2016 was the best of the current decade for the American housing and mortgage markets, but economists are not expecting 2017 to be an encore year in this regard. The strong demand seen in the last few years for mortgage loans will taper off in 2017, and the cost of borrowing money will become greater due to interest rate increases planned by the Federal Reserve. Based on the above, it will be in your best interest to get your mortgage under control in 2017. Here are five strategies you can implement to make this happen.
Buying a home is the biggest single purchase most people will make in their entire lives and so it is also an opportunity to make one of the biggest mistakes as people learned beginning in 2008. Up until then the new millenium only included rising home prices and so even a bad deal would come out good if you waited long enough. But then according to RealtyTrac, in 2007 the tide began to turn and over a million foreclosure filings were recorded.
Cutting small expenses from your budget can make a difference, but the best way to make a large impact on your household spending is to hack your mortgage expenses. Because a mortgage is the largest expense for many American households, taking these sneaky steps to reduce your mortgage terms can save you thousands of dollars over the life of the loan.
Buying a house is probably one of the biggest decisions you will make, so it’s important to understand what you’re getting into. Suppose you live in British Columbia and have spoken to a custom home builder in Vancouver and you have determined the cost of your dream home. Some builders work with specific banks to help arrange your mortgage while others leave finding the mortgage up to you.
Although it may seem easier to go with the mortgage provided by the builder, you have to look carefully at the terms of the proposed mortgage. This is probably the largest purchase of your life so don’t be afraid to ask your builder and/or mortgage broker questions before you sign on the dotted line. Often the builder will “get a cut” which may increase the cost of your mortgage by 1% or more, which could add up to thousands of dollars over the life of the mortgage, so it pays to compare. A few minutes of diligence could result in the highest paid moments of your life! If you know what you’re looking at and have a good understanding of your mortgage contract, you will avoid making a costly mistake.
When it comes to selling your home in the 21st century, one of your most valuable resources is undoubtedly the video sharing and streaming website YouTube. In years past, the process of selling a home was actually incredibly formalized. You would hire a real estate agent or some other type of professional to prepare the […]
When foreclosure notices start coming in, it’s tempting to shut down and ignore the problem, hoping it will go away. But without facing it head on, the problem won’t be going away. Losing a home that you’ve built over the years is unimaginably difficult, yet many Americans face this reality today. Getting over the initial […]