Apr 24

Costs come in all shapes and forms. Sometimes, we do not even think about the cost. Then, they end up hitting us in the most unexpected ways. Actually, some of these unexpected costs should have been fully expected. For example, buying a home a far distance from where you work means a lot of money in commuting. See http://all-notes.com/the-commute-conundrum-consider-work-distance-when-buying-a-home/ for an illustration. Unless you take the time out to properly itemize the costs, you will likely underestimate it. Fuels, tolls, parking and wear and tear on a car will all factor into the cost of commuting to work. Spending $4,000 or more per year on a commute is not unlikely. Doing this for ten years is $40,000. Yes, such costs do add up.


Apr 24

You do not own your home when you are paying a mortgage. You only end up owning the home when the mortgage is fully paid off and the title is given to you. To help speed up the process of paying off your mortgage, you may wish to pay a little extra each month. Now, you may not be paying so much that you will own the home after just a couple of years, but you may shave four or five years off the life of the mortgage. You also may be able to reduce the balance making refinancing the mortgage easier if you have to go that route.


Apr 23

Should you buy a home or continue to rent? Different people will be in different circumstances and each may have their own unique responses. It is safe to say, however, when you buy a home, you may be paying only a few hundred dollars more per month than would be the case if you continued renting. There is another obvious huge difference. When you rent, you are not actually buying anything. That is why the process is called renting. When you take out a mortgage on a home, your monthly payments are going towards your eventual outright ownership of the property. Once you own the home, you have acquired the greatest equity you could possess.


Apr 23

There are quite a number of factors that go into being approved for a home loan. Two of the most important would be income and credit worthiness. Simply put, you have to earn enough money through salary and/or dividends to afford the home you wish to purchase. You also have to have a good enough credit history to appear likely to pay back the mortgage. If you do not meet these two qualifications, it can be very hard to acquire a mortgage. This does not mean no lender will approve you, but your options might become slimmer.


Mar 25

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