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Blog posted On August 02, 2024
What are some of the biggest homeownership hurdles holding you back? Well, high interest rates and historically high home prices to start! It’s understandable to ask, “WHY are people buying now, and HOW are people affording homes?” Instead of holding off and continuing to wait for rates to drop, this may be the best time to buy, especially with the help of loan programs like Rate Rebound. According to MarketWatch, buying now is key—once the Fed finally starts cutting interest rates, the lack of home supply will remain, meaning that “high home prices today could soar.” Let’s tackle five strategies that can put you ahead of the game in this low affordability market.
READ MORE5 Tips on How to Financially Prepare for a Home Loan
Blog posted On June 28, 2024
Are you ready to purchase your first home, but overwhelmed with where to begin? The way to set yourself up for success for the home buying process is to consider preparing your finances and getting into the best financial shape possible before applying for a home loan. Let’s walk through some helpful tips to help the process go as smoothly and stress-free as possible.
READ MORENot All Debt is Bad. Here's How to Use it to Your Advantage
Blog posted On April 14, 2023
Over 75% of American households carry some type of debt – credit cards, mortgages, or other types of loans. Though debt is a normal part of most peoples’ lives, it tends to get a bad reputation. We grow up learning about the dark side of debt. “Debt will hurt your credit score,” “you should avoid debt at all costs,” and “all debt is bad” are just a few of the myths we’re told. While we generally want to be careful about the debt we take on, it can be a huge financial advantage if you utilize it well.
READ MORE5 Ways to Turn Your Tax Refund into a New Home
Blog posted On February 02, 2023
Tax season is the time of year that most Americans look forward to because they are expecting a refund from Uncle Sam. It may be easy to start daydreaming about a new car, a new wardrobe, or shiny new electronics, but if your goal is to become a homeowner this year, there are several ways that you can leverage your refund to reach your goal and start building wealth.
Here are 5 ways that you can use your tax refund to purchase a home:
READ MORE6 Financial Tasks to Complete by the End of the Year
Blog posted On December 21, 2022
This time of year is a whirlwind. Between preparing for the holidays, traveling, spending time with family, and hopefully squeezing in some time to relax, there’s a lot going on at the end of the year. This makes it easy to overlook some less fun, but equally important tasks like checking in on your finances. If you haven’t yet already, here are 6 things to do before the year ends to maximize your financial benefits and get ready for the new year.
READ MORE5 Ways to Prepare Your Finances for a Recession
Blog posted On August 24, 2022
An economic slowdown is coming, according to countless experts. Consumers are becoming more concerned about the future state of the economy and the likelihood of another recession. Here are five ways you can financially prepare for a recession.
READ MOREBudgeting Tips for Unexpected Home Repairs
Blog posted On August 17, 2022
Owning a home is an excellent investment but saving for unexpected expenses and repairs is essential. Even newer homes can have issues shortly after moving in. It’s highly recommended that you go into a new home with money saved for the unknowns and continue saving money yearly. Here’s how you can save for unexpected expenses and repairs.
READ MORE4 Factors to Consider When Determining Your Max Purchase Price
Blog posted On July 13, 2022
Buying a home is exciting, but it’s essential to determine how much house you can afford before starting the home buying process.
Below are important factors to consider before you begin your home search journey.
READ MOREThe Cost of Aging in Place
Blog posted On December 01, 2021
When you approach retirement, you’ll be faced with the decision of whether to stay in your home or move. Many retirees choose to downsize or move from a single-family home to a townhouse or condo. Others choose to renovate their current home to accommodate expected life changes. If you’re considering whether you’re going to stay in your home or move when you retire, make sure to account for all the expected costs.
READ MOREHow to Budget for Your First Home Purchase
Blog posted On October 21, 2021
A lot goes into buying your first home. At first, it can be an intimidating process, but with the right guidance it can go by smoothly. If you’re considering buying your first home, there are a few things you should keep in mind when making your home budget.
READ MORERetirees and Inflation: How to Retire When Prices Are High
Blog posted On October 20, 2021
In the mid-1960s, it cost $1 to buy a movie ticket, $.30 for a gallon of gas, and $20,000 to buy a home. Today, it costs around $10 - $20 to buy a movie ticket, an average of $3.27 for a gallon of gas, and approximately $357,000 to buy a home of median value. To some extent, rising prices are a natural part of a progressing economy. Everything stabilizes when wages keep up with the increased cost of living. But what happens if you’re not receiving wages at all? For some people, rising inflation costs might be less concerning; but for those who are retired or planning to retire soon, it can be slightly more worrisome.
READ MOREHow to Buy a House While Paying Off Student Loans
Blog posted On September 02, 2021
Millennials have been the generation with the most home buyers since 2014, followed by Gen X. As of 2021, Gen X has been the generation with the most student loan debt, followed by Millennials. Many people sitting on the home buying sideline might think that they can’t purchase a home because of their student debt. However, the two generations with the most debt are also the two generations that purchase the most homes. While having student loans might make the home buying process slightly more challenging, it certainly shouldn’t prevent you from applying. By taking some of the following steps, you can increase your chances of mortgage approval and better prepare for your home purchase.
READ MOREA Home Buyer’s Guide to Moving: What to Buy and What You Can Get Free
Blog posted On August 18, 2021
According to Moving.com, the average cost of a local move is $1,250. The cost of a long-distance move is $4,890. Though these costs might seem steep, there are certain moving purchases that could save you thousands in the long run. Others, you might be able to do without.
READ MOREDon’t Make This Common Home Buying Mistake
Blog posted On June 02, 2021
If you’re buying a home, you’re probably focused on the upfront costs: your down payment, interest rate, and purchase price. These costs will dictate how much you pay upfront and how much your monthly mortgage payments will be going forward. To aid your home search, you might create a budget around the estimated monthly mortgage payments you will be able to afford. While this is a good start to your purchase preparation, you won’t want to stop there. Making a home buying budget strictly based on the estimated monthly mortgage payments you can afford might put yourself in a difficult financial position down the road.
READ MOREHome Buying Tips from a Financial Planner
Blog posted On April 14, 2021
“How much can I spend?” is a common question asked when buying a home. For Eric Roberge, CFP of Beyond Your Hammock, this is the top financial priority for many of his clients. Roberge specializes in helping 30- to 40-year-old professionals manage their finances, and a popular goal for this age range is buying a home. To guide buyers in their home search and prepare their finances for a purchase, Roberge offers two main tips.
READ MOREHow to Spend Your Stimulus Money Wisely
Blog posted On March 24, 2021
Last week, the third round of stimulus checks were sent to qualifying citizens. The checks – equaling up to $1,400 per person – were quickly processed by the IRS and U.S. Treasury in an effort to stimulate the economy amidst the continued coronavirus pandemic. If you were one of the stimulus check recipients, it may be tempting to splurge on that new PlayStation 5 or the necklace that you’ve wanted. However, here are five smarter ways you can spend your stimulus money.
READ MOREShould you make an extra mortgage payment?
Blog posted On December 27, 2018
If you are a homeowner wondering how to responsibly spend a holiday bonus or upcoming tax return, consider paying it into your home. When your budget allows, making an extra payment toward your mortgage can be beneficial. You can reduce interest costs and lower your overall debt. Making extra payments is not the right move for every financial situation, so consult a mortgage professional or financial advisor before making a decision.
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