If you're dealing with paying off your mortgage and going down to a one-income family, it can be complicated to determine how to financially swing it. However, becoming a parent and managing a mortgage are quite common nowadays with maternity leave and the modern family. While managing a mortgage on just one salary can be a challenge, there are a few simple things you can do to make it work. Buy The House You Can Afford It may sound much too simple, but many people get so wrapped up in the concept of a dream home that they forget about what makes the cost of it manageable from month to month. While affordability is important, it becomes even more important when you're dealing with one … [Read more...]
Understanding the Reverse Mortgage and How to Best Use This Unique Financial Tool
If you've studied the real estate market recently, you've probably heard about the reverse mortgage. This unique tool is a financial arrangement designed for senior citizens who have limited incomes and want to use the equity in their homes to meet their everyday expenses. And although it's becoming increasingly popular, few homeowners truly understand it. So how does a reverse mortgage work, and when is it appropriate for a homeowner to get one? Here's what you need to know. What is a Reverse Mortgage? A reverse mortgage is a loan that uses your home equity as collateral - essentially, you borrow money against the value of your home. But unlike home equity loans, you don't have to repay a … [Read more...]
Worried About Mortgage Rates Going Up? 3 Steps to Prepare Yourself Financially
Mortgage rates have been at record lows for quite some time, making it easy for new homebuyers to finance their dream homes. But what comes down will eventually go back up, and with the world economy expected to rebound in 2016, we're about to start seeing more expensive mortgages. So what can you do to prepare yourself before mortgage rates start to rise? Here are three strategies that will keep you ahead of the game. Start Saving More Money Now If you have a variable rate mortgage, you've benefitted from great interest rates that this world won't see again for quite some time. Hopefully, you've taken advantage of this low-interest period to save up some cash. If so, you're going to be in a … [Read more...]
What Are The Requirements To Sell A Home Using An FHA Loan?
Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA's standards. FHA won't insure loans on just any property. While their standards aren't as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing. Location And Lot To qualify for FHA financing, the property has to be located on a road or easement that lets the owner freely enter and exit. The access also has to be paved with a surface that will work all year a long dirt driveway that washes out in spring won't qualify. The FHA also wants the lot to be safe and free of pollution, radiation and other hazards. For that … [Read more...]
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