There are a lot of complicated terms thrown around regarding your mortgage, and one of them is an escrow account. You will probably hear that your lender will collect some additional money every month for escrow payments. If you take a look at your mortgage statement, you will see your interest, your principal, and your escrow. What does this mean, and why do you have to pay additional money that isn't going toward the balance of your loan?
Real Estate
There are many people who dream of owning a home, but you need to purchase your home for the right reasons. Simply purchasing a house because other people are doing so is not a strong reason to make such an expensive purchase. What are some of the reasons why you should purchase a house? What are some examples of bad reasons to buy a home?
What do you need to do if you want to improve the safety and functionality of your home? You may not think that your home has a lot of safety hazards, but you might be surprised at how many people get hurt at home every year. Particularly if you have older people in your home, or if you have people in your house with disabilities, you need to pay close attention to your safety and functionality. What are a few tips you should keep in mind?
As you get closer to your retirement age, you should try to discharge as much of your debt as possible. Unfortunately, many people close to the age of retirement still have a significant mortgage balance they need to pay off. What are some of the top reasons why you should pay off your mortgage before you retire?
This is called an amortization schedule, and it is typically designed in such a way that your last payment pays off your loan down to the penny. How does this impact the life of your loan?
Are you a budding real estate investor who is on the hunt for great deals on local homes? If so, you have probably heard about "short sale" homes, although it can take a bit of searching to find one. Let's take a closer look at real estate short sales to learn how they work and when you might want to take advantage.
There are some people who are able to pay cash for a home. Typically, these are individuals who are selling an existing property that has gone up in value. Now, all of a sudden, they have a lot of extra money they can spend on a house. If you can pay cash for a home, you have a lot of extra negotiating power. When it is time to complete the sale, who pays?
If you are interested in purchasing a house, you need to review all of the offers available. The vast majority of loan officers are going to talk about something called qualifying mortgages, which is usually shortened to QM.
If you are purchasing a house for the first time, you are probably excited to imagine what your life might look like in a bunch of different houses. At the same time, the process can be a bit overwhelming.
The housing market today is very competitive, and you might be wondering how you can get your offer accepted. If the seller has multiple offers on the table, it can be a bit of a challenge.