11 Dec 2024
By noelkelman

5 Financial Tasks to Tackle Before the New Year

Holidays, ,
As the year draws to a close, it's the perfect time to take stock of your financial health and set yourself up for success in the coming year. You can create a solid foundation to achieve your goals by focusing on key areas. Here are five important financial tasks to consider before the new year begins. 1. Review Your Spending Take a close look at your spending habits over the past year. Were there months or categories where expenses went overboard? Identifying patterns—like higher spending during the holidays or summer travel—can help you adjust your budget. If you don't already…
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03 Dec 2024
By noelkelman

Steps to Prepare for Future Home Financing and Year-End Financial Checklist

Home Buyer Tips, ,
As the year draws to a close, it’s the perfect time to take a step back and review your financial health, especially if you plan to purchase a home next year. Whether you’re a first-time buyer or looking to upgrade, proper preparation can make all the difference when securing a mortgage with favorable terms. Here's a comprehensive checklist to ensure you’re financially ready for home financing in the year ahead. 1. Review Your Credit Score Your credit score is one of the most important factors lenders will consider when deciding whether to approve your mortgage application and what interest rate…
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17 Sep 2024
By noelkelman

Managing Your Mortgage During Major Life Changes

Mortgage Tips, ,
Life is full of significant transitions, and major life events such as divorce, inheritance, or starting a business can deeply affect your financial landscape, including your mortgage. Understanding how these changes impact your mortgage options and financial planning can help you make informed decisions and manage your home loan effectively. Divorce: Reassessing and Refinancing Divorce can be emotionally and financially challenging, especially when it comes to managing joint mortgages. Here are some steps to consider: Review Your Mortgage Agreement: Determine whether you and your ex-spouse are both legally responsible for the mortgage. This review will guide your next steps, whether…
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10 Sep 2024
By noelkelman

The Difference Between Mortgage Prepayment and Payoff

Mortgage, ,
As a homeowner or prospective buyer, understanding the intricacies of mortgage management can save you time, stress, and potentially thousands of dollars. Two key concepts that often confuse borrowers are mortgage prepayment and mortgage payoff. While both strategies can reduce the overall interest paid and shorten the loan term, they function differently. Let’s break down what each term means and how they can affect your mortgage journey. What Is Mortgage Prepayment? Mortgage prepayment occurs when you make payments toward your mortgage above and beyond the required monthly installment. This extra payment goes directly toward reducing the principal balance of your…
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01 Aug 2024
By noelkelman

Managing Your Debt During the Homebuying Process: A Guide for Homebuyers

Home Mortgage Tips, ,
Embarking on the journey to homeownership is an exciting milestone, but it also requires careful financial planning. One crucial aspect is managing your debt effectively. I want to ensure you have the tools and knowledge to navigate this process smoothly. Let's discuss some essential strategies for managing your debt while purchasing a home. Understand Your Debt-to-Income Ratio Firstly, it's essential to understand your debt-to-income (DTI) ratio. This ratio compares your monthly debt payments to your gross monthly income and is a critical factor lenders consider when approving a mortgage. A lower DTI ratio indicates you have a healthy balance between…
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19 Jul 2024
By noelkelman

How to Manage a Mortgage After a Career Change

Mortagage Tips, ,
A career change is usually an exciting journey, it offers new opportunities and growth. It can also bring challenges when you have a mortgage to manage. Balancing a new job and financial commitments can be stressful, but with the right strategies, you can stay on top of your mortgage payments and maintain your financial stability. 1. Assess Your New Financial SituationThe first step is to thoroughly assess your new financial situation. Understand your new income, any changes in benefits, and how these impact your overall budget. You should be considering the following: New Salary: Calculate your take-home pay after taxes…
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18 Jul 2024
By noelkelman

Can You Refinance a Reverse Mortgage Loan?

Mortgage, ,
When you first opted for a reverse mortgage, it might have felt like the perfect solution to tap into your home equity and enjoy your retirement without monthly mortgage payments. As time passes, your financial situation, goals, or the market itself can change, making you wonder: "Can I refinance my reverse mortgage?" The answer is yes, but it’s essential to understand what is involved before making a move. Why Consider Refinancing Your Reverse Mortgage? Lower Interest Rates: Just like traditional mortgages, reverse mortgage rates can fluctuate. If current rates are significantly lower than when you first took out your loan,…
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12 Jun 2024
By noelkelman

Understanding Mortgage Recasting

Mortgage, ,
When it comes to managing your mortgage, you might have heard of refinancing as a popular option to reduce monthly payments or pay off your loan faster. However, there's another lesser-known strategy called mortgage recasting. Let's dive into what mortgage recasting is, how it works when it makes sense to consider it, and when you might want to avoid it. What is Mortgage Recasting? Mortgage recasting is a form of prepaying your mortgage, it is a process where you make a lump-sum payment towards your mortgage principal, and your lender then recalculates your monthly payments based on the new, lower…
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