24 Mar 2020
By noelkelman

Home Sales Are Spiking, Driven By Low Mortgage Rates

Mortgage, ,
According to data from the National Association of Realtors, existing-home sales increased by 3.6% in December 2019. That pace is the strongest month-over-month in almost two years, since February 2018. The sales figures were also up 10.8% from what they were in December 2018. What's behind this uptick? The biggest factor driving the surge in home sales is historically low mortgage interest rates.  Plummeting Rates During the last week of February 2020, mortgage rates fell to their lowest in three years and were hovering - just barely - above all-time lows. The 30-year fixed-rate mortgage was sitting at 3.45%, almost…
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12 Mar 2020
By noelkelman

The Long-Term Toll Of College Costs

Mortgage, ,
Taking out enormous student loans to get a college degree may be a terrible idea for some. The burden of paying off this debt can make it far more challenging to do other important things like buying a home. Here are some common problems that come from taking out large student loans: Not Worth It: The college degree may not help you land a high-paying job. Even high-paying jobs like being a dentist have extremely high educational costs as well. Aspiring dentists borrow, on average, over $500,000 to go to dental school and spend multiple decades paying it back. Tuition…
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11 Mar 2020
By noelkelman

Wealthy Seniors Can Benefit From Jumbo Products

Mortgage, ,
Individuals who own their homes with a considerable amount of equity should consider looking into proprietary jumbo reverse mortgages. These can be helpful tools that may allow seniors to either pay down an existing mortgage or fund their retirement.  These tools are particularly helpful in areas of the country that have high property values, such as California and New York. In these states, jumbo reverse mortgages may provide seniors with up to $4 million in potential loan proceeds. These funds can be applied to a variety of possible purposes. A Changing Thought Process Surrounding Reverse Mortgages In the past, mentioning…
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28 Feb 2020
By noelkelman

Should I Pay Off My Mortgage Or Invest the Money?

Mortgage, ,
To understand what to do with a windfall or extra disposable income when it comes to paying down a mortgage or investing the money, we need to discuss and understand the concept of opportunity cost. What Is Opportunity Cost? The concept of opportunity cost takes into consideration the total financial impact of the use of funds when applied in different ways, to be able to compare the effectiveness of how it is best to use them. The opportunity cost considers the risks involved, the potential reward, as well as the tax implications of the choices. Risk Versus Reward Evaluation All…
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27 Feb 2020
By noelkelman

Find The Best Mortgage Deal With A Few Simple Steps

Mortgage, ,
Currently, this is a great time to be in the market for a new home. The interest rates on mortgages have fallen countless times over the past few years. Even though interest rates have been in the double-digits in the past, there are homeowners today who are able to agree to a mortgage for less than three percent.  Despite the low interest rates, it is still important to get the best possible deal. There are a few simple steps that everyone should follow to get the best mortgage deal possible. Know How Much You Need The first step is to…
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21 Feb 2020
By noelkelman

FHA Down Payment Requirements: Homeownership Without A Big Savings Account

Mortgage, ,
Buying a home for the first time can be a challenge. One of the tools created to help people buy a home for the first time comes in the form of FHA loans. There were loans that were supported by the Federal Housing Administration (FHA). They can require a down payment that is as low as 3.5 percent.  FHA loans are significantly different from traditional mortgage loans. Those who have purchased a house before have likely heard that the average down payment is closer to 20 percent of the value. This can make it hard for someone to buy a…
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11 Feb 2020
By noelkelman

Considering A Reverse Mortgage? Understand These Important Points First

Mortgage, ,
There are many individuals who end up on a fixed income once they reach a certain age; however, their expenses aren’t always fixed. Sometimes, there is a large medical expense. In other cases, someone might need money for a new car or a home repair. In the event that someone needs cash quickly, one option is called a reverse mortgage. Those who have equity built up in their home can draw upon this to help with unexpected expenses. This is a quick source of cash that many people overlook. At the same time, it is important to think about the…
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04 Feb 2020
By noelkelman

4 Things To Do Before Co-Signing A Mortgage For Your Child

Mortgage, ,
It can be hard to convince a lender that a young person is ready to buy a house. There may not be a long credit history, a lack of assets might make it hard to fund a down payment, and the buyer's age can cause banks to hesitate. One of the ways for parents to help with this process is to co-sign on the mortgage. Before doing this, there are a few important steps to keep in mind. Look At Your Own Qualifications Remember that co-signers are going to go through the same vetting process as the primary borrower. This…
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