I’ve set up a new real estate blog at: Housingpedia.com. In due time it will be full of useful tips on everything to do with the real estate market. Home values may have already hit rock bottom, which means buyers should act soon before prices spike up. It’s also a great time to buy a house since interest rates are at record lows.
It’s also an exciting time for homeowners who have been looking for a sign of hope in this dismal housing market. Those who have equity and good credit can take advantage of a lower monthly payment by refinancing.
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With the economy tight, the housing market struggling to rebound, and loans hard to come by, more and more people are choosing to rent an apartment rather than buy a home. While renting does not allow for the investment offered by home ownership it does carry with it several notable advantages. In renting, you can have more flexibility to decide where you live and when you leave. You can avoid worrying about mortgages, tax payments, and some utilities costs. And you won’t have to concern yourself with most maintenance needs.
But renting an apartment can come with some downsides. Many of these involve difficult neighbors in your building or a difficult landlord bothering you about rent. While the former is usually not within your control, you can certainly take steps to combat and minimize the effects of a troublesome landlord.
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| Credit Score |
Interest Rate |
Monthly Payment |
| 760 – 850 |
4.831% |
$2,633 |
| 700 – 759 |
5.049% |
$2,699 |
| 680 – 699 |
5.223% |
$2,753 |
| 660 – 679 |
5.433% |
$2,818 |
| 640 – 659 |
5.856% |
$2,952 |
| 620 – 639 |
6.392% |
$3,125 |
Having a good credit score is imperative if you’re planning to make a large purchase like a car or a house. If you’re young, you should care about your credit score. If you have no credit, getting a credit card is a good first start. Secondly, buying a used car on credit is another good step to take. Getting a car loan isn’t necessarily a bad thing. Paying off a car loan will help boost your credit score. The ultimate goal is to build up your credit so that you can qualify for a mortgage.
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Nowadays you rarely hear about people wanting to pay off their home loans early. It seems that many families are struggling just to make their monthly mortgage payments.
But not everyone has lost their job or is going through tough financial times. Paying off your home early doesn’t just reduce the number of years off your loan, it can save you tens of thousands of dollars.
If you’re considering paying your home off early I’ve got some tips to share with you.
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With the problems in the economy and many households struggling with debt, any form of credit has come to be viewed negatively and lenders seen as the bad guys for providing loans irresponsibly.
However, used correctly, loans can make a significant different to an individual’s lifestyle and needn’t break the bank if the right kind of financial assessment is carried out upfront.
Before entering into a loan agreement, it is important to understand the different types of loans available on the market and the differences between them.
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- Down Payment. Always put a 20% down payment on your new home purchase. 20% on a $250,000 home is $50,000. If you don’t have it, you’re not ready to buy a home. If you make a down payment of less than 20% you’ll be paying a PMI (private mortgage insurance) fee.
- Fixed Rate. If the only loan you qualify for is an interest-only or an adjustable rate loan, then you are not ready to buy a home yet. Take the time to increase your credit score, increase your down payment or search for a home that costs less.
- Repairs. Buy a house that’s a fixer-upper. You’ll get the house for a low price and you’ll add value to it with your repairs.
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Furnishing your new apartment home is a great opportunity to develop your own style and show off your creativity regardless of your budget. If you purchase everything brand new, plan to spend upwards of two thousand dollars. The good news is that hunting for deals in thrift stores and pursing a few estate sale adventures can lower this figure considerably. The most basic essentials to begin with include a good bed, a couch and a table to eat and work on. Once you have these core items you can move on to a computer desk, entertainment center, nightstand and dresser. In addition, each of these items can be a style statement.
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For the most part, it is advisable to own your own home rather than rent. However there are certain advantages to renting a home. I will discuss a few of those with you today.
- Falling home prices. Owning your own home has lost some of its luster as being part of the American dream. This is due in part to the housing crisis which ultimately lead to the global economic crisis. As prices continue to drop it’s becoming less and less desirable to pay for a depreciating asset.
- Time. Renting a home allows you time to increase your credit score. The better score you have the lower interest rate you’ll receive when you do decide to purchase a home. Renting also gives you time to build up your savings to prepare for a good down payment.
- Home maintenance. When you rent, you don’t have to worry about the cost of repairing a malfunctioning heating system, gardening or other routine maintenance.
- Uncertain future. If you’re unsure about where you want to live, your relationship status or your job situation, it’s just not the right time to buy a house.
- Liability. When you have a mortgage, you are on the hook for a huge loan for 30 years. Missing some payments means you’ll lose your home due to foreclosure which will negatively impact your credit score for the next 7 years.
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Part of the Ethernity
