There is a good chance you have heard someone described as being house poor. What exactly does it mean? It is important to understand what it means to be house poor and how you can stay away from it.
Tag: Mortgage Payment
The Top Reasons To Pay Off Your Mortgage Before You Retire
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?
Refinancing A Mortgage: How Does This Work?
If your financial situation has changed, you might be interested in refinancing your mortgage. In general, refinancing means that you will replace your current mortgage with a new one.
Get Your Mortgage Paid Down Faster With These 5 Simple Money Saving Strategies
The monthly mortgage payment can be burdensome for many, but it’s possible you’ve thought of trying to pay it down more quickly. Without getting a new job or working overtime, here are some tips you can use on a daily basis to save additional funds and pay off your mortgage at a swifter rate.
The Younger Generations Are Interested In Owning A Home
The real estate market has been red hot this year, with many people looking to purchase a home because of record-low interest rates.
Understanding Your Debt To Income Ratio: What It Means
If you are looking for a home, you might need to finance it using a lender, such as a bank or a credit union. There are a number of factors that will influence whether your mortgage application is approved.
How To Transfer The Funds To Buy A House
If you have made an offer on a house and gotten it accepted, congratulations! This is a major step, but you might be wondering how you actually pay for a house. The days of showing up to the closing table with a personal check are in the rearview mirror, as nobody wants a check for a house to bounce after the other person has already walked away with the keys. Furthermore, even if you are buying a house with cash, you certainly do not want to show up with a briefcase full of dollar bills. Here is how you will actually pay for the house.
An Overview of Amortization: It Plays A Role In Monthly Mortgage Payments
Even though this may sound like a fancy word, amortization is simply a long word for a straightforward topic. Furthermore, it plays a significant role in the determination of monthly mortgage payments.
What Homeowners Must Do When Behind On Mortgage Payments
There are lots of homeowners who fall on rough times from time to time. For example, some people may be in the midst of changing jobs. Other people might be going back to school. When this happens, it can be hard for homeowners to keep up with their mortgage payments. Even though they might be thinking about waiting for the bank to do something, this would be the ultimate mistake.
How Much Income Should People Spend On A Mortgage?
When people are looking for a home, this is an exciting process. There is always something fun about looking at potential homes and envisioning a future there. This is a big decision. At the same time, it is just as important for people to think about how much of their money they should be spending on their mortgage. There are a few rules of thumb that people should keep in mind.
Mortgage & Real Estate News 