As the weather begins to warm, you may be thinking about your summer plans. Are you hoping to take a much-needed vacation with the family, basking in the sun next to your dream pool, or even catching up on your summer reading in your new sunroom?
With interest rates at record lows, many are taking this opportunity to refinance their homes. One of the common questions people ask when considering a refinance is whether they should shorten or extend their mortgage term.
Downsizing. It’s something you may eventually decide to do. Perhaps your children have left the nest and are raising families of their own, and you no longer need the space. You may even decide you’d like to live closer to your grandchildren, so you can watch them grow.
So you’re considering buying your first home. The excitement is in the air, but there is a tinge of uncertainty of whether you’re ready. Is now the time to buy? Can I afford a home? How much money do I need? How do I get a mortgage?
If you're looking for your first house, you likely have a “wish list” or “must-have’s checklist” for your dream home. One of those items is probably its neighborhood. After all, a house can be updated and changed to make it your own, but you can’t change its physical location or community vibe.
When deciding whether to buy a home, it’s important to remember purchasing a home is an investment. Whether your goal is to ultimately own the home outright and eliminate monthly payments, build equity in the home to use in the future, or sell the home as values increase, the decision to buy shouldn’t be taken lightly.
Mortgage down payment. It could well be the three scariest words in the home buying process. If you feel like you will never be able to buy a home because saving up the money for the down payment stumps you at every turn, you should know that you have options.
As home values steadily rise throughout the country, homeowners are in a position to reap substantial benefits. If selling your home is your goal, you will likely realize considerable gains. However, if you plan to stay in your home, you’re still able to improve your financial standing significantly.
Unexpected expenses or emergencies can be devastating to your finances. One medical bill can set you back hundreds, if not thousands, of dollars. Even smaller financial problems, such as finding the money to perform repairs after a storm, can leave you without any way to make ends meet.
Buying a home is one of the most exciting things you will do in a lifetime! Whether you are buying your first home or you’re moving up to what will be your forever home, financial preparation is essential. It’s not even all about credit scores and down payments, though those are certainly necessary.
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