mortgages

Why it’s time for borrowers to accept the new normal of higher rates and plan accordingly

Interest rate normalization is causing the cost of debt to go up — and likely stay up https://financialpost.com/personal-finance/borrowers-higher-interest-rates #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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Don’t Let Outdated Preapproval Add to Your Home Search Woes

As mortgage rates continue their stomach-turning rise and serious shoppers compete for a limited supply of homes, would-be home buyers may be struggling to make a successful offer before their mortgage preapproval letter expires. According to Zillow, more than half of home buyers this year reported making two or more offers before closing on a…

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Was Getting An ARM Before Inflation And Rates Went Up A Bad Move?

Given inflation and mortgage rates have gone up aggressively since August 2020, was getting an ARM back then a bad move? Maybe. But I’ll argue probably not. Let me reason why. One of the best things about running Financial Samurai is having readers criticize my financial beliefs and actions. So long as the criticism is

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How to Get Rid of Private Mortgage Insurance (PMI) and Save 0 a Month

How to Get Rid of Private Mortgage Insurance (PMI) and Save $200 a Month

Though PMI is tax deductible through the end of 2013, most homeowners would rather actually save the money each month than have another write off come tax time.Pay off private mortgage insurance (PMI) early and you could pocket an extra $200 or more each month. Here’s how to remove PMI. The post How to Get

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Why Pay Off A Negative Real Mortgage Rate When Inflation Is So High

Paying off a mortgage with a negative real interest rate is a suboptimal financial move. However, that’s exactly what I did in this unusually high inflationary environment. Bad move? Maybe. The mortgage rate was a 30-year fixed at 4.25% and the latest inflation figure was 9.1%. Therefore, it had a negative real mortgage rate of

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What Is a Mortgage Servicer?

When you get a mortgage, you receive your financing from a lender, such as a bank or credit union. However, the lender may not be the institution that actually manages the loan over the long term. Tasks like processing payments, providing customer service and handling the escrow account are all performed by an entity called…

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Student Loan Relief Could Inch You Closer to Homeownership

According to multiple news reports, the Biden administration is expected to announce forgiveness of $10,000 in student loan balances for borrowers making less than $150,000 a year. If a portion — or all — of your balance is forgiven, it could impact many areas of your financial life, including your ability to buy a home….

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Canadian homeowners feeling the pinch of rising rates: Manulife Bank debt survey

Almost one in four say they’ll have to sell if rates climb much higher https://financialpost.com/real-estate/mortgages/canadian-homeowners-feeling-the-pinch-of-rising-rates-manulife-bank-debt-survey #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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Why It’s Better To Pay A Small Mortgage Fee Than Get A Large Credit

Imagine getting a $55,077 mortgage credit rather than paying a mortgage fee to get a new loan. A $55,077 mortgage credit was what I was quoted for a $4.125 million, 10/6 ARM at a 3.625% rate. Surely receiving a large credit is better than paying a mortgage fee right? Not necessarily. The higher the mortgage

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Well-Qualified Borrowers Are Paying Much Lower Mortgage Rates

House prices have cooled and will likely decline in some of the hottest markets. However, on my quest to get financing to conquer my real estate FOMO, I realized a positive datapoint for the U.S. housing market. Well-qualified borrowers are paying much lower mortgage rates than the headline rates you see in the news. There

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Does a Home Warranty Cover Plumbing?

Plumbing projects are among the most expensive — and stressful — repairs that a homeowner can face. Fixing a sewer main or septic tank can cost thousands of dollars, and even a smaller project, such as a garbage disposal repair, can cost hundreds. Many home warranty plans offer plumbing coverage, but only in a narrow…

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What Does a Real Estate Agent Do?

A real estate agent is a professional who helps people buy and sell properties. But there’s more to it than that. Here’s a primer on what real estate agents are (and aren’t) and the different roles agents can take on in a real estate transaction. What is a real estate agent? Real estate agents are…

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The Homeowner Assistance Fund: How It Works and How to Apply

In 2021, the American Rescue Plan Act set aside nearly $10 billion to provide direct relief to homeowners struggling with finances because of the COVID-19 pandemic. Known as the Homeowner Assistance Fund, or HAF, this money would be split among U.S. states, territories and tribal governments, with each creating its own program for distributing the…

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Can You Get a HELOC on an Investment Property?

If you’ve built enough equity in your investment property, you may have considered getting a home equity line of credit, or HELOC, to make improvements, consolidate debt or even buy a new property. You can get a HELOC on an investment property and tap into its equity, but there are strict qualification requirements, they aren’t…

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Can You Refinance a Home Equity Loan?

A home equity loan can be a valuable way to access some of the funds tied up in the value of your home without having to sell it. Some homeowners choose a home equity loan to finance an expense such as completing a renovation or making another upgrade that will enhance their home’s worth. You…

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Opendoor: What to Know About the Home iBuyer

Opendoor, the largest iBuyer in the United States by volume, uses technology to help people buy and sell their homes quickly for cash. Founded in 2014, Opendoor introduced the world to iBuying when it bought its first home. In the second quarter of 2021, the company says it purchased a record 8,494 homes. Opendoor debuted…

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What the Financial Services Sector is All About

You go to the bank to put money in your savings account, to make a withdrawal, to apply for a loan, and more. But banks aren’t just places where you store your cash. They’re also businesses, and part of a large sector of the economy. The economy couldn’t function without a solid banking system, but

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Using a Mortgage Broker vs. a Lender

There are several options available to you when you need to find a loan to purchase a home. For example, you can work with a mortgage broker who will take your specific needs and circumstances into account and compare rates from a variety of lenders. You could also research lenders on your own and work…

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The Effect of Inflation on Home Buying

If you’ve read the business section of any website or newspaper lately, it seems like inflation is the topic that’s on the tip of everyone’s tongue. The impact can be seen on everything from the price of soft drinks to gas. However, if you’re looking to buy a home, the impact can be bigger than

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The Property Line: Housing Shortage Hangs On; Price Crash Unlikely

If for-sale signs in front yards were creatures, they would have the life span of fruit flies. Among homes sold in March 2021, 83% had been on the market for less than a month. Homes sell fast because there aren’t enough to accommodate every household that wants to own one. The shortfall was 3.8 million…

The Property Line: Housing Shortage Hangs On; Price Crash Unlikely Read More »

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