Think Twice Before Paying Off Your Mortgage Too Quickly

Most of the financial advice out there is focused on how you can pay off the mortgage on your home as quickly as possible, from making lump sum payments to switching to bi-weekly payments rather than monthly. However, there are a few things that you might want to consider before you put all of your financial efforts into paying off your mortgage as quickly as possible. Diversifying Your Investments Of course, paying off your mortgage as fast as possible has a number of obvious advantages. You will be able to own your home a lot sooner and you will decrease the amount of interest you pay over the years. However, are you diversifying your assets? Savvy investors know that they should decrease their risk by spreading their money into a number of different types of assets and investments so that they don’t have ”all their eggs in one basket.” If you have extra money and you want to invest it, you might want to make sure that you have a variety of investments including savings, stock

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Rounding Up Your Mortgage Payment

Paying off the mortgage on your home as quickly as possible will ensure that you pay less interest and save money in the long term. But how can you accelerate those payments so that you own your home sooner? One simple and easy way that you can pay off your mortgage faster is to round up your mortgage payment to the nearest $100 interval. So, for example, if your mortgage payment is $756 per month, you can pay $800 instead. Not only will this help you to pay off your mortgage sooner, but round numbers are also much easier to handle for simple calculations. You will be able to look at your bank account and easily subtract your mortgage payment in your head to get an idea of where your money stands. Will This Really Make a Difference? By rounding up your mortgage payment, you won’t notice the difference in your day to day expenses but you will really notice the difference when it comes to the overall lifespan of your mortgage. In your monthly budget, you will have already mentally all

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7 Simple Steps To Finish Your Basement

Get in the spirit of the coming weekend and put the labor of love into your home by creating a cozy hideaway that your family can retreat to once the outdoors become too chilly. One of the best places to create this snug space is to mimic hibernating animals and go under ground — to the basement. Whether your lowest level needs a facelift or is completely unfinished, Labor Day weekend is the perfect time to make a game plan and get started on remodeling your basement. Step 1 – Obtain A Permit Before you can just slap up insulation and drywall, you need to make sure your basement is even fit to dwell in. Check with your city to ensure there aren’t any permits you need to obtain and that the space is up to code. If you don’t do it right, then this update could haunt you when it comes time to sell. Step 2 – Get The Air Flowing You’ll want this space to be warm in winter and cool in the summer. Contact a contractor to see if getting air to this lower level will be as easy as t

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What’s Ahead For Mortgage Rates This Week – 9.9.13

Last week was relatively calm due to the Labor Day Holiday on Monday providing little mortgage and housing related news. However, there were several positive indicators for overall economic conditions. Construction spending rose by 0.60 percent in July and surpassed economists’ expectations of 0.30 percent and June’s zero percent growth. While this may seem a small increase, any indication that construction spending is increasing could indicate that residential construction is ramping up. This would be good news for home buyers, who’ve been facing a shortage of available homes in many areas of the U.S. The Fed Released Its Latest Beige Book Report Federal Reserve districts reported rising consumer spending in most districts, modest expansion in manufacturing and moderate residential real estate sales. Higher mortgage rates may have dampened home buyer enthusiasm, but an ongoing shortage of available homes is also likely to have contributed to slower sales. Mortgage rates will li

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Case Shiller Price Index Shows Home Prices Are Still Increasing

Home prices are still rising, but at a slower pace according to the S&P Case-Shiller Home Price Indices for June. Home prices for the cities surveyed in the HPI rose by 12.10 percent on an annual basis as compared to May’s reading of 12.20 percent. This is the highest rate of monthly growth for home prices since the peak of the housing bubble in 2006. June’s home prices remained approximately 23 percent lower than peak prices, but economists consider the bubble peak an anomaly and caution against comparing current home prices to the peak prices seen in 2006. Overall Housing Price Increase Strongly Regional home prices reported in June’s HMI were mixed. Case-Shiller publishes a 10-city Index and a 20-city Index of home prices. 13 of 20 cities saw their rates of rising home prices decline from May to June. Atlanta posted the highest month-to-month gain in home prices at 3.40 percent. Washington, D.C. posted the slowest month-to-month gain in home prices at 1.00 percent. New York C

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Pending Home Sales Indicates That The Housing Recovery Is Progressing

The National Association of REALTORS reported Wednesday that pending sales of existing homes fell by 1.30 percent in July. According to the organization’s Pending Home Sales Index, this was the second straight month that pending home sales dropped. July’s Pending Home Sales Index reading was 109.50. Signed Purchase Contracts For Existing Homes Tracked In The U.S. ·Northeast: – 6.60 percent ·Midwest: – 1.00 percent ·West: 4.90 percent ·South: + 2.60 percent Pending home sales were 6.70 percent higher year-over-year on a national basis. This indicates that the housing recovery is progressing, but at a slower pace. Short supplies of available homes have also impacted sales. In some areas homebuyers are facing competition from multiple buyers for individual homes. Another report released earlier in the week showed that the pace of rising home prices also slowed. This connects with fewer pending home sales, as when demand for homes cools, prices are likely to fall as well. Pend

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7 Tips On Getting A New Mortgage After Bankruptcy

You have found your dream home and you are eager to get a mortgage, move into the property and start enjoying life there. However, there is only one problem standing in your way – the fact that you have been through some hard financial times in the past. If you (or your partner) have been bankrupt previously, will this affect your chances of being able to buy the home you want? The good news is that it is still possible to obtain a mortgage even if you have been bankrupt before. Here are some tips that will help you to increase your chances of mortgage success: Choose the right lender. Some lenders may not approve your new mortgage if a bankruptcy shows up on your credit history. However, there are some that do as long as you are able to prove that you have the income to make your payments. If your bankruptcy was caused by factors that are beyond your control, it may be easier to get a new mortgage as opposed to a bankruptcy that was caused by poor money management. Explain the circ

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