It can be difficult to establish a hierarchy of savings. What should come first when you are paying yourself? Three basic areas represent parts of your life that need financial attention; your retirement fund, your money set aside for emergencies, and debt repayment. The last one doesn’t sound like you are paying yourself--at first. But debt management is an important part of establishing financial freedom. Emergency Fund: A Savings Account You … [Read more...]
Why The Coronavirus Could Help You Refinance Your Mortgage
The coronavirus outbreak that has grabbed world headlines could also be partly responsible for you getting a better mortgage loan interest rate if you refinance an existing mortgage or even choose to buy a new home. What on EARTH are we talking about with a headline like this? It’s simple. The coronavirus and its’ related quarantines in Wuhan in the Hubei province in central China, Italy, Japan, and elsewhere may not DIRECTLY affect … [Read more...]
Do You Need A Loan? Advice From Personal Experience
Do you need a loan? Do you REALLY need a loan? Sometimes the answer is yes, sometimes the answer is no. There are LOTS of articles with vague, non-specific advice about whether or not to apply for a personal loan, small business loan, or student loan. But what SPECIFIC advice is there for people who just aren’t sure whether or not to commit? What follows is my own personal experience. The opinions are mine alone. Names and locations have been … [Read more...]
Mortgage Scams To Avoid
Mortgage scams to avoid come in a variety of different types and not all of them have to do with purchasing a home or applying for a new loan to so. The Department of Housing and Urban Development warns consumers that mortgage scams frequently involve foreclosure avoidance schemes or refinance loans instead of new purchases. New purchase loans are not always scam-free. But there are some things you can do to protect yourself when buying the … [Read more...]
Government-Backed Mortgages Vs Conventional Home Loans
Do you know the difference between a conventional mortgage and a government-backed home loan such as an FHA loan, VA mortgage, or USDA home loan? There are two big areas some are concerned with; those areas are down payments and mortgage insurance. We’re looking at the differences between conventional and government-backed home loans with this in mind since a home loan down payment and the insurance you’ll need over the course of the loan are … [Read more...]