If you want to know how to live your best financial life, you’ve come to the right place! Here, you’ll find everything from information on insurance, investments, and owning rental property to advice on savings and retirement.
The financial crisis of 2008 started with shoddy mortgage-lending practices. Congress answered this problem with the 2010 Dodd-Frank Act, which was designed, among other things, to tighten mortgage lending standards and disclosures, keeping consumers better informed and curbing predatory lending practices. Here is a quick overview of what the Dodd-Frank Act means to you as… Read more »
If you haven’t bought a home in recent years, the paperwork you’ll be confronted with will look a little different this time around. That’s because of new regulations put in place following the 2008 financial crisis. Under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the decades-old Good Faith Estimate and… Read more »
In the often-confusing world of finance, the Consumer Financial Protection Bureau (CFPB) is a valuable source of free information for homebuyers and others making a major purchase or investment. Created by Congress following the 2008 financial meltdown, the bureau provides helpful educational materials, tools for making financial decisions, and conflict resolution with financial institutions. The… Read more »
The “Tiny House” movement is certainly getting a lot of publicity these days, and let’s face it, those cute-as-a-button homes offering the prospect of no mortgage and a smaller environmental impact are pretty tempting. But are you ready to live in 500 square feet — or less? Letting go. Living in a tiny home requires… Read more »
As home trends shift toward smaller spaces and simpler living, many are exploring non-traditional housing, such as campers and RVs. While lots of fulltime RV fans are retirees, people of all ages who crave freedom and financial savings are embracing the lifestyle. See if you think RV living might be right for you. Cost versus… Read more »
In pursuit of the perfect home, our wants and needs change as our lives, families and priorities change. A house that might have once been your dream can wind up feeling too big, too overwhelming to maintain, or too expensive. Here’s a list of reasons why you might be ready to downsize to a smaller… Read more »
While the opportunities to make money on foreclosed properties may be enticing, it’s crucial to know the risks and challenges before jumping in. Take a look. Someone’s loss, another’s gain. Foreclosures occur when owners can no longer make payments on their homes or can’t sell them to pay off their mortgages. The price of a… Read more »
There are wine drinkers and then there are wine lovers, for whom the drink stirs passion. If you fall into the latter category, perhaps you’ve considered adding a wine cellar or dedicated wine refrigerator. Do you need it? Most wines today have already aged about two years from making to purchase and therefore are meant… Read more »
Shopping for a home also means shopping for a mortgage. If this is all new to you, the multitude of mortgage types might be confusing. Here’s what you need to know. Fixed-rate mortgage. The fixed-rate mortgage is the most traditional way to finance a home. Typically available in fifteen- and thirty-year terms, the loan’s interest… Read more »
It seemed like the ink was barely dry on your closing papers when you received notice that your mortgage had been sold to another company. While startling, it won’t change the terms of your loan. Here’s what you need to know. Why do mortgage companies sell mortgages? Mortgage companies lend money to thousands of borrowers…. Read more »
Buyers who put less than 20 percent down on a home might find themselves with a higher-than-expected monthly payment. The extra money, which often takes first-time homebuyers by surprise, is for private mortgage insurance. What is PMI and why does the lender require it? Lender’s risk. When a borrower puts down less than 20 percent… Read more »
If you own raw undeveloped acreage, the land may be your route to financial security. Subdividing residential lots or owning commercial buildings can put you on the path to prosperity. Land development, however, is a complex venture. Take a look. Details count. You may already own the land, but to develop it you will need… Read more »
Real estate investing has made many a millionaire, so it’s not out of the ordinary if you have the resources to consider a land development deal. But unless you have enough reserves to go it alone, you might want to put together a group of developers and investors. What is involved and what are the… Read more »
A programmable thermostat is a great investment for homeowners — a multitasking tool that keeps you comfortable and helps you save money. While basic thermostat technology, using liquid mercury and an electrical switch, has been around for a long time, it’s the digital advances that have elevated thermostats to must-have status in a budget-conscious home… Read more »
In today’s world, we take air conditioning for granted. We’ve come to expect cool indoor temperatures regardless of how high the outdoor temperature soars. Let’s take a look under the hood, so to speak, at the equipment that keeps us all comfortable. How it works. Air conditioning units are comprised of three parts: a compressor… Read more »
Mortgage lending is yet another industry that has undergone massive change by the internet. Online lenders advertise fast and easy transactions while traditional lenders offer more personal service. Regardless of which option you choose, it’s important to understand the difference between a mortgage broker and a mortgage lender. A lender is a direct supplier of… Read more »
The financial world hangs on the mere hint of a possible interest rate increase by the Federal Reserve. But what about rank-and-file consumers? What does the Federal Reserve do, and how does it affect what you pay for your mortgage? What is the Federal Reserve? Despite its name, the Federal Reserve is not an agency… Read more »
Homeowners insurance policies can be difficult to read, but the information is crucial to your financial well-being, especially when tragedy strikes and you’re forced to make a claim. Note: The coverages described here will vary from state to state and company to company, so be sure to research your policy diligently. What is covered. First… Read more »
When searching out home-financing opportunities, it’s worthwhile to see if you qualify for government programs that offer attractive terms. The loans are usually administered through a private mortgage lender, but are insured by the federal government against loss due to borrower default. Here’s a quick primer on the possibilities. Federal Housing Administration (FHA) loans. Approved… Read more »
If you enjoy an annual trek to the mountains or beach, and enjoy the simplicity of staying at the same place, a timeshare purchase might be a good option for you. If you like a little more variety in your vacation, but hate the hassle of trip planning, a vacation club membership might fit your… Read more »
