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.
Homebuyers must make two large payments when purchasing a house. One is the earnest money paid upon execution of the sales contract. The second is the down payment to the lender at closing. What are the differences between the two? It’s all about commitment. In both cases, these payments represent a commitment to the purchase…. Read more »
Thanks to the internet and smartphone apps, watching television will never be the same. So-called streaming TV is far cheaper than traditional cable and satellite television, which is driving its soaring popularity. Evolving technology. With cable and satellite, viewers are watching live feeds from the various channels. Using a DVR, viewers can record shows they… Read more »
Retirement communities, marketed to the 55-plus crowd, are often loaded with recreational amenities such as swimming pools, golf courses, clubhouses and gyms. Do these developments live up to their advertising brochures? Here’s a look at the pros and cons. Pros. Most senior-living residents enjoy the freedom from having to mow their lawns and perform other… Read more »
How much is a home worth? That’s the crucial question asked by home buyers and their lenders in a sales transaction. It’s up to a professional real estate appraiser to analyze the property and market data to come up with the market value, which can dramatically change the outcome of a deal. What exactly does an… Read more »
When planning to build a custom home, buyers have their choice of two types of construction loans. The traditional type involves two closings, one for the construction phase and one for the permanent mortgage. The newer, more popular version is the so-called one-time close, also called a construction-to-permanent loan. Here’s how they differ. Getting started…. Read more »
They make it look so easy, those house-flipping shows where they take a wreck of a home, turn it into a dream house, then sell it for a big profit. Have you ever wondered if you were missing out on an opportunity? Let’s pull back the show business curtain and take a look. Overstated drama…. Read more »
Don’t wait until you need to file a claim to educate yourself on the ins and outs of homeowners insurance. By then, you could be in for an unpleasant surprise. While homeowners insurance covers many of the major risks, such as damage from fire, it doesn’t cover everything. There are some losses that homeowners insurance… Read more »
Although no one wants to contemplate a cherished home being destroyed by fire, it’s an important topic to address — with emphasis on prevention and preparation. A home free from fire hazards. Fire prevention is the first priority. Never allow flammable materials to be stored near heat sources such as water heaters, furnaces, fireplaces and… Read more »
When buying a home and applying for a mortgage, a good credit score is critical. A home can be purchased with less than stellar credit, but often at interest rates and terms that aren’t to your advantage. Improving a damaged credit score is something that takes time, patience and must be addressed long before making… Read more »
Family time in a backyard pool or on a trampoline can provide hours of entertainment and many years worth of memories. But, as a homeowner, pools and trampolines also mean extra insurance costs and a heavy weight of responsibility to keep family members, friends and neighbors safe. The responsibility bar is set high. Across the… Read more »
Sure, pools and trampolines are fun. But homeowners who choose to put them in their backyards also face greater responsibility and a much larger homeowners insurance bill. It’s best to weigh the pros and cons before making such a purchase. Swimming pools. The insurance covering damage to an in-ground pool is treated differently in different… Read more »
If you’re talking about a potential home renovation project, it’s important to know if the money you put into the project will translate into more money down the road when, or if, you sell your house. Some projects will pay off handsomely while others will not. And, sometimes, it’s how you do the project that… Read more »
Are you in the market for buying a second home? You probably have lots of questions — what’s it like to qualify for a mortgage on a second home, and are there still tax advantages? Let’s take a look. Mortgage risk. Since lenders view second homes as being a higher risk for default than first… Read more »
You never want to skimp on homeowners insurance, but there are ways to save money on those premiums without putting you or your home at risk. Here’s a handy guide to getting excellent coverage at a reasonable price. Your credit score. In most states insurance companies use customer credit scores as one factor in determining… Read more »
Home warranties often provide peace of mind to wary home buyers, but are they worth the cost? Let’s look at how home warranties work and weigh the pros and cons. Home warranty basics. Home warranties provide for the repair of certain systems in a house in exchange for an annual fee of between $300 and… Read more »
The mortgage approval process is rigorous. Since the housing bubble burst in 2008, federal regulators have ratcheted up their standards. Here’s a list of the do’s and don’ts to be approved. Do this. Brace yourself to comply with the documentation process, which is extensive. Always be truthful on your mortgage application. If a mortgage lender… Read more »
Despite the mortgage-lending reforms that followed the 2008 economic crash, it’s your job as a consumer to be on guard against questionable lenders — especially if you have damaged credit and shaky finances. Here’s how to protect yourself. Know what you can afford. The first step toward protecting yourself is to be armed with knowledge… Read more »
If you own your own home, your property tax assessment is responsible for one of the biggest ticket items in your annual budget — your property tax bill, which pays for local services such as new schools, parks, police and fire protection. Here’s what you need to know. What is a property tax assessment and… Read more »
It’s important to shop for the perfect place to call home, but don’t forget to shop around for the best financing, too. The quality of the terms of your mortgage can mean a difference of tens of thousands of dollars over the life of the loan. Here are a few tips on finding the best… Read more »
Owning rental property can bring a nice return on your investment, but be sure you weigh the pros and cons before you decide to jump in and become a landlord. Show me the money. Unlike buying a personal residence — where you might get by with putting down as little as 5 percent — a… Read more »
