I worked in mortgage and never thought to shop around, but makes sense since a group of similar inquires around same time should count as 1. Forever learning Half of Borrowers Don't Shop Around for a Mortgage.
This was such a great article, I appreciate the candor, especially about not using a camera phone to take the photos, looking forward to this experience
Let’s have a discussion about house hunting today! I was one of the first of my friends to buy a house, and lots more are either new home owners or are looking to be in the next few years. Because I’ve been in my house for a bit, and I’m clearly into houses, I get asked often about things to look for when you’re house hunting.
Here’s my (unofficial, personal experience based) 2 cents of things to think about when you’re looking at houses/house listings:
- You might have no idea at all how much money a bank will be willing to loan you. The basic rule of thumb (if you have good credit), is that the bank will lend you 4x the amount of your yearly income. You then need to decide what that would mean monthly for you and if you can take that on… just because they’ll…
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I spent yesterday in bed, but productive, created a word cloud using http://www.Wordle.net, to visualize my Housing Wish List. I also started a new Pinterest board. I am nothing if not a planner, so while not going actual House Hunting until mid 2016, my goals are front and center. Posted from WordPress for Android by… Continue reading The engine that could…..
How can I effectively budget when I have fluctuating expenses? THE PLAN: I am going from a set bi-weekly paycheck to a weekly paycheck with fluctuating benefits. So I have sat down and created a spreadsheet that I will review monthly based on projections and again quarterly to revise projections. SEE SNAPSHOT Planning Stages: I… Continue reading the B Word……BUDGET
Great ideas i have the separate savings account, its a thought to start paying pretend rent. Thanks
Most people today are scared to buy a home. it is mostly because people don’t have enough down payment saved or cannot afford house payments or they have credit card debt. It is going to hard but if we start saving small and take baby steps we can get there.When my husband and I first thought about buying a house we only had $20,000 in our savings. In bay area, a single family house costs $600K+ now and a town home costs $500K+.Where will we get the money for a 20% down payment?
It took us 4 years to save for a house and we made the 20% down payment.we also had $10,000 left in our savings after closing costs. I would have liked more but we found the perfect house and we went for it. Here are a few tips that helped us build our home fund.
- Start a…
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I get free coffee at work but that occasional #starbucks frapp on my #target run could add up. Great infographic, This was originally published at moneytips.com at http://www.moneytips.com/martini-with-a-retirement-twist .
I have my must have, want/prefer list all ready. Doing research using @HGTV to assist with knowing jargon and etc to prepare for my home search in 2016.
So how do you make your dreams come true without breaking the bank?
The key is setting a realistic budget – and understanding the difference between what you want and what you need.
Start by sharing the information below with your Allen Tate Realtor to help determine what you can afford, your preferred location, home size – and what your expectations are.
- Budget – Get pre-qualified now to determine what monthly mortgage payment you can afford and loan amount you qualify for.
- Location – Do you want to be close to work and/or school? In urban, suburban or rural area?
- Size and type of home – How many bedrooms, baths, etc. Single family, townhome or condo?
- Condition of…
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According to the 2014 Profile of Home Buyers and Sellers, published by the National Association of Realtors®, one of the main issues holding back first-time homebuyers is the saving for a down payment. This factor has resulted in a decrease in the number of first-time buyers, to 33 percent of the total housing market, from the high of 50 percent in 2010 when we had the First-Time Homebuyer Tax Credit.
But here’s some good news. A recent announcement from Fannie Mae may address some of this concern. Fannie Mae has reduced the down payment requirement – from 5 percent to 3 percent – as long as one of the buyers is a first-time homebuyer (defined as someone who has not owned a home in the last 3 years).
Consider how this impacts a typical buyer on a $200,000 home purchase. With a 5 percent down payment, the buyer would have…
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Great ideas and plan.
I plan to save at least $3000 for a home purchase, secretly i hope its more but I’m starting small. I’ve already setup a 1st time Homebuyers Savings account for the funds.
My Financial resolutions for the new year 🙂
- Start a new free savings account for my daughter and son.
- Fund our Roth IRA’s to the max. The limit is $5500 if you are younger than 50 years.
- Increase our emergency fund to cover our basic bills from 3 months to 6 months.
- Be debt free. We currently have $10,000 medical debt.
- Make more charitable donations.
- Declutter my house and sell/donate what we did not use in 2014.
- Piggy bank for a vacation.
- Have fun saving 🙂
What is your financial resolution for the new year?