MORTGAGE BLOG

Not All Debt is Bad. Here's How to Use it to Your Advantage

Blog posted On April 14, 2023

Over 75% of American households carry some type of debt – credit cards, mortgages, or other types of loans.  Though debt is a normal part of most peoples’ lives, it tends to get a bad reputation. We grow up learning about the dark side of debt. “Debt will hurt your credit score,” “you should avoid debt at all costs,” and “all debt is bad” are just a few of the myths we’re told. While we generally want to be careful about the debt we take on, it can be a huge financial advantage if you utilize it well.

5 Ways to Turn Your Tax Refund into a New Home

Blog posted On February 02, 2023

Tax season is the time of year that most Americans look forward to because they are expecting a refund from Uncle Sam. It may be easy to start daydreaming about a new car, a new wardrobe, or shiny new electronics, but if your goal is to become a homeowner this year, there are several ways that you can leverage your refund to reach your goal and start building wealth.

Here are 5 ways that you can use your tax refund to purchase a home:

6 Financial Tasks to Complete by the End of the Year

Blog posted On December 21, 2022

This time of year is a whirlwind. Between preparing for the holidays, traveling, spending time with family, and hopefully squeezing in some time to relax, there’s a lot going on at the end of the year. This makes it easy to overlook some less fun, but equally important tasks like checking in on your finances. If you haven’t yet already, here are 6 things to do before the year ends to maximize your financial benefits and get ready for the new year.

5 Ways to Prepare Your Finances for a Recession

Blog posted On August 24, 2022

An economic slowdown is coming, according to countless experts. Consumers are becoming more concerned about the future state of the economy and the likelihood of another recession. Here are five ways you can financially prepare for a recession.

Budgeting Tips for Unexpected Home Repairs

Blog posted On August 17, 2022

Owning a home is an excellent investment but saving for unexpected expenses and repairs is essential. Even newer homes can have issues shortly after moving in. It’s highly recommended that you go into a new home with money saved for the unknowns and continue saving money yearly. Here’s how you can save for unexpected expenses and repairs.

4 Factors to Consider When Determining Your Max Purchase Price

Blog posted On July 13, 2022

Buying a home is exciting, but it’s essential to determine how much house you can afford before starting the home buying process.

Below are important factors to consider before you begin your home search journey.

The Cost of Aging in Place

Blog posted On December 01, 2021

When you approach retirement, you’ll be faced with the decision of whether to stay in your home or move.  Many retirees choose to downsize or move from a single-family home to a townhouse or condo.  Others choose to renovate their current home to accommodate expected life changes.  If you’re considering whether you’re going to stay in your home or move when you retire, make sure to account for all the expected costs.

How to Budget for Your First Home Purchase

Blog posted On October 21, 2021

A lot goes into buying your first home. At first, it can be an intimidating process, but with the right guidance it can go by smoothly. If you’re considering buying your first home, there are a few things you should keep in mind when making your home budget.

Retirees and Inflation: How to Retire When Prices Are High

Blog posted On October 20, 2021

In the mid-1960s, it cost $1 to buy a movie ticket, $.30 for a gallon of gas, and $20,000 to buy a home. Today, it costs around $10 - $20 to buy a movie ticket, an average of $3.27 for a gallon of gas, and approximately $357,000 to buy a home of median value. To some extent, rising prices are a natural part of a progressing economy. Everything stabilizes when wages keep up with the increased cost of living. But what happens if you’re not receiving wages at all? For some people, rising inflation costs might be less concerning; but for those who are retired or planning to retire soon, it can be slightly more worrisome.   

How to Buy a House While Paying Off Student Loans

Blog posted On September 02, 2021

Millennials have been the generation with the most home buyers since 2014, followed by Gen X. As of 2021, Gen X has been the generation with the most student loan debt, followed by Millennials. Many people sitting on the home buying sideline might think that they can’t purchase a home because of their student debt. However, the two generations with the most debt are also the two generations that purchase the most homes. While having student loans might make the home buying process slightly more challenging, it certainly shouldn’t prevent you from applying. By taking some of the following steps, you can increase your chances of mortgage approval and better prepare for your home purchase. 

A Home Buyer’s Guide to Moving: What to Buy and What You Can Get Free

Blog posted On August 18, 2021

According to Moving.com, the average cost of a local move is $1,250. The cost of a long-distance move is $4,890. Though these costs might seem steep, there are certain moving purchases that could save you thousands in the long run. Others, you might be able to do without.

Don’t Make This Common Home Buying Mistake

Blog posted On June 02, 2021

If you’re buying a home, you’re probably focused on the upfront costs: your down payment, interest rate, and purchase price. These costs will dictate how much you pay upfront and how much your monthly mortgage payments will be going forward. To aid your home search, you might create a budget around the estimated monthly mortgage payments you will be able to afford. While this is a good start to your purchase preparation, you won’t want to stop there. Making a home buying budget strictly based on the estimated monthly mortgage payments you can afford might put yourself in a difficult financial position down the road.

Home Buying Tips from a Financial Planner

Blog posted On April 14, 2021

“How much can I spend?” is a common question asked when buying a home. For Eric Roberge, CFP of Beyond Your Hammock, this is the top financial priority for many of his clients. Roberge specializes in helping 30- to 40-year-old professionals manage their finances, and a popular goal for this age range is buying a home. To guide buyers in their home search and prepare their finances for a purchase, Roberge offers two main tips.

How to Spend Your Stimulus Money Wisely

Blog posted On March 24, 2021

Last week, the third round of stimulus checks were sent to qualifying citizens. The checks – equaling up to $1,400 per person – were quickly processed by the IRS and U.S. Treasury in an effort to stimulate the economy amidst the continued coronavirus pandemic. If you were one of the stimulus check recipients, it may be tempting to splurge on that new PlayStation 5 or the necklace that you’ve wanted. However, here are five smarter ways you can spend your stimulus money.

Should you make an extra mortgage payment?

Blog posted On December 27, 2018

If you are a homeowner wondering how to responsibly spend a holiday bonus or upcoming tax return, consider paying it into your home.  When your budget allows, making an extra payment toward your mortgage can be beneficial.  You can reduce interest costs and lower your overall debt.  Making extra payments is not the right move for every financial situation, so consult a mortgage professional or financial advisor before making a decision.