Newsletter Oct
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This document discusses the trade-off between buying a home with higher property taxes versus a home with a higher purchase price in a lower tax district. It notes that property taxes will continue indefinitely even after a mortgage is paid off, while the purchase price of a home is fixed after 30 years. The document also compares buying a home to renting with an option to buy, noting that rent-to-own has limitations like more expensive monthly costs, limited inventory, and no guarantee of obtaining a mortgage to actually purchase the home.
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Advantages of homeownership
Becoming a homeowner comes with a lot of responsibility, but also a lot of rewards. To help you decide if owning a home makes the most sense for you, here are some of the main reasons people choose homeownership over renting.
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Holding onto a property in Austin comes with ongoing costs, including property taxes, utilities, maintenance and repairs, homeowners insurance, mortgage payments, and opportunity costs. Together these can amount to thousands of dollars or more per year. It may be time to consider selling if the property is not generating income or being used, in order to avoid ongoing financial responsibility and put the money towards other investments or opportunities.
Renting vs. Buying
This document compares the pros and cons of renting versus buying a home. Some key points discussed include:
- Renting provides mobility and avoids large down payment costs, but rent payments do not build equity over time. Rent is also subject to increases.
- Buying a home allows building equity over time and provides tax benefits, but the homeowner bears costs for maintenance and repairs. Property taxes and homeowner's insurance are also expenses.
- When considering buying, factors like income, credit score, debt-to-income ratio, plans to stay in the area long-term, and ability to pay upfront costs like down payments and closing fees must be evaluated to determine financial readiness. Advice is provided
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This document discusses the benefits of homeownership over renting. It summarizes that rent payments over several years will likely exceed the total cost of a mortgage. Mortgage rates remain low and many financing options exist to make purchasing affordable. Homeownership provides tax advantages as mortgage interest and property taxes are deductible. Additionally, homes generally appreciate in value over time. The document recommends speaking with a real estate agent or broker to determine if homeownership is financially feasible given an individual's situation.
Struggling With Home Repossession? These 9 Tips Can Help You Avoid It
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This document discusses the benefits of homeownership over renting. It notes that home prices, incomes and mortgage rates currently make it an excellent time to buy a home. It also highlights the tax advantages of homeownership, including deducting property taxes and mortgage interest from taxable income. Additionally, it notes that home values generally appreciate over time. The document encourages readers to carefully consider their financial situation and available mortgage options to determine if homeownership is attainable.
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How Much Does Holding A Property Cost in Austin? - www.TheTexasHouseBuyer.com
Holding onto a property in Austin comes with ongoing costs, including property taxes, utilities, maintenance and repairs, homeowners insurance, mortgage payments, and opportunity costs. Together these can amount to thousands of dollars or more per year. It may be time to consider selling if the property is not generating income or being used, in order to avoid ongoing financial responsibility and put the money towards other investments or opportunities.
Renting vs. Buying
This document compares the pros and cons of renting versus buying a home. Some key points discussed include:
- Renting provides mobility and avoids large down payment costs, but rent payments do not build equity over time. Rent is also subject to increases.
- Buying a home allows building equity over time and provides tax benefits, but the homeowner bears costs for maintenance and repairs. Property taxes and homeowner's insurance are also expenses.
- When considering buying, factors like income, credit score, debt-to-income ratio, plans to stay in the area long-term, and ability to pay upfront costs like down payments and closing fees must be evaluated to determine financial readiness. Advice is provided
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This document discusses the benefits of homeownership over renting. It summarizes that rent payments over several years will likely exceed the total cost of a mortgage. Mortgage rates remain low and many financing options exist to make purchasing affordable. Homeownership provides tax advantages as mortgage interest and property taxes are deductible. Additionally, homes generally appreciate in value over time. The document recommends speaking with a real estate agent or broker to determine if homeownership is financially feasible given an individual's situation.
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This document discusses the benefits of homeownership over renting. It notes that home prices, incomes and mortgage rates currently make it an excellent time to buy a home. It also highlights the tax advantages of homeownership, including deducting property taxes and mortgage interest from taxable income. Additionally, it notes that home values generally appreciate over time. The document encourages readers to carefully consider their financial situation and available mortgage options to determine if homeownership is attainable.
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This document summarizes the risks of specialty mortgages that allow home buyers to qualify for larger loans. Specialty mortgages often have low introductory rates but payments are likely to increase significantly in the future by as much as 50%. These include interest-only, negative amortization, and option payment ARM mortgages. The document cautions that specialty mortgages pose greater risks of being unable to afford payments long-term and the loan balance increasing instead of decreasing each month. It advises buyers to understand how much payments can rise, if their income will increase to cover future costs, and ensure goals align with risks before choosing a specialty mortgage.
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Don't forget to check out our other great blogs:
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This document provides tips for buyers to consider when purchasing a home in Winnipeg, Manitoba. It discusses factors like choosing a desirable neighborhood, determining your budget and affordability, and getting pre-qualified for a mortgage. When looking at neighborhoods, it recommends walking around to assess amenities, schools, and community feel. Renovations can increase home value, with kitchens and bathrooms providing the best returns. The document also stresses understanding financing options based on income, down payment, and credit before actively house hunting to avoid future issues.
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This document summarizes the risks of specialty mortgages that allow home buyers to qualify for larger loans. Specialty mortgages often have low introductory rates but payments are likely to increase significantly in the future by as much as 50%. These include interest-only, negative amortization, and option payment ARM mortgages. The document cautions that specialty mortgages pose greater risks of being unable to afford payments long-term and the loan balance increasing instead of decreasing each month. It advises buyers to understand how much payments can rise, if their income will increase to cover future costs, and ensure goals align with risks before choosing a specialty mortgage.
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This document discusses the tax benefits of homeownership. Purchasing a home provides valuable tax deductions for mortgage interest, property taxes, and other ownership costs that can decrease income taxes owed. Additionally, as a homeowner pays down their mortgage over time, they build equity in their property through increased home value. Renters do not receive these same tax benefits and equity building opportunities.
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The document promotes Mortgage Managers LLC, which claims it can help homeowners slash their mortgage payments by as much as 80% using a legal method. It says the company's consultants can teach clients how to manage their mortgage to build equity faster and pay off their home sooner. It also argues that traditional mortgages result in homeowners paying over 100% of the original loan amount in interest due to compounding rates over many years.
Would you overlook an asset that looked like
This document discusses a hypothetical home that doubles in value from $500,000 to $1 million over 10 years, earning an annual return of 7.2%. It then discusses how a "Life Saving Account" saw similar average returns of 7.2% from 1999-2009, even during a poor market period. Additionally, this asset is described as liquid, protected from lawsuits, guarantees monthly lifetime income, and gains can never be lost - making it a superior asset to consider.
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This document discusses factors to consider when determining how much mortgage you can afford. Key factors include the actual costs of your home like down payment amount, monthly housing costs like principal, interest, taxes and insurance, and total monthly expenses including other debts. Housing costs are generally recommended to be less than 28% of gross monthly income, while total monthly expenses including housing should be less than 36%. Additional future costs like maintenance should also be planned for to ensure your mortgage fits within your overall income and budget. Getting pre-approved will help you determine what price range to consider.
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The Home Equity Acceleration Plan (H.E.A.P.) allows homeowners to pay off their mortgage early without changing spending habits. It works by using a home equity line of credit as the primary checking account. Any surplus in the account from lower spending pays down the line of credit, and that amount can then be re-borrowed to pay down the primary mortgage. Using this method leverages daily interest compounding and ensures every dollar is put toward debt reduction. The example client could pay off their $200,000 mortgage in 8.5 years instead of 30, saving over $177,000 in total interest costs. H.E.A.P. has no risks as long as budgets are followed,
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A khomespresentation
The document describes private mortgage investment as a high yield, low risk investment opportunity. It outlines how private mortgage investments work, comparing them favorably to other conventional investment vehicles like CDs and stocks in terms of safety, security, predictability, control and return. Private mortgage investments offer secured, predictable returns through first or second mortgage loans at interest rates of 8-13% and loan-to-value ratios of 70-95%, providing both principal protection and high returns.
Home equity loans
Home equity loans work best if there is a need for a huge amount. Such loans are much cheaper than personal loans or credit card loans.
Blog: http://thetazero.com/news/a-brief-on-home-equity-loans
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Nearly. it will allow the Treasury Team to announce these banks as providers of the government, alth...
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This document compares a proposed SMART Loan plan to refinancing with a standard 20-year fixed rate mortgage. The SMART Loan has a higher interest rate and monthly payment of $1556 over 22 years and 4 months. Refinancing with a 20-year fixed rate mortgage at 6% interest results in a lower monthly payment of $1523 paid off over 20 years. If the fixed rate mortgage is amortized over the same 268 months as the SMART Loan, the monthly payment would be even lower at $1442, resulting in a savings of $114 per month compared to the SMART Loan. Therefore, the document concludes that refinancing with a standard 20-year fixed rate mortgage is a better
What are the types of mortgages?
Don't forget to check out our other great blogs:
glocalresidentialblog.wordpress.com
and, follow us on Social Media!
Facebook + Twitter: @GlocalR
Guaranteed Approval Presentation
The document discusses an alternative home financing program that allows buyers with poor credit to purchase a home. An investor purchases the home and the buyer makes monthly payments to the investor at a higher interest rate than they could qualify for directly. Over time, the goal is for the buyer to refinance into their own lower rate loan. The key aspects are that the buyer controls the property through a trust, but does not technically own it until refinancing. Upfront costs include a $500 fee and 10% down payment, with the potential for savings on closing costs and interest rates compared to other options for buyers with poor credit.
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This document discusses overcoming obstacles to home ownership. It outlines common challenges like home prices, credit problems, and lack of savings. However, it notes that with the right guidance from a loan officer, home ownership is possible through programs for those with less than perfect credit, low or no down payment options, and locking in low interest rates. It encourages readers who have always wanted to own a home that now is a great time to buy and realize that dream.
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You’re thinking of buying a home? Congratulations -- it’s an exciting
process. And it can be a lot of fun. You get to envision the type
of lifestyle you want for yourself (and your family). Do you want
a beautiful two-story home close to your work? Do you want a
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One of the greatest things about purchasing your own home is
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This document discusses factors to consider when deciding whether to rent or buy a home. It outlines some key pros and cons of renting versus owning, including that mortgage payments may be lower than rent, owning allows for customization and building equity over time, but renting provides more flexibility. It also provides tips for first-time homebuyers, including getting pre-approved for a mortgage loan and establishing good credit.
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9 Obtaining Affordable HousingYOU MUST BE KIDDING, RIGHTKel.docx
9 Obtaining Affordable Housing
YOU MUST BE KIDDING, RIGHT?
Kelvin Lattimore bought a new home and borrowed $230,000 at 4.75 percent interest for 30 years. His monthly payment for interest and principal will be $1200. A friend suggested that Kelvin should have been able to find a loan at 4.5 percent with a monthly payment of $1165. Kelvin dismissed his friend's comments, arguing that the difference in the monthly payments was no big deal. His friend replied, “Kelvin, it's not the monthly payment, it's the interest.” How much more in interest will Kelvin pay over the life of the loan because he took a loan with the higher rate?
A. $3600
B. $6600
C. $9600
D. $12,600
The answer is D. Kelvin will be making a higher payment each and every month for 30 years. While the difference in the monthly payment seems small [$35 ($1200 − $1165) per month in this example], even such a little difference in the interest rates on mortgage loans can add up to thousands of dollars in extra interest over the life of the loan. Searching for the lowest possible interest rate is very important when buying a home!
LEARNING OBJECTIVES
After reading this chapter, you should be able to:
Decide whether renting or owning your home is better for you.
Explain the up-front and monthly costs of buying a home.
Describe the steps in the home-buying process.
Understand the mathematics of mortgage loans and distinguish among ways of financing the purchase of a home.
Identify some key considerations when selling a home.
WHAT DO YOU RECOMMEND?
Shelby Clark has worked for a major consumer electronics retailer since graduating from college. The company has operations across the country with regional headquarters in Atlanta, Denver, Minneapolis, and Boston. She has been based in the Atlanta area for the past three years, and has begun to think about buying a home rather than renting her townhouse apartment. Then, last month, Shelby was promoted to deputy regional director for the Denver office. The promotion represents a key step for becoming a regional director in four or five years.
What do you recommend to Shelby on the subject of buying a home regarding:
1. Buying or renting housing in the Denver area?
2. Steps she should take prior to actively looking at homes?
3. Finding a home and negotiating the purchase?
4. The closing process in home buying?
5. Selecting a type of mortgage to fit her needs?
6. Things to consider regarding the sale of her new home should she ultimately be promoted to a position in another of the four regions?
YOUR NEXT FIVE YEARS
In the next five years, you can start achieving financial success by doing the following related to obtaining affordable housing:
1.Read your leases and other real estate contracts thoroughly before signing.
2.Save the money for a home down payment within a tax-sheltered Roth IRA account.
3.Get your finances in order before shopping for a new home by reducing debt, budgeting better, and clearing up anything that keeps you from h.
9 Obtaining Affordable HousingYOU MUST BE KIDDING, RIGHTKel.docx
Kelvin took out a $230,000 mortgage loan at 4.75% interest for 30 years, with a monthly payment of $1200. His friend suggested he could have found a lower interest rate of 4.5% with a monthly payment of only $1165. While the monthly payment difference seems small, the extra interest Kelvin will pay over the 30-year loan term is $12,600 due to the higher interest rate. The document emphasizes the importance of searching for the lowest interest rate possible when taking out a mortgage loan, as small differences in rate can result in thousands extra in interest paid over the long term of the loan.
CDLP
The document provides information and advice for homeowners going through a divorce who want to keep their home or purchase a new one after the divorce. It discusses factors lenders will consider like income, credit, debts, alimony and child support payments and recommends having your financial situation reviewed by a divorce lending expert before finalizing your divorce agreement. The expert can help determine if you qualify for a mortgage and provide strategies to allow you to stay in your home.
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Newsletter Oct
- 1. HOUSE BUYING POWER VS TAXES This is a huge deal right now. Do you go after a good deal on a home and pay higher taxes or do you find a a higher priced home in a lower tax district? Your telling me I am approved for $120,000 house. Since the taxes are high, now it brought my buying power for a house down to $115,000? Whatever your goals are,the difference between dreaming and making them a reality is by not procrastinating and by doing them. My opinion, you can always later refinance a home to make the payments more affordable but you have little control over taxes. You have to make that choice. You could apply for a tax abatement to lower the assessment of your taxes but this also can decrease the resale value. There is no guarantee that you will be able to have the taxes lowered. You have to meet somewhere in the middle of this debate. Ultimately, you have to be able to afford your monthly payment. In 30 years, the house will be paid off but the taxes will continue. Buy VS Rent To Own What is the difference between buying and rent to own? There is a huge difference. Buying now means you are a smart consumer, you have done the necessary steps to become pre-approved. Now you can start shopping for your home. After you find the home you want, you put in a offer. Once the offer is put in and accepted then a deposit is paid and held in escrow. The mortgage will start to be processed.Home inspections will be scheduled. Appraisal will be done for the value of the home. A mortgage commitment will be given to you 2 weeks before settlement and this will allow you to lock in the current low rates. Final walk through is done on your home. Settlement is where you finalize the transaction and I hand you the keys of your new home. All the money you pay will be applied toward principal, interest and taxes on your new home. Congratulations! Rent to own is renting the home with the purpose of buying the home in usually a year. Typically, rent to own clients have items on their credit that needs worked on. Instead of working on the credit then buying, they want to move now. Downfall of rent to own is you have limited inventory of homes, you are not locking in a low mortgage rate because essentially you are still renting. You will normally pay $1-200 more a month in rent and this money is “saved” for the down payment on the home. At the end of the term, you must obtain a mortgage for the purchase price of the home. If your credit still does not allow you to obtain a mortgage like agreed then you have now defaulted the terms, all monies paid are non refundable and you must vacate the property.