A poor credit history is a reality for many people, but it can be particularly daunting when it comes to investing in a house. Fortunately, if you or yours have experienced bad credit doesn't mean that you should be penalized in the future. If your spouse has struggled with bad credit in the past but you're both preparing to move forward and invest in a home, here are some tips for getting it together financially. Face The Music Many people who have bad credit are too scared to take a look at … [Read more...]
How to Calculate Your True Cost of Living and Determine How Much Mortgage You Can Afford
A monthly mortgage can seem like enough of a financial responsibility on its own, but there are many factors involved in home ownership that affect its fiscal feasibility. If you're in the market for a house and are wondering how your income will stack up against the rest of your expenses, here's how to determine a home cost that's reasonable for you. Determine Your Down Payment Before you start with anything else, you'll want to determine the amount of money you can put down so you can estimate … [Read more...]
The Pros and Cons of ‘Mortgage Before Marriage’ for Young Couples
There was a time when a higher percentage of people were married before they committed to buying a home together, but it's a lot more common to co-habit and invest in a home together. If you're considering the commitment of a mortgage without being married, here are some things to be aware of before you start searching the market. Relationship Status Won't Affect Your Rates It might seem like there are greater risks involved if two individuals purchasing a property are not legally bound, but it … [Read more...]
Three Tips to Ensure That a Reverse Mortgage Makes Sense for Your Financial Situation
If you're having financial troubles, or if you need to free up a large sum in a short period of time, a reverse mortgage is a great way to get the money you need without having to take on new debt or make monthly payments. When you apply for a reverse mortgage - also known as a home equity conversion mortgage - you're essentially borrowing money from the equity you've built up in your house. The great advantages of a reverse mortgage are that you don't need to make any loan payments until you … [Read more...]
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