Ask any friend or family member that owns a home and they will share that it takes a bit of management to keep all the expenses under control. Let's explore the concept of PITI and why it is vital to have a clear picture of how much your home is costing you each month. Just What Is PITI, Anyway? PITI is an acronym that stands for "principal, interest, taxes and insurance," which are the four main components that make up your housing costs. Principal - this is the amount that you are paying … [Read more...]
You Ask, We Answer: How Do I Know If It’s a Good Idea to Refinance My Mortgage?
Are you interested in paying less per month on your mortgage? Or perhaps you would prefer if your mortgage was paid off a couple of months – or years – faster? If you are a homeowner with a mortgage, one option that is open to you is refinancing. In today's post, we will explore the topic of mortgage refinancing and how to know if it is a good idea. How Does Refinancing Work? In short, refinancing is a process in which pay off your existing mortgage and borrow a new mortgage under a … [Read more...]
The Pros and Cons of a Large Down Payment When Buying a Home
If you are in the market for a new home, one of the considerations you will need to make is how much to invest in your down payment. Let's take a quick look at some of the pros and cons of making a large down payment when buying your next home. A Large Down Payment Has Its Benefits If you have the funds available, you may find a bit of an advantage in a large down payment. The following are a few potential benefits that you may realize. You Can Afford More 'House' - if you are aiming for a … [Read more...]
Make 2018 the Year You Escape the ‘Rental Trap’ by Buying Your Own Home
Are you growing tired of paying rent each month and not building your net worth? Being stuck in the 'rental trap' isn't much fun, but if you are determined, you can break out. Let's explore some of the steps that you can take to make 2018 the year that you become a homeowner. Rent Money Is Lost Money First – why homeownership? As you may already understand, money spent on rent is 'lost' money. Each month you pay your rent, but you do not build any equity, own any property or get any other … [Read more...]
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