If you’re new to homeownership, you might be wondering exactly what makes up the mortgage payment you’re sending each month. Beyond just the loan amount itself, there are several different components that all factor into your monthly mortgage payment. Understanding these components not only helps you see where your money is going but can also assist you in optimizing your mortgage and possibly securing a better rate. 1. Principal The principal is the amount of money you originally … [Read more...]
Planning Your Mortgage Budget for the Holiday Season
The holiday season is a time of joy and celebration, but it can also be a challenging time for your finances, especially if you're juggling the responsibilities of a mortgage. However, with some thoughtful planning and budgeting, you can ensure that you enjoy the festivities without putting your financial stability at risk. I will provide you with essential tips and strategies to help you manage your mortgage budget during the holiday season. Create a Holiday Budget Set a specific budget for … [Read more...]
Most Renters Are Paying Far More Than Their Landlord’s Mortgage
It is not uncommon for renters to pay more in rent than their landlord's mortgage payment. This is because landlords are typically looking to make a profit on their rental properties, and they will often set their rent prices based on market rates rather than the cost of their mortgage. There are several reasons why renters often pay more than a mortgage payment: Renters are not building equity: When you make a mortgage payment, you are building equity in your home. Equity is the value of your … [Read more...]
House Poor: What It Means And How To Avoid It
There is a good chance you have heard someone described as being house poor. What exactly does it mean? It is important to understand what it means to be house poor and how you can stay away from it. House Poor Means Spending A Significant Chunk Of Your Income On Housing Being house-poor means different things for different people. In general, it means spending a significant amount of your monthly income on recurring expenses related to your house. A few examples include your mortgage, the … [Read more...]
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