Dec 24, 2020 | Real Estate Tips
The coronavirus pandemic has had a massive impact on everyone. This pandemic has led to massive economic issues as well. Given the ongoing crisis as it relates to student loan debt, many students are wondering how the pandemic is going to impact their student loans and how their student loans are going to impact a potential mortgage payment. There are a few points to keep in mind.
Freddie Mac
In general, loans backed by Freddie Mac are going to use the student loan payment that is marked on the credit report. If this amount is $0 or unknown, then the lender is going to use 0.5 percent of the outstanding loan balance. This should also be reported on the credit report. Then, the lender will provide the borrower with information on possible mortgages.
Fannie Mae
When it comes to loans that are backed by Fannie Mae, students might still be on an income-driven repayment plan. In this case, the monthly payment might be zero and the lender may qualify a potential borrower with this $0 payment. On the other hand, if the loans have been deferred or are in forbearance, then the lender may calculate a payment that is equal to approximately 1 percent of the remaining balance on student loans.
FHA Loans
For individuals going through FHA, the lender is going to run a few calculations. The lender may look at one percent of the remaining balance on the loan, the monthly payment that is reported on the credit report, or the actual documented payment as long as the borrower provides ample evidence. The lender will likely use the greater of these amounts in calculations.
Why Do These Student Loan Payments Matter?
Credit reports are an essential part of the home-buying process. It is critical for everyone to understand what their student loan payments are and how they might impact their credit report. Furthermore, their student loan payments are also going to have an impact on the monthly mortgage payment they can afford. Therefore, it is important for everyone to make sure the information documented on their credit report is accurate when it comes to their student loans.
Dec 17, 2020 | Real Estate
During the past few months, many people have been stuck at home. Whether this involves working from home or going to school from home, many home appliances are receiving more use than usual.There might be more breaks, clogs, and leaks than most families are used to dealing with.
Many families are tired of spending money on technicians and mechanics and might be looking for a more cost-effective way to deal with home repairs. There are a few key home repairs that homeowners can handle on their own.
Stopping A Leaky Faucet
Leaky faucets are among the most common issues homeowners deal with. There are two shut-off valves under the sink that need to be turned off first. Then, make sure there is nothing coming out of the faucet. Remove the handles from the faucet using a screwdriver and look at the cartridge, ceramic disc, and ball underneath. Remove these parts and replace them with new parts (in the reverse order) and the faucet should stop leaking.
Repair The Window Screen
If there is a tear in a window screen, this is a great way to let bugs in the house. The screen is usually held in place by tension springs or small clips. Remove the screen and locate the cord that runs on the outside of the screen, which is called the spline. Pry the spline up using a screwdriver. Then, remove the old screen. Finally, cut a new piece of screen that is slightly larger than the frame and secure it in place by pushing the spline back into place.
Unclog A Drain In The Bathroom
If the water level keeps rising during the shower, then this can be concerning. While many people are tempted to use chemical cleaners to unclog the drain, this could be dangerous for the pipes themselves. Instead, use a reliable hair snake (which looks like a zip tie with edges) to pull out the gunk. To access the drain, you may need to remove the stopper or unscrew the drain itself. Pull out the material with the snake and discard it.
Handle Repairs At Home
These are a few easy home repairs that homeowners can handle themselves. This can save a lot of time and money.
Dec 15, 2020 | Real Estate
For those who are looking to buy a home, they know that this is one of the most exciting experiences in the world. There is something special that comes with looking at a bunch of homes and envisioning a life there.
On the other hand, the prospect of saving 20 percent of the home’s value to put down might seem overwhelming. Fortunately, there are a few creative ways that people can save up enough money to purchase their starter dream home.
Talk To The Seller
One of the first tips that people need to keep in mind involves talking to the seller. There are a bunch of items that need to be negotiated between the buyer and the seller. One of the most important is the closing costs. Ask the real estate agent to speak with the seller. Even if the seller is able to take half of the closing costs, this could amount to a few thousand extra dollars that could be put toward the down payment.
Crowdsource The Down Payment
Another creative option involves asking the crowd to help with the down payment. It is not unusual to see people try to go the crowdfunding route for everything from medical bills to student loans. Why not give it a shot with a down payment as well? First, anyone who has a wedding coming up should add “money for a down payment” to their wish list, as this is becoming more common. Second, think about exploring platforms like Feather the Nest to try to raise money for a down payment.
Check With The Employer
Finally, it is also critical to look at your Employer Assisted Housing Program (EAH). While not everyone is going to qualify, those who work for an employer who falls under this category might qualify for a substantial loan for the down payment and closing costs. The best part is that this loan comes without interest.
Save For A Down Payment
These are a few of the top ways to save money for a down payment. Using these tips, everyone can get over that last hurdle and buy their home.
Nov 25, 2020 | Real Estate Tips
If you are thinking about selling your home, then you want to make sure that you get as much money for your home as possible. Therefore, there is a solid chance that you are thinking about all of the places that you watched your kids grow up, the numerous parties that you hosted, and the countless holidays that you celebrated. To you, those memories are priceless.
Therefore, you should put these factors aside when you are selling your home. You aren’t selling your memories. Instead, you are trying to sell a home. If you want your home to sell quickly, there are a few tips that you should follow.
Do Not Price Your Home High Immediately
You probably think that your house is wonderful. After all, that is why you decided to move in all those years ago. The problem is that if you price your home too high at the beginning, then it might sit on the market for a long time. The longer a home sits on the market, the harder it is going to be to sell. Therefore, do not miss that window of opportunity. Instead, try to price your home to sell. Generate plenty of interest in your home so that you receive multiple offers. That is how you can get the most money possible for your home while still selling it quickly.
Don’t Assume Recent Renovations Are Going To Provide You With A Higher Price
If you have watched a lot of TV shows, then you might assume that renovations are going to drive up the listing price. This is not necessarily the case. You need to assess the market value of the renovations that you completed in the context of your home. That way, you can make sure that you recoup as much money as possible.
Price Your Home To Sell
These are just a few of the most important tips that you need to keep in mind if you want to make sure that you price your home to sell. If you want your home to sell quickly, then you need to ensure that you get plenty of interest in it. Pricing your home to sell will help to make this happen.
Nov 19, 2020 | Real Estate
For many people, reaching retirement is something to look forward to. At the same time, too many people still have a lot of debt by the time they retire. In order for people to really take advantage of everything that retirement has to offer, they should try to find a way to pay off all of their debt before they retire. In order to make sure this happens, there are a few tips that everyone has to keep in mind.
Try To Keep Housing Costs Low
First, it is important for everyone to try to keep their housing costs as low as possible. Housing is one of the major sources of debt that people have when they retire. This could come in the form of a mortgage that has been stretched out for a longer period of time in order to send kids to college.
At the same time, as people start to approach retirement, they should try to attack this debt as much as possible. Remember that cash is king. Paying off a mortgage before retirement can really help people improve their quality of life on the other side of retirement.
Pay Down Credit Card Debt
Ideally, individuals are able to pay their credit card bills in full every month. Yes, it is great to take out credit cards because of the rewards that they provide and the positive credit history this can create. At the same time, if individuals end up carrying a lot of credit card debt, this can end up hurting them in the long run. In addition to damaging someone’s credit score, this can also take money away from retirement. Therefore, it is important for everyone to try to pay down their credit card debt as quickly as possible. That way, they do not have to worry about this when they retire and have more money they can spend every month.
Get Ready To Retire Debt Free
By following these tips, everyone is able to enjoy their retirement just a little bit more. By trying to find ways to retire without any debt, everyone is able to set themselves up for success. That way, they will be ready to take advantage of everything that retirement has to offer.
