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14
Simple Ways to Improve Personal Finances
As more Americans make strides towards responsible spending and debt management, there are still ways to improve the control of family finances.
According to a recent survey, less than half of cardholders always pay their entire credit card balance. With more than half of individuals carrying credit card debt, there are ways to promote good spending and personal finance habits, such as:
Limit Number of Credit Cards
Limiting the number of cards you own can help limit your spending and increase the likelihood you can pay above the minimum balance. Before you start cutting up your plastic, remember having more than one credit card can have merits. One idea is to have three cards: one in a safe place at home for emergencies and two with you at all times.
6
Is Now the Time to Lock Your Rate?
For consumers and borrowers looking to secure a mortgage, locking in to the lowest rate possible is critical to your success. A mortgage rate lock enables borrowers to lock in the original rate that they were quoted when they first applied for a loan from their lender. Not all lenders allow borrowers to lock in their rates, but those who do will usually allow for a rate lock at the beginning, when the loan is filed, or during the application process. Most borrowers prefer to lock in their rates when they first submit the loan, since this will protect them from potential rate or point increases that may occur during the home loan application process. If you've been mortgage shopping, you've probably seen a lot of interest rates – some lower than others. You've probably also been following news reports about the recent increase in rates, and even though rates are still near record lows, it's pretty obvious that now is the time to take out a new mortgage or refinance an existing one. Of...
25
How Do You Decide Whether to Add on to an Existing Home or Purchase a New One?
There are a few things to consider, including cost, individual needs, and what will add value down the road. Also important: your emotional attachment to the existing home.
As designer and builder Philip S. Wenz, the author of Adding to a House: Planning, Design & Construction, notes, an addition is much cheaper than building a new home and can offer a "new" home without the heartache of moving.
Other considerations:
Can you finance the home improvement with your own cash or will you need a loan?
How much equity is in the property? A fair amount will make it that much easier to get a loan for home improvements.
Is it feasible to expand the current space for an addition?
What is permissible under local zoning and building laws? Despite y...
17
Understanding the Difference: Home Equity Line of Credit vs. Second Mortgage
At some point in life-maybe your oldest is off for college or you're finally ready to put on that home addition-you may want to tap into the equity of your home. You have several options here, and two that are commonly confused are the home equity line of credit, and the second mortgage. Below, Michael Litzner, Broker of Century 21 American Homes gives us a breakdown of the difference. "A second mortgage is any loan that involves a second lien on the property," says Litzner. "You receive a lump sum at the beginning of the loan, and every month you pay down the principal and the interest." The second mortgage can be fixed or variable, and the available amount is often based on the difference between your home's current value and the outstanding principal balance on your first mortgage. "As second mortgages are subordinate to first mortgages--meaning your first mortgage gets paid off first should the loan default-they are riskier for lenders an...
12
Mortgage Rates Dos and Don'ts
Unless you are financially able to purchase a property outright, securing a mortgage is the only way to achieve home ownership. Here are some do's and don'ts when it comes to a mortgage. Do:
- Pay your bills on time and cut down on any debt. Credit scores are crucial. Your credit score will determine if you are able to get a loan and your
- Save now for a down payment. It's no secret that the more you are able to put down, the less you have to borrow. However, it is important to note that it may make more sense to pay off high interest debt first. In other words, pay off your credit card debt and settle for less of a down payment because your mortgage interest rate should be less on the property loan.
