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What You Need to Know About Home Mortgage Interest Deductions

What You Need to Know About Home Mortgage Interest Deductions

Owning your own home is part of the American dream – along with two kids, a dog, and a car.  For as long as we can remember, this has been a measure of success in the U.S. and I doubt it will change anytime soon.  With that in mind, I want to look at what you need to know about home mortgage interest deductions.  This was set up by the Federal Government to help promote home ownership and whether you already own a home, or are looking to buy one, you should know how this program works and what it means for you. Now I don’t want to go into the minutia of tax law in the U.S., but as a primer, there are five conditions which must be met for you to claim interest payments as tax deductible. Only the person who paid the mortgage can apply for the deduction. This can get a bit tricky if you are married and filing jointly, but the mortgage is not in the name of both spouses. This also applies if you are paying all or part of the mortgage, but your name is not on the note. So, if there was a change in your circumstances and you have taken over mortgage payments for your spouse, then you want to... Read Full Story


Latest from Rikk Miller, Financial Writer

Rick is a financial writer. He is associated with several financial communities.
His expertise is woven around various aspects of the real estate industry. He is a financial writer who excels in writing finance articles.

How a Reverse Mortgage Can Help You Finance Your Home

How a Reverse Mortgage Can Help You Finance Your Home
By: Rickk Miller, September 22, 2016

You have done everything right your entire life.  Worked hard, raised a family, bought a home, made the payments.  You name it, you have done it.  Now you are over 62 and you either want to find a way to pay for improvements to your house, or you want to buy a second home.  What can you do?  You don’t want another loan payment.  In fact, you want to get rid of the existing mortgage on your home.  What if I told you that there is a way to tap into the equity in your home without having to make any payments today?  You probably think I was joking.  But that way is called a reverse mortgage and it is a great way to help you finance your home. What is a reverse mortgage?  It is a home equity loan with a twist.  Unlike more traditional loans, you don’t need to make any interest or principal payments with a reverse mortgage.  All you have to do is pay the taxes, utilities, and insurance on your home.  The loan itself will be paid off when you sell your home or take up permanent residency in another location.To qualify for a reverse mortgage, the borrowers must be over the age of 62. Why would someone use a reverse mortgage to buy a home?  Well, it might sound too good to be true, but it actually happens.  In 2008, the Federal Housing Administration (FHA) changed the rules of the Home Equity Conversion Mortgage (HECM) to allow for the purchase of property.  The program is call HECM for purchase and it can be used to buy a residence by using a reverse mortgage.... Read Full Blog Post

How to Take Advantage of Different Types of Lenders

How to Take Advantage of Different Types of Lenders
By: Rickk Miller, September 15, 2016

Supposing you know the pros and cons of the different types of lenders, will you still choose the same type of lender twice? The question above should have been easier if you were able to fix your debts at an early stage. There could be ways that can be done in order to avoid getting into debt by fixing credits way sooner according to David Zitting. However, financial situations can make people impulsive sometimes. If you find yourself in such situation, think critically. Bear in mind that despite the advantages and disadvantages of each type of lenders there can be ways on how to make the most out of these lenders. In order to understand well the strengths and the weaknesses of every type of lenders, one must know how they vary. The different types of lenders include mortgage bankers, mortgage brokers, wholesale lenders, portfolio lenders, direct lenders, correspondents, banks, saving & loans and credit unions. Consider some simple tips and tricks listed below. Be Informed Information is the key. Information is everything. Before trying to make a decision especially on financial matters, like choosing the type of lender, make sure that you are thoroughly briefed of the advantages and disadvantages of every type. This step could be crucial in the decision making especially that the fate of your finances is at stake. Take your time and conduct extensive research before making up your mind because research is everything. Your choice of lender will greatly affect the future of your hard-earned money. Be Curious Asking lots of questions is never synonymous to dumbness; pretending to know everything is. Do not be afraid to ask because asking the right question... Read Full Blog Post

Finding a Home in the UK

Finding a Home in the UK
By: Rickk Miller, July 19, 2016

In the UK, finding somewhere to live is becoming increasingly difficult. For nearly a decade, the rate of new home building has failed to keep pace with population growth. As a result, in many areas, there is very little availability. Sadly, this has left people struggling to find somewhere to live. Fortunately, there are ways to improve your chances of finding a home in the UK. Read on to get practical tips that you can use straight away. Be realistic The first tip is to accept the situation, and be realistic about what is available in your area and how much you will have to spend. Accepting the reality of the housing market will stop you chasing around in search of something that is not available. It will stop you wasting months searching for a home. The fact that prices are continually rising and more people are entering the housing market every day means that any delay will just make the task of finding a home more difficult. It is far better to be realistic, and rent, or buy, something that you can afford now. This allows you to settle into a home, and start to save, so that you have the funds to find something better at a later date. Be flexible The more flexible you are when looking for a new home the easier it will be to find somewhere. For example, being prepared to look further afield will make life a lot easier because you will have far more choice. Tap into local expertise If you want to find the best properties in an area, you need to tap into local expertise. Using estate agents in... Read Full Blog Post

Amenities and Aesthetics: The Benefits of Living in an HOA Community

Amenities and Aesthetics: The Benefits of Living in an HOA Community
By: Rickk Miller, June 7, 2016

If you’re tired of mowing the lawn, you wished someone else would come by and paint your house for you — for free — or you just want to live in a safe and well-manicured neighborhood, then you might want to live in an area where there is a homeowner’s association (HOA). Here are some of the reasons homeowners like it. Maintained Properties In an HOA neighborhood, the HOA takes care of the lawn and what are called “common areas.” You can see examples of these in Bellerive homes for sale. These are areas that are open to everyone, and include areas and sidewalks where people in the community walk and where children can play, like neighborhood playgrounds. It may also include dog-walking areas where residents walk their dog or other pets. HOAs usually do a fantastic job of maintaining amenities, like lawns, common areas, parking lots and spaces, and even the front of homes, lighting for the neighborhood, and playgrounds. More Amenities Want a swimming pool but don’t want to maintain it? Wish your children had someplace safe to play? How about a safe community you can walk around in? Or, trails where you can take your dog without worrying about getting lost or paying an entrance fee? These are the types of areas that HOAs maintain. Some HOAs include things like walking trails, sport courts, swimming pools, barbecue pits, neighborhood parks, clubhouses, and other common areas open to all residents. Some of these areas can even be booked for special events, like weddings or parties. Aesthetically-Pleasing Homes Want to live somewhere that you know your property value won’t go down, even if rowdy neighbors move in next... Read Full Blog Post

How Much Does It Cost to Build a House?

How Much Does It Cost to Build a House?
By: Rickk Miller, May 2, 2016

As you look into getting a new home, you have a lot of decisions to make. Building a new home allows you to make all of the choices that will give you the house of your dreams, but that does come with a price. The cost of building a new home varies greatly – usually somewhere between $100,000 and $600,000 – and it’s almost always more expensive than buying a home that’s been around for a couple of decades. However, certain factors play a big role in the cost of a new home, and it’s possible to make tweaks to a plan to make it more affordable. Understanding these factors can help you decide whether buying a new home is the right move for you. Builder’s Style The way that the home is built can play a big role in the overall cost. Modular homes are the most affordable option for a new home. These are built in a factory, then transported in pieces to your building site and assembled like a puzzle. Modular homes have a reputation for being made from low-quality materials, but the process has certainly evolved over the years. Current versions are better than the ones made several years ago. Homes that are completely custom-built are the most expensive. This involves working with an architect who will create a design from your home, then a contractor will build it. It’s the right choice for someone who has a very specific – and possibly unusual – idea of what they want their home to look like. Most people choose the option in the middle – working with a quality home builder and development company. These companies... Read Full Blog Post


Latest from Mark Healey

Mark is a content development specialist who enjoys researching and writing about various topics. He is passionate about the digital space and is involved with promoting and distributing beneficial content throughout internet communities.

Best Vehicles to Help You Move Homes

Best Vehicles to Help You Move Homes
By: Mark Healey, November 22, 2016

So you’ve finally made an offer on your dream home. After the paperwork has been signed and the move-in date is set, the reality sets in – how are you going to move everything from the old place to the new home? Even if you’re someone who has moved apartments or homes a few times, the cost of movers and moving vans can be headache-inducing. Some might opt for a moving van and hired help, but when movers are just a little out of your budget, they are plenty of vehicles up to the challenge of moving you to your new neighborhood. While you want a vehicle that is a little more practical, there is no reason to sacrifice style. Pickup Trucks for Towing The Toyota Tundra pickup truck is an obvious choice for a hectic move on your own. The Tundra has a towing capacity of 10,500 lbs and a max payload of 2,000 lbs perfect for towing a small trailer. The 8.1 ft long bed is ideal for hauling a couch, TV and/or mattress. Additionally, the double cab version has plenty of space to fit your dogs, extra items or just some friends to help unload. Another option pickup truck option is the American made Ford F-150. This is the top-selling truck of 2016, with over 350,000 units sold. Comparable to the Tundra, the F-150 boasts 10,700 lbs of towing capacity and a max payload of 3,000 lbs. Sedans for Cities However, if you primary use a vehicle for city driving, it’s important not to discount the option of using sedan in conjunction with renting a moving truck. Look for a car with a little extra muscle... Read Full Blog Post

Wheelchair-Accessible Home? 5 Tips for Finding One

Wheelchair-Accessible Home? 5 Tips for Finding One
By: Mark Healey, May 31, 2016

Buying a house is no easy task. Finding the right home in the right location, with the right number of bedrooms, a big kitchen and enough general living space is not easy to do without compromises, and becomes even more challenging when adding a need for an accessible home to the mix. If a wheelchair-accessible home presents itself to you, take advantage of it, because they are uncommon in the housing market. But if it’s not possible to buy a wheelchair-accessible home (or convert one yourself), here are some things to look for in the next home you buy. Single-level home In order to make the entire house accessible, make sure it’s actually accessible. Stairs are a great way to ensure anyone with a mobility challenge won’t be able to reach half of the house. Don’t forget to consider the outdoor parts of the property. A steep driveway will make getting the mail problematic, and a backyard with multiple levels or hills means it won’t be enjoyed to its full extent. Open floor plan Hallways aren’t the only spaces that need to be wide enough to maneuver. Large rooms with enough space to leave space between furniture, and between sections of the room is vital in order to comfortably and safely move around the house. It’ll give more space to everyone: friends you invite over for a dinner party, family who comes over for a birthday party or even anyone who’s there to help and perform caregiver responsibilities. Wide hallways & doorways For a powerchair or a manual wheelchair user, this one is obvious. Not only does the chair itself need to fit down hallways and through doorways, but... Read Full Blog Post

Increase Your Home’s Value with a Home Gym

Increase Your Home’s Value with a Home Gym
By: Mark Healey, January 14, 2016

American obesity is still on the rise, and it’s becoming increasingly important for us to become more health-conscious. The most important thing that we should be doing is watching what we eat. As the old adage goes, “you are what you eat,” and America’s public shows that’s true. Aside from watching what you eat, you should also take the time to get regular, moderate exercise. Combining these two ideas will help you lose weight and feel better about yourself. Working out is imperative and the exercise helps boost your immune system to fight off viruses, bacteria and other maladies. For many of us, working out in a gym is intimidating. Both men and women can suffer from a lot of potential problems— from insecurity issues with how we look, to how much we can lift and how heavy we are. Due to this problem, more homeowners are building their own home gyms. Not only does this make working out a much easier task, it can even increase the aesthetic value of a home. If you are considering building a home gym, there are a few initial steps. First, you’ll need to figure out if you want to convert an existing room into your home gym. If you can’t convert an existing room or your garage, a new addition is another option. Certainly building an additional room will be an expensive project, but it will increase the value of your property enough to justify buying new exercise equipment for your home gym. It’s important to note that if you want to build a home gym correctly, make sure your new addition has relatively high ceilings. This will give you more range when... Read Full Blog Post

When the stuff inside your house becomes “home”

When the stuff inside your house becomes “home”
By: Mark Healey, December 29, 2015

To a little kid, a move is exciting: it’s an excuse for a newly decorated bedroom, new toys and new neighborhood friends. But to anyone else, a move sometimes signifies leaving more than it presents the opportunity for novelty.But for anyone who spent their childhood (or adulthood, or anything in between) moving, it’s not the house that stores the memories, like many of us think. Quite often, it’s the things inside the house that are filled with meaning and hard to let go of. What makes a “home” Instead of the walls of the house, it’s the dresser set that traveled with the family during each move, and stood next to your bed in each new bedroom, and the dining room armoire holding Grandma’s china that really hold the memories. They’re the constants in pictures, in the background of the home videos, and the things that fill memories. Redecoration can help On top of the furniture that travels to each house, with each new home, the opportunity to redecorate and buy new things will always exist, a process that adds to the memories. A chest bought in one city might stand next to a sofa bought in another, both undoubtedly with their own stories and memories. While moving can always be an excuse to clean out the house and purge what isn’t absolutely necessary, it’s really an exercise on deciding what’s important and meaningful and what should be taken by a Boston junk removal company. Move after move, the less important belongings will be naturally filtered out, and the important will stay, making an appearance in another room in another house. Things to leave behind The things left behind... Read Full Blog Post

Moving is Expensive: Here are 5 Tricks to Cut Costs

Moving is Expensive: Here are 5 Tricks to Cut Costs
By: Mark Healey, August 11, 2015

Everybody knows that moving is one of the most stressful events in a person’s life. Changing environments, a new office, and the process of packing could make any one go crazy; and that’s without looking at the financial impact of a big move. Use the following tips to reduce the fiscal burden of your next move. DIY This is the first and most obvious way to move without overspending. Find a quality truck rental company and move all of your belongings yourself. If you are staying in town then use pizza and beverages to inspire your friends to help you move. The cost of a nice lunch for your friends will be significantly less then hiring a mover. Make sure to choose a group of friends that you trust though. A careless friend could break something important or expensive without the means to reimburse you. You should also be aware of your liability if anyone is hurt on your property helping you move your stuff. This is the cheapest option; but tread carefully. If the move is sloppy and your walls get dinged up with dollies and boxes, you will need to hire a One Day Painter to get the house back in shape for it’s next inhabitants. Go local Some times doing it yourself with a move is just not possible. Some objects are hard to move like pianos and pool tables and require professional help. The best thing to do in this circumstance is go local. Hire a Professional Mover to help execute the move without damaging your belongings or property. Cut costs by buying the boxes and having everything ready to load when the movers arrive!... Read Full Blog Post


Home & Garden

What You Need to Know About Home Mortgage Interest Deductions

What You Need to Know About Home Mortgage Interest Deductions
By: Rickk Miller, November 29, 2016

Owning your own home is part of the American dream – along with two kids, a dog, and a car.  For as long as we can remember, this has been a measure of success in the U.S. and I doubt it will change anytime soon.  With that in mind, I want to look at what you need to know about home mortgage interest deductions.  This was set up by the Federal Government to help promote home ownership and whether you already own a home, or are looking to buy one, you should know how this program works and what it means for you. Now I don’t want to go into the minutia of tax law in the U.S., but as a primer, there are five conditions which must be met for you to claim interest payments as tax deductible. Only the person who paid the mortgage can apply for the deduction. This can get a bit tricky if you are married and filing jointly, but the mortgage is not in the name of both spouses. This also applies if you are paying all or part of the mortgage, but your name is not on the note. So, if there was a change in your circumstances and you have taken over mortgage payments for your spouse, then you want to make sure your name is on the loan. As this is tax law, there is an exception. If your name is not on the mortgage, but it is on the legal title, then you may be eligible to apply for the interest deduction. However, the property in question must be your primary residence. Now, this get a bit tricky as... Read Full Blog Post

5 Ways an Attractive Privacy Fence Adds Value

5 Ways an Attractive Privacy Fence Adds Value
By: Rickk Miller, November 29, 2016

There are many types of home improvements that can add value to one’s property. These improvements can run the gamut, from updating a kitchen with new cabinets to renovating an unused space – such as a basement – and turning it into an entertainment room or home gym. While there are numerous additions that add value to the home that readily spring to mind, one important improvement frequently overlooked and underrated by homeowners is fencing. When a property owner installs a fence on their property, it often adds value to the home and can make it easier to sell. Fences built for privacy are particularly sought after by buyers, making them the leading choice for folks looking to increase home value through an upgrade in fencing. With that in mind, here are the top five ways fences built for privacy can improve a property: Good Fences Make Good Neighbors Property ownership laws can be quite complex and can vary widely from state to state and even locality to locality. Despite this, one common issue that often arises along one’s boundary lines is encroachment. While many neighbors do not intentionally set out to cross their own property line and trespass onto someone else’s property, it can and does happen. In some areas, if a property owner allows a neighbor to use a portion of their property, it can actually become the other person’s property over time. A privacy fence is an easy and attractive way to clearly define the boundaries of the owner’s property and protect against potential encroachment. Increases Security It is not only neighbors who might trespass or misuse one’s property. This is especially true of properties that are located... Read Full Blog Post

How to Get the Biggest Value Increase Out of a Bathroom Remodel

How to Get the Biggest Value Increase Out of a Bathroom Remodel
By: Rickk Miller, November 22, 2016

Not long ago an indoor bathroom was a luxury for many Americans. Clearly, we enjoy the convenience of having the loo inside. Today Americans spend 1.5 years of their life in the bathroom on average. That’s roughly 30 minutes per day, but some people are in the bathroom much longer. Recent surveys have shown that 41% of men spend up to 45 minutes in the bathroom just getting ready in the morning. The majority of women (63%) spend less than 30 minutes getting ready in the bathroom, but 11% are there for an hour or more. Given all this daily activity, it’s no surprise that bathrooms are a big deal to homebuyers. Even something as small as having a bath screen versus a shower curtain can make a difference in their eyes. However, as far as home value goes there are some specific things to keep in mind when you’re remodeling a bathroom. The Modern Bathroom Layout Bath remodeling designs have evolved over the years as families and technology have changed. What was in demand 30 years ago is nothing like the bathrooms you’ll find in new homes today. One of the most obvious layout changes is the disappearance of bath/shower combos in the master bathroom. More and more homeowners are deciding to forgo the tub in lieu of an oversized walk-in shower. People who are lucky enough to have a spacious master suite opt for a separate shower and tub instead of an all-in-one option. Before you begin a bathroom remodeling project do your research to find out what type of layout and features people are looking for in your area. Some design elements, like two sinks in... Read Full Blog Post

Custom Kitchen Cabinets Come in many Personalities and Styles

Custom Kitchen Cabinets Come in many Personalities and Styles
By: Rickk Miller, November 4, 2016

Your most important decision when choosing custom kitchen cabinets is to choose a style that reflects the unique style of your home, along with expressing your desires and quirks. There are many kitchen cabinet styles to choose from. They’re not just limited to traditional, contemporary or transitional either! As there are many kitchen styles, there are also choices in kitchen cabinetry that can create a dynamic, original statement to perfectly express your unique personality. Cabinets come in choices of colors ranging from black to white, brown, natural, grey, and painted cabinets that can be customized in any color. Styles range from shaker to traditional to cabinets that roll out on special hardware to create unique and clever space-saving options. Consider the Style of Your Kitchen The first thing you’ll want to do is consider the specific style you want your kitchen space to express. When choosing a style, it’s best to make sure it fits in with the rest of your home. A traditional home with an extremely ultra-modern kitchen may create too much of a contrast that doesn’t look right. You’ll want to make sure the style of your kitchen, and your cabinet style blends well with other areas of your home. Here are a few style ideas for kitchens to get you thinking: – Old World Style – A style that blends looks from traditional European homes like hammered copper, iron, stone and brick, that brings a realistic sense of history to a home – Retro Kitchen – Relive nostalgia from the past with choices like pure white kitchen cabinets, or go with retro colors like teal, pink and green – Antique – Features found in old,... Read Full Blog Post

Salt-Free Water Softeners Can’t Give You Soft Water

Salt-Free Water Softeners Can’t Give You Soft Water
By: Rickk Miller, October 14, 2016

Hard water is something most of us are familiar with. The term refers to water with high concentrations of magnesium and calcium and sometimes iron. The minerals are present in bicarbonate, chloride and sulfate form, while the iron is oxidized to its ferric form. Water that is hard because of calcium bicarbonate is considered impermanent since boiling will transform the calcium to an insoluble carbonate. Hardness due to the other salts is permanent. Why hard water is a problem This type of hard water leaves a tell-tale soap residue on your hands after hand washing, as the minerals react with the soap to form ‘soap scum.’ Perhaps you’ve noticed that your dishes and especially glasses have a gray film covering them – yes, you’ve guessed it – hard water. As a consequence, you need more soap or detergent to get things clean, and the residue can result in scale build-up in pipes, drains and your appliances making them less efficient. Since as many as 90% of homes in the USA are estimated to have hard water, this is probably your problem too. We now know that hard water can be tough on appliances and pipes. To add insult to injury, it can reduce the efficiency of your water heater and cause damage to your air conditioner. To avoid scale build-up on your shower heads and in your pipes, the best solution is a salt-based water softener. While advertising may tell you otherwise,salt-free softeners still give you hard water and will do nothing to prevent lasting damage to your appliances and pipes.  Systems that rely on either a catalytic process or electromagnetism won’t remove anything from your water. While the... Read Full Blog Post





Money & Investment

How a Reverse Mortgage Can Help You Finance Your Home

How a Reverse Mortgage Can Help You Finance Your Home
By: Rickk Miller, September 22, 2016

You have done everything right your entire life.  Worked hard, raised a family, bought a home, made the payments.  You name it, you have done it.  Now you are over 62 and you either want to find a way to pay for improvements to your house, or you want to buy a second home.  What can you do?  You don’t want another loan payment.  In fact, you want to get rid of the existing mortgage on your home.  What if I told you that there is a way to tap into the equity in your home without having to make any payments today?  You probably think I was joking.  But that way is called a reverse mortgage and it is a great way to help you finance your home. What is a reverse mortgage?  It is a home equity loan with a twist.  Unlike more traditional loans, you don’t need to make any interest or principal payments with a reverse mortgage.  All you have to do is pay the taxes, utilities, and insurance on your home.  The loan itself will be paid off when you sell your home or take up permanent residency in another location.To qualify for a reverse mortgage, the borrowers must be over the age of 62. Why would someone use a reverse mortgage to buy a home?  Well, it might sound too good to be true, but it actually happens.  In 2008, the Federal Housing Administration (FHA) changed the rules of the Home Equity Conversion Mortgage (HECM) to allow for the purchase of property.  The program is call HECM for purchase and it can be used to buy a residence by using a reverse mortgage.... Read Full Blog Post

Business Tax Credit Considerations for the Real Estate Industry

Business Tax Credit Considerations for the Real Estate Industry
By: Rickk Miller, March 24, 2016

Taking advantage of tax credits starts long before tax season. It’s something that real estate businesses have to consider before breaking ground on a project or putting up the first “For Sale” sign. From the projects you take on to the people you hire, there are a number of tax credits and incentives that can help you keep more of your revenue. Identifying Business Tax Incentives Before you can claim tax credits you have to first identify them and then follow the requirements so that your company is eligible. This can be a very labor-intensive process since incentives and regulations can change at any time. ADP business tax credits and incentives allow real estate businesses to more easily identify applicable tax credits within a database of over 3,000 incentives. They also have mapping software that allows you to search for tax incentives based on geographic location. Where the Business is Located Like real estate, taxes are all about location. Federal taxes are just one piece of the tax pie. State, county and city taxes can also come into play. Some cities are luring in new businesses with tax breaks for a specified period of time. This can make startup much easier on a real estate business, however, forecasting for the added expense once taxes do kick in has to be done first. The most tax-friendly states that offer the lowest combined tax rate are also worth considering if you are looking to start a business or relocate. For example, Delaware doesn’t have a sales tax and the property taxes are among the lowest in the country. This could be extremely beneficial for a business that is just starting out and... Read Full Blog Post

Save your dollars on your variable rate home loan and stay at an edge over others

Save your dollars on your variable rate home loan and stay at an edge over others
By: Rickk Miller, March 4, 2016

Are you in the market to take out a home loan for realizing your dream of becoming a homeowner? If answered yes, you must have been confused to know the wide array of home loan options available in the market. Mortgage loans are generally categorized into three types, the fixed rate home loans, the variable rate home loans, and hybrid loans which carry some features of both fixed rate and variable rate loans. Although there are many advantages of taking out fixed rate loan, it is not that variable rate loans shouldn’t be taken out. There are number of lenders like NPBS who lend variable rate home loans and if you wish to save your dollars on such loans, here are some steps that you need to follow. Reduce the term of the loan: Like most lending institutions, they offer variable rate home loans with a standard 20 year bond. If you can shorten the term of the loan by only a couple of years, you can cut down the interest rates considerably, thereby saving hundreds of your dollars. That may create the difference between seeking an early retirement and having to continue work. Pay more than the scheduled payments: If you decided to shorten the term of your home loan, you can afford to pay a little extra payment each month. For that you might have to sacrifice some of your expenses, but that will help you in the long run. Even a few hundred dollars added to your variable rate home loan payment might save thousands on interest rate. Make extra payments: Speak to your lender about the penalty charges of making extra payments on your home... Read Full Blog Post

Using Debt Settlement to Get Out of Debt

Using Debt Settlement to Get Out of Debt
By: Rickk Miller, March 3, 2016

Debt settlement is the process of negotiating with the creditors to settle the debt at a reduced amount in lump sum for example 75% or 50% of the original amount you owe. The cost for the debt settlement vary across different companies and is about 10% – 15% of your total debts. Most of the time, debt settlement is used in settling credit card debts. In the past, it is hard to settle a credit card debt for a reduced amount but nowadays you can easily get a debt settled with the help of a debt settlement company. There are so many people that have credit card debt problems and credit card companies are willing to settle a debt for a reduced amount so that they can get back some money instead of nothing at all. You will be asked to stop making repayment to your creditors and make payment to a trust account that the debt settlement company has set up instead. Some of the payments will be used for covering the fees with the rest going to each of the creditors as they agree to the settlement. The missed payment will be recorded in your credit report and it will cause your credit score to drop consequently. The debt will get written off when you are at least 6 months behind payment. In the meantime, you must wait for your balance to be high enough for paying the lump sum. It is when the creditor had sold your debt to the debt collection agency that the debt settlement company starts to negotiate for a reduced debt. Debt settlement company acts as a middleman between you and the... Read Full Blog Post

5 Expert tips for a college student who is planning to buy a home of his own

5 Expert tips for a college student who is planning to buy a home of his own
By: Rickk Miller, September 8, 2015

Are you someone who is a college student with moderate level of student loan debt and who is planning to buy a house of his own? If you don’t owe huge levels of student loan debt and if you have some savings and a reliable job, investing in your home is something that you can try in order to enhance your personal wealth. We usually see a lot of coverage that is given to the slow rate of Millennials buying homes but there is no news of a graduate who has shown interest in investing in a real estate property. Student loan debt doesn’t have as bad an impact on your credit score as credit card or auto loan debt. However you have to ensure that you have the ability to repay the home loan on time after managing all your other payments. Here are some tips for the recent graduates. Pay down high interest debt: The higher are the interest rates on your loans, the higher is the priority that you should give to repay that account. If you owe a certain amount on your credit cards, take immediate steps to pay them down before the interest rates multiply and take a huge shape. The sooner you repay high interest debt, the sooner you can improve the chances of grabbing a deal on your home. Watch out your debt to income ratio: One of the biggest factors for people who don’t get a loan is a high DTI ratio. When you have too many debt defaults in accordance with your income, you will have a high DTI ratio and this is when the mortgage lender won’t allow you... Read Full Blog Post