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U.S. Mortgage Reduction Plans: the Equity Acceleration Program

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The Equity Acceleration Program

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The Benefits Of Home Ownership

 
The decision to purchase a home is exciting and a major investment for your future.  Because there is only so much of it to go around, real estate is the top choice for many investors and the desire for most families.  This article is designed to highlight some of the many benefits of home ownership and how buying a home can often turn the American Dream into a reality. 
 
One of the most profitable markets in real estate is rentals, which means that many families are paying to live in a home that isn't their own.  In some cases, renting a home is necessary.  For all others, the money that would be spent on rent could instead be used to pay a mortgage.  In fact, monthly rent payments often exceed that of a typical mortgage payment.  One of the greatest benefits of home ownership is putting money into something that you can call your own and knowing that the monthly payments are going toward your home's equity. 
 
Speaking of equity, many properties experience a growth in value as more development moves into the area or the economy strengthens through an increase in job opportunities.  If this happens, home values soar and owners can bask in the glory of their newfound profit.  When you purchase a new car, it depreciates the moment that you drive off of the lot.  When you buy a home, however, it has the potential to appreciate year after year.  There are few things in life that can offer you a return above and beyond your original purchase price, but a home can. 
 
When you own a home, you will enjoy the freedom of decorating and making any changes that you choose without needing the permission of a landlord or property owner.  In addition, you may even be able to use your home's equity to finance some needed improvements and/or repairs.  In some cases, these changes may even increase the value of your home.  An upgraded kitchen or bathroom, hardwood flooring or an additional room are examples of changes that could result in added value. 
 
Another advantage of home ownership is the tax benefits that are available.  The interest paid on a home mortgage as well as most property taxes paid are tax deductible.  For additional information on deducting mortgage interest and property tax, consult the IRS or a tax professional. 
 
In addition to providing yourself and your family with a feeling of stability and permanence, home ownership can also help strengthen your credit profile through timely mortgage payments and a steady financial history. 
 
Thinking about buying or selling a home? Contact your Financial-Realty-Tech Associate at (402)714-8275 Henry McCallum

Home Buying and Mortgage Tips

Buying Property - Then You Need Some Good Financial Mortgage Advice
 
Property is always a great way to invest in your financial future and it is also a great feeling to be able to own your own home.  If you can buy at a time when interest rates are low or when the Government is offering some sort of benefit to home buyers, then you can be off to a good start with either your new home or your investment property.    Interest rates don't always stay low though so it is important before buying any property that you get some financial mortgage advice.
 
Buying a house can be quite a stressful time as there are a lot of different financial aspects to consider.  There are many different types of home loans and you want to find the right one for your current situation.  You can't base a home loan on the current interest rates, you also need to consider future possibilities of interest rate increase and also wage changes.
 
There are many stories of home owners losing their homes when the interest rates rise and so does their mortgage repayments.  Even when a person takes out a home loan on a fixed rate, there comes a time when that fixed rate period runs out and the mortgage is then put on a variable rate and repayments may rise.  For many people, when their fixed rate period expired their monthly repayments doubled and they could no longer afford to meet their repayments.
 
When considering purchasing a property it is advisable to seek advice from a professional financial mortgage advisor.  A financial advisor can explain all the details of all finances involved in purchasing a property; as well as go through the different scenarios that could occur.  They will explain all the advantages and disadvantages of buying a home at this time and of the different mortgage types available.  If there is something that you are unsure about then you should ask questions until you understand.  Buying a home is a big step and it is important that you understand all aspects of the financial side of it.
 
Some people will be afraid to ask questions for feeling 'dumb' for not knowing the answer, but you should never be afraid of looking silly.  Finding out the answers is much more important than looking silly and I'm sure the mortgage advisor has had many people ask similar questions.  It is their job to know all the answers and all the advantages and disadvantages of property buying and it is their job to explain it to you.  
 
Another mistake that many people make when buying a home is that they take out a mortgage that they can only just afford.  They assume that the rates are not likely to increase any higher and hope that they will actually go down so there shouldn't be a problem.  You should never assume that interest rates will not go higher as it is always possible that they will.  To take a mortgage that you can only afford on the current rate is taking a gamble on your future finances.  Sometimes that gamble might pay off and other times it won't and if it doesn't then you can be in big financial trouble.
 
When you apply for a home loan you should always give yourself some breathing space.  Your financial advisor should work through this with you and calculate the mortgage repayments in different scenarios if the interest rates were to rise.  They should look at your finances and see whether you would still be able to afford the mortgage repayments if the interest rates do rise.  Because the future of interest rates can change at any time, it is best to play it safe and only take out a mortgage if you can afford to pay the higher rates.  If the rates do drop then you can take advantage of that and pay extra payments off your mortgage.
 
Buying a property, whether it is to live in yourself or whether it is an investment, is a huge step and a big financial decision.  This decision shouldn’t be made lightly and you really should seek advice from a mortgage financial advisor before proceeding.  Don’t put yourself in a position where you could lose your home in the future if interest rates rise, make sure that you can afford the mortgage repayments both now and in the future if the rates do rise.  A good financial mortgage advisor will help you to make the right decision for a better financial future.

Which Mortgage Loan Type For You ?

Which Mortgage Loan Type For You?
 
There are many different types of mortgages available and it can get a little confusing to know which one is best for you.  Each loan type has its advantages and disadvantages and it is best to understand how each one works before deciding which one to go with.  The three major types of mortgage loans are VA, FHA and conventional.  The conventional mortgage is the most common and basic type of home loan.
 
When you take out a conventional mortgage to finance a home purchase you borrow a certain percentage of the price of the home.  When you do so, you will sign a contract agreeing to pay back the loan through monthly repayments over a specified number of years.
 
An FHA loan is one that is backed by the Federal Housing Authority and a VA loan is one that is backed by the Veterans Administration.  Both the FHA and the VA have the goal to help Americans be able to buy their dream home.  They work along with certain lenders to enable people, who may not otherwise qualify for a conventional loan, to be able to purchase a new home.  They do this by providing mortgage insurance to the lender should you, for any reason, default on your home loan repayments.
 
An FHA or VA loan is much easier to qualify for and they have lower interest rates and a lower down payment requirement.  The FHA and VA will set the requirements of the loan you apply for such as how much you will need to pay for the down payment, the interest percentage that will be charged and the inspection of the property.  However it is for these reasons that some lenders don't like to deal with VA or FHA loan types.
 
Most lenders do prefer to give conventional mortgage loan types as they themselves have more control with these.  Another difference that you want to consider with different loan types is the type of rate that is charged, some loans have a variable rate while others have a fixed rate.  With a fixed rate loan the interest rate will be fixed at a particular percentage rate for a specified period.  Often this may be for a period of five or ten years.  When interest rates are low and it is a 'buyer's market' then many people will opt for a fixed rate loan so that their interest rate will remain low even when the general interest rates begin to rise.  When house prices are low and interest rates are low it makes sense to purchase a home and fix the rate to take advantage of those low rates.
 
The other benefit with having a fixed interest rate loan is that your payments remain the same so you can plan your budget accordingly without worrying about whether interest rates are going to increase and your payments increase as a result.  A fixed rate loan however can be more difficult to qualify for at times so many people will apply for variable rate because it is easier to qualify for.
 
With a variable rate mortgage the interest rate will change throughout the life of the loan in conjunction with general interest rate changes.  The interest rates follow in line with market conditions and so the rate you are charged may depend on the state of the economy at the time.  Variable interest rates may rise and fall quite a bit throughout the life of a loan.
 
Unconventional mortgage loan types are another option for finance.  These types of loans are reasonably new within the home lending industry and there are a variety of types.  These include interest only mortgages, balloon mortgages and interest only mortgages.
 
When you are buying a new home and are looking for a home loan be sure to check out the different types of loans and how they all differ so you can find the one that best suits your needs.

Mortgage Fraud

Protecting Yourself from Mortgage Fraud

It’s hard to believe, but there are people out there looking to prey on people’s ignorance when it comes to buying property. The mortgage fraud game is larger than you think, and every year, thousands of people fall victim to over-appraised properties, higher than normal interest rates, and loan amounts that are way more than their budget allows. How do you know if you’re being hustled? It’s not as cut and dry as you might think, but here are some tips to help you see through the charade.

The first tip is to trust your gut. For this scam to be pulled off, you’re going to have to deal with a crooked real estate agent who points you to a piece of property, than an appraiser who will over-value the property, and then a bank officer who will validate that price. With all these dishonest people floating around, your gut should tell you something is wrong at some point. Keep your eyes open and if something starts to smell fishy (like the land they are trying to make you buy) than start asking questions.

Keep an eye out for scams like these targeting the elderly. They tend to be more trustworthy than younger people, and tend to take people at their word. These scams have also been known to target first-time buyers who don’t know how transactions like these are suppose to go. Also, if you live in Illinois, Florida, California, Nevada or Arizona than you’re more likely to run into one of these shysters.

So, how to protect yourself? Here are some warning signs to look for. If your real estate broker demands that you use a particular lender (i.e. the lender that’s in on the scam), just say no. Tell your broker that you’ll use whatever lender you want and that you’ve shopped around and you’ve chosen a different one. If your broker or agent gets a little testy at this, you might want to consider dumping them.

Another good sign that you’re dealing with less than honest people is that your lender is trying to talk you into borrowing more than what your budget allows. This is never, ever a good idea. You should go into every discussion with your lender knowing exactly what your limits are.

This one is just common sense, but make sure you get copies of everything you sign. If you don’t, demand them. Also, if you feel you’ve signed something less than honest, take the documents to another lender or to a lawyer to have them looked over.

Scammers have been a part of the real estate scene for as long as there has been swampland in Florida or a bridge in Brooklyn to sell. They aren’t going anywhere (except maybe to prison) so you have to equip yourself with the knowledge of how to deal with them.

Getting Serious with Personal Finance Budgeting

 
Have you ever noticed that no matter how much money you make in a month, there is never enough?
 
You most likely know how much you earned last month, but do you know how much you spent? If you dont, you are not the only one who doesn't. According to survey, most people spend 10% more than they make!
 
Why is it hard to track spending? 
 
It is difficult for people to track their spending and whether it is wise or not because they cannot decifer between needs and wants. This is one of the biggest hindrance towards putting into practice good personal finance budgeting. 
 
You may need things in life including food, water, shelter and clothing. Needs are those things that we cannot live without. Needs are also those that living without would case difficulties and distress. Knowing between needs and wants is essential since your perception will determine whether you spend your money on it or not. 
 
Advertising is so powerful these days that you may think of luxuriuos items as "needs" when in fact you dont actually need them. These deceiving commercials on TV greatly influence your purchasing and personal finance budgeting behavior. It is your job to make a wise decision whether each new product is something that you really need and cannot live without. Some things may make life easier and add up to the quality of life you are living, but it is more important to know whether you can truly afford them or not.
 
After learning between needs and wants put what you have learned into practice. Here is a simple spending system that can greatly help your personal finance budgeting:
 
- Create a personal finance budget that you can use
- Save 10% of your income
- Always know exactly how much you have left to spend
- Instantly know the impact of every spending decision
- Track all your purchases
- Pay your bills on time
- Effectively manage credit card spending
 
Many people create a financial budget based on other people financial worksheets. As much as it is good to have some sort of reference, do not forget to make it personal. Customize your personal finance budget according to your expenditures. You are the only one who will refer to it on a daily basis so go ahead and make it your own. This way, it will also look more familiar to you. 
 
Many people purchase items with credit card more often than they would with cash. Always remember that it is better to buy items with cash as you are already free from obligations in the future. Some people may forget that a credit card does not do magic and a real bill comes at the end of the month - adding to your long list of financial obligations. 
 
The key is to have patience in the process of the creation and maintenance of your personal finance budgeting list. It takes time to verify information on expenditures and income so that nothing is missed. Also the accuracy of information is one of the most important factors in making a personal finance budget that really works. 
 
In your personal finance budgeting, always remember the consequences of your spending. If you are going to spend your savings today on one thing, remember that this becomes money that is no longer available should you need it in the nearest future.

About Mutual Funds

Guidelines to Choosing the Best Mutual Funds
 
Mutual funds allow individual investors to invest on large portfolios that they can't afford if they would work on their own. In effect, mutual finds became highways for groups of people, companies and partnerships to invest on a common fund managed by a mutual fund manager. Funds such as this also permit investors to create a variety of investment portfolios without having to bother the potential great losses, which normally results in great depreciations.
 
First time investors often find it hard to choose from the multiplicity of investment funds that they may select from. When it comes to investing money, one should prioritize minimizing the risks. A good point to remember is diversification. It helps in trimming down the potential risks since it allows the investor to put his money on several securities. This factor is almost automatic since when buying mutual funds most of them hold a minimum of 50 stocks. Moreover, the best mutual funds add the benefits of full time professional management.
 
However, the problem with mutual funds is that they are so diversified. This article aims to provide guidelines that may help you cut down the choices into manageable size.
 
Loaded or non-loaded?
Loads are the fees that are necessary in running the investments. They are also considered as sales commissions that are paid to the stockbrokers or financial advisors to market the mutual funds to other clients. It is but logical that the person that steers you to a lucrative investment be paid. 
 
There are, on the other hand, no load mutual funds. These have decreased fees yet may have lesser probability of greater earnings.
 
Visit financial market sites and check of the ratings given to the mutual funds.
There is no absolute guarantee that the fund's past performance will continue to be so well into the future. However, the great thing with financial market websites and individual funds sites is that their ratings are mostly based on the history of performance of a certain fund. The funds with the highest ratings are most likely to retain their present trend. It is advisable that you stick with them.
 
What's valuation?
It is great to anchor your trust on the past performance of the funds yet it is desirable to know what the future may bring with your investments. Based on some researches, there are quite a number of cases that the mutual funds that hold cheaper stocks outperform those that have considerably highly-priced stocks. There are a number of gauges to examine the valuation of the funds. One of which is the price per sale ratio.
 
With these three considerations, it may become easier for you to hunt for the best mutual funds among the countless choices.

Retirement

How to Plan for Your Retirement
 
Are you ready to start planning for your retirement?  Whether you are 30 years old or 55 years old, there are a number of important steps that you will want to take.  For your convenience, a few of those steps are highlighted below.
 
The first step in planning your retirement is examining your future.  There are a number of important questions that you will want to ask yourself.  Where do you want to live when you retire?  How do you want to live?  What do you want to be doing?  Knowing your retirement needs and wants is important when looking to create a retirement savings plan.  Even if you are only 20 or 30 years old, you can still plan for your retirement.  A few small changes to your dream plan won’t be the end of the world.  At least you have a starting point to build on.
 
As previously stated, knowing what you want and need to get out of your retirement is important to creating a savings plan.  Why?  Because it can help you determine how much money you need to have saved.  Having a set goal to reach is one of the best ways to accurate and successfully save and prepare for your retirement.
 
Next, are you employed?  If so, examine your company’s retirement plans, such as their 401(k) programs.  How much have you been contributing to your 401(k) account?  If nothing, you will want to start.  Why?  Because it is easy to do so.  Inquire to see if you can have your paycheck set up so that a small amount of money will automatically be deposited into your 401(k) account.
 
As an important note, 401(k) accounts are advised, as they are considered tax sheltered.  This is because your taxes are much lower when you contribute money into your 401(k).  Also, see if your employer contributes money as well.  There are some companies throughout the United States that will match the amounts contributed by their employees, which is you.  What is better than free money for your retirement?  In addition to a 401(k), also examine IRAs (Individual Retirement Accounts).
 
In addition to 401(k) and Individual Retirement Accounts, you do have other options.  If this process seems overwhelming for you, you should seek professional help.  There is nothing wrong with doing so.  In fact, seeking professional advice can help prevent you from making many common mistakes.  When looking for help, it is a wise idea to speak to a professional accountant or a financial advisor.  
 
Even though you have made the decision to save for retirement now, there may come a point in time when you find yourself on a fixed income.  It is no secret that living day-to-day on a fixed income can be stressful, overwhelming, and fearful.  With that said, it is still important to keep on saving for your retirement.  Any money that you can put into a 401(k) account or an IRA, do so.  A few dollars here and there can easily add up.  
 
In keeping with hitting a rough patch in your finances, if you are not use to living on a fixed income, you may want to take steps to improve your financial standing.  This is a good plan to have, but stay away from your retirement savings.  Whether you have spent the last year or ten years saving for retirement, try to leave that money alone.  Dipping into your retirement savings can have negative consequences.  If you are required to pay the money back, you may have to pay interest or taxes.  Even if you don’t have to pay the money back, it is still less that you will have for your retirement years.  Unless you are in a truly serious, life or death situation, leave your retirement savings alone.
 
As you can see, saving for retirement isn’t really that hard.  Unfortunately, many news organizations and other similar websites make it seem harder than it really is.  As an important reminder, if you need financial planning help, seek it.