11
Mar
By Jim Hasek
Mortgage, ,

Wealthy Seniors Can Benefit From Jumbo Products

Individuals who own their homes with a considerable amount of equity should consider looking into proprietary jumbo reverse mortgages. These can be helpful tools that may allow seniors to either pay down an existing mortgage or fund their retirement.  These tools are particularly helpful in areas of the country that have high property values, such as California and New York. In these states, jumbo reverse mortgages may provide seniors with up to $4 million in potential loan proceeds. These funds can be applied to a variety of possible purposes. A Changing Thought Process Surrounding Reverse Mortgages In the past, mentioning…
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05
Mar
By Jim Hasek
Mortgage, ,

Most Renters Are Paying Far More Than Their Landlord’s Mortgage

In the overwhelming majority of the 50 largest cities across the U.S., monthly rent is more than the mortgage payment for single-family homes. In several cases, much more.  Global answering service and chat support company Moneypenny compiled data from Zillow on median rent and mortgage payments from July 2014-July 2019. In order to calculate the monthly mortgage payments, Moneypenny took the median home sale prices during the same time period and in the same major cities and then used nationally-average mortgage terms: 30-year fixed rate at 4% with approximately 6% down.  Once the two figures -- median monthly rent and median…
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28
Feb
By Jim Hasek
Mortgage, ,

Should I Pay Off My Mortgage Or Invest the Money?

To understand what to do with a windfall or extra disposable income when it comes to paying down a mortgage or investing the money, we need to discuss and understand the concept of opportunity cost. What Is Opportunity Cost? The concept of opportunity cost takes into consideration the total financial impact of the use of funds when applied in different ways, to be able to compare the effectiveness of how it is best to use them. The opportunity cost considers the risks involved, the potential reward, as well as the tax implications of the choices. Risk Versus Reward Evaluation All…
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27
Feb
By Jim Hasek
Mortgage, ,

Find The Best Mortgage Deal With A Few Simple Steps

Currently, this is a great time to be in the market for a new home. The interest rates on mortgages have fallen countless times over the past few years. Even though interest rates have been in the double-digits in the past, there are homeowners today who are able to agree to a mortgage for less than three percent.  Despite the low interest rates, it is still important to get the best possible deal. There are a few simple steps that everyone should follow to get the best mortgage deal possible. Know How Much You Need The first step is to…
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26
Feb
By Jim Hasek
Mortgage, ,

Ensuring Home Contractors Are Following The Rules Under HICPA

There are many homeowners who hire contractors to make repairs or upgrades on their homes. It is critical for home improvement contractors to follow all rules and regulations set forth by the law. These regulations have been set forth under the Home Improvement Consumer Protection Act, or HICPA.  An Overview Of The Home Improvement Consumer Protection Act The Home Improvement Consumer Protection Act was put forth to ensure that homeowners and contractors come to an appropriate agreement. Some of the rule and regulations that are included in the Home Improvement Consumer Protection Act include: All contractors need to obtain a…
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25
Feb
By Jim Hasek
Mortgage, ,

3 Tips to Find the Best Neighborhood to Live In

The vast majority of people are going to move at least once in their life. Moves can vary in distance. Sometimes, these moves are across town. Other times, they might be across the country. Regardless of the distance, is important to find a neighborhood that fits both the budget and lifestyle. There are a few tips to keep in mind. 1. Consider Renting First Even though there are powerful electronic tools that can help a family narrow down their potential landing spots in a new city, it is impossible to be 100 percent certain that the community is a comfortable…
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