As the housing market continues to evolve, it becomes increasingly crucial for aspiring homeowners to tread carefully and avoid falling into the trap of being house poor. The dream of owning a home should not come at the expense of financial stability and overall well-being. Here are some essential tips to steer clear of this precarious situation: Setting a Sensible Budget: Before even considering purchasing a house, it's imperative to create a comprehensive budget that includes all your income, … [Read more...]
Most Renters Are Paying Far More Than Their Landlord’s Mortgage
It is not uncommon for renters to pay more in rent than their landlord's mortgage payment. This is because landlords are typically looking to make a profit on their rental properties, and they will often set their rent prices based on market rates rather than the cost of their mortgage. There are several reasons why renters often pay more than a mortgage payment: Renters are not building equity: When you make a mortgage payment, you are building equity in your home. Equity is the value of your … [Read more...]
What’s Ahead For Mortgage Rates This Week – August 7, 2023
Last week’s scheduled economic reporting included readings on construction spending, public and private sector payroll growth, and the national unemployment rate. Weekly readings on mortgage rates and new jobless claims were also released. Construction Spending Slips in June U.S. construction spending slipped by 0.60 percent to 0.50 percent growth in June; analysts expected a month-to-month reading of 0.70 percent growth in construction spending. Year-over-year construction spending … [Read more...]
Financial Considerations When Buying a Home
Purchasing a home is one of the most significant financial decisions many individuals make in their lifetime. It involves a substantial investment of money and requires careful consideration to ensure long-term financial stability. To navigate the complexities of the home-buying process, it's essential to be well-informed about the various financial considerations involved. In this blog post, we will explore key factors to consider when buying a home to help you make informed decisions and … [Read more...]
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