Posts with tag 'Finances'

 

If you're a renter — especially, if you've moved recently — you know the rental market in the Roanoke Valley is getting more and more competitive. The overall number of properties is growing, but so is the overall number of renters — and at a pretty fast clip. As a result, rents are increasing in all parts of the valley. 

If you've been renting for a while, I have a question for you: What's your long-term housing strategy? Does it still make sense for you to stack up rent receipts or is it time to put your money toward equity in a stable asset?

If you ask for opinions, you'll certainly get some. After working with lots of first-time home buyers, I've learned that these are three signs it's time to take the leap into homeownership.

1. Buying...

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We're hearing lots of chatter about mortgage rates these days. Will they continue to rise? By how much? Should I buy now to avoid higher rates? 

These are all valid questions, and, unfortunately, there's no crystal ball. However, if you've found a home you like, your mortgage lender might be able to help. 

Most lenders offer mortgage-rate locks for consumers who want to protect themselves against future mortgage rate increases. The conditions of rate locks vary from lender to lender, so here are some questions to help you learn everything you need to know before signing. 

What is a mortgage-rate lock? 

Mortgage rates go up and down, but the process of getting a mortgag...

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If you're like most folks with a mortgage, you'll be getting a tax form soon from your mortgage lender after the first of the year indicating several things, including how much interest you paid in 2019 and the current balance on your mortgage. 

So it's a good time to talk about equity. Remember, equity is the difference between the fair market value of your home and what you still owe on the mortgage. If you sell, equity is what you receive after any liens against the property or other required costs are paid. It represents the part of the property you really own. 

Two things have happened that could have had a positive impact on your equity: 

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Home buyers, especially first-time buyers, often start the process believing myths about how the market works. Sometimes, those myths can take you down the wrong path. What follows are six myths I often hear from prospective buyers that you should let go of right now.

You must have a 20% down payment.

Many of us grew up hearing this, because for a long time, it was a good rule of thumb. However, lenders have long since stopped requiring 20 percent down. For sure, if you've got a sizable down payment ready, it will save you money. Not only will you pay less interest over the life of your mortgage, but 20 percent down can usually keep you from having to buy p...

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