100 Cost-Effective Articles - Real Estate
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Better to Rent or Own?
The decision to own or rent a home is generally based on three elements: cost, investment, and personal preference. When the real estate market is strong and interest rates come down, it motivates many renters to become buyers. The calculations in this article may help you decide whether you should rent or own.
(349 words)
Mortgage Fundamentals
Buying a home is the single largest purchase most people will ever make. For new homebuyers, it can be an especially confusing and difficult process. Of course, you will want to be sure to arrange a mortgage that best suits your needs and financial goals. With this in mind, here is a brief guide to your basic financing options.
(720 words)
Prepay Your Mortgage and Save
When you tally up the numbers behind your mortgage, you will probably discover you will be paying a great amount of interest over the life of your loan. As a result, if you are like many individuals, you may choose to prepay a portion of your mortgage loan. Prepayment can save you a considerable amount, particularly if you plan to reside in your home throughout the life of your loan.
(417 words)
Is It Time to Refinance?
Over time, mortgage rates often fluctuate up and down. Depending on where rates currently stand, now may or may not be a good time for homeowners to consider refinancing their mortgages. How can you determine whether it makes sense at any given point to refinance your mortgage? Here's a review of several reasons why refinancing might make sense for you.
(668 words)
The Reverse Mortgage—A Retirement Funding Alternative
An increasing number of retirees could be forced to lower their standards of living due to a combination of rising expenses, limited or fixed benefits, and longer life spans. For those who own their own homes, however, the reverse mortgage could literally produce a change in fortune. Reverse mortgages allow you to annuitize all, or part, of the equity that's built up in your house so that you can receive a fixed monthly payment. Or, to view it another way, a reverse mortgage mirrors the cash flow of a regular mortgage. Instead of getting a single lump sum at closing, which you repay monthly, the loan is advanced to you in monthly increments. You pay back nothing until the term is up, when the advances plus interest must be repaid, presumably from the proceeds of the sale of your home.
(457 words)
Home Equity Loan Considerations
When tax reform in 1986 phased out income tax deductions for interest paid on auto loans, personal loans, and credit card debt, many consumers turned to home equity loans to help finance a variety of personal purchases. You can still deduct interest on up to $100,000 of home equity indebtedness (incurred after October 13, 1987) used for purposes other than improving your home. Some observers are becoming concerned, however, about people jeopardizing the roofs over their heads because of overburdensome debt.
(511 words)