Five Things to Do With a Windfall Other Than Spend it Right Away

Personal Finance , ,
Perhaps you have won the lottery, received an inheritance, or cashed in one of your investments, and now you have a large sum of money you don't know what to do with. Although it is tempting to cruise around town in a brand new sports car it is important to think carefully about how to spend your newfound cash. To give you some ideas on the smartest way to use your new wealth, here are five things to do with a windfall other than spend it right away: 1. Erase Your Debt Your new found money will allow you to…
Read More

How Much Should You Budget for Closing Costs? Let’s Take a Look

Home Mortgage Tips, Home Seller Tips, Personal Finance , ,
If you're in the market for a new home, you're probably trying to budget for all of the expenses that come with a home purchase. After all, the asking price isn't necessarily the entire amount that you'll pay - there are other expenses that will factor in to the final price. One such expense is your closing costs. Closing costs are the miscellaneous fees you'll pay when you sign the deal to buy your home. But how much do you need to save up for closing costs? Here's what you need to know. The General Guideline for What to Expect…
Read More

The Down Payment: Four Great Reasons To Make The Largest Down Payment You Can Afford

Home Mortgage Tips, Personal Finance , ,
If you’re looking for a new home, you’ve probably heard lots of advice about down payments. About how it’s okay to just have a five percent down payment – you’ll still get approved. About how you should make the down payment as small as possible to avoid cash flow problems. In truth, you’re actually better off making the largest down payment you can possibly afford. Even if you have to slice up other areas of your budget, save for a few more years before you buy, or take a second job on the weekends, it’ll be worth it in the…
Read More

5 Reasons You Might Need To Consider Non-Traditional Financing

Personal Finance , ,
Private Money financing refers to loans collateralized by real estate, where the source of the funds used to close Real Estate transactions come from private investors. The decision by the investors to make a loan is based primarily upon plenty of equity in the real property securing the loan thus reducing the risk of loss. The ability to repay, and the borrower's character is also considered along with how the borrower will pay the investor back in time. Private Money loans are needed when a borrower or a property falls outside the standard underwriting rules of conventional lending sources like banks…
Read More

When Should You Shred Your Financial Documents?

Personal Finance , ,
How do you know what happens to your documents when you put a piece of paper in the trash? It can be difficult to know who is seeing it and what they are doing with it. It isn't very common to burn trash anymore; therefore you can be sure that your paper garbage or recycling is likely to pass through several hands on its way to a landfill or recycling center. Step-By-Step, Your Documents Can Get Pilfered Every step that occurs once the trash leaves your control has risk that someone will find personal information they can use to cause you harm.…
Read More

When It Pays To Refinance Your Mortgage — Literally

Personal Finance , ,
To refinance a mortgage means to pay off your existing loan and replace it with a new one. There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity. Each has its considerations. Lower Your Mortgage Rate Among the best reasons to refinance is to get access to lower mortgage rates. There is no "rule of thumb" that says how far rates should drop for a refinance to be sensible. Compare your closing costs to your monthly savings, and…
Read More