Blog – Page 759 of 889 – Fred Gruber - First Rate Financial Group

09

Dec

Home Buyer Tips

Real Estate Investing: 3 Secrets of Successful Home Buyers That You Can Use Today

Real Estate Investing: 3 Secrets of Successful Home Buyers That You Can Use Today While making a real estate purchase can be a matter rife with many questions, buying to invest in a long-term property can be even more confusing. If you’re looking into investing in real estate and wondering what variables to consider, here are a few tips that you’ll want to keep in mind before deciding on a fruitful investment property.

Be Aware Of The Market You’re Buying Into

Since you’ll need to be aware of what other people are looking for in a property if you’re diving into real estate to invest, you’ll want to carefully consider the neighborhood and city that you’re buying in and think about what the future holds. While becoming knowledgeable about home prices in the area you’re thinking of buying is a must, you’ll also want to think about market projections, trendy new neighborhoods and what the appeal will be to renters or buyers of the home you’re contemplating.

Consider A Diamond In The Rough

It might seem like a home that is a little rough around the edges is going to be a high-maintenance endeavor that doesn’t balance out in the end, but a fixer upper of a place may be end up being the best option. While you may need to renovate a little here and there to unearth some of its natural features, improvements to a home with a good structure in a good neighborhood can be more economical than spending more on a home that instantly appeals. It can also provide a better return on your investment in the long-term.

Stay Within Your Spending Means

When considering an investment property, it can be quite easy to get derailed and think about what you’ll be making instead of the expenditure of the initial investment. However, it’s important to determine beforehand that what you’re choosing to afford is going to be manageable in case you have to swing it on your own. By determining whether or not it’s an affordable expense, you can have a successful investment that will balance out in your favor at the end of the day without having to worry about sinking beneath the cost.

There are many questions that can come along with choosing to invest in real estate, but by carefully considering the market and keeping your purchase at a reasonable price point, you may have a long-term moneymaker on your hands.

08

Dec

By support

Home Mortgage Tips

Recent College Grad? Learn How to Successfully Juggle Student Loans and a New Mortgage

Recent College Grad? Learn How to Successfully Juggle Student Loans and a New Mortgage If you recently graduated from college and are about to become a homeowner, you’re in a somewhat unique position. You’re about to embark on a great journey, but at the same time, you’re also taking on an awful lot of debt. That said, it is possible to successfully manage a high debt load if you’re careful.

So how can you make sure you can pay your mortgage, your student loans, and your mortgage expenses – all without losing your mind? Here’s what you need to know.

Make Sure You Have An Emergency Fund

Managing a high debt load isn’t necessarily a challenge if you have a consistent income stream. But if interest rates rise on your floating mortgage, if your portfolio doesn’t do as well as expected, or if you lose your job, you may find yourself unable to pay your expenses without dipping into your savings. That’s why you’ll want to establish an emergency fund – a spare supply of cash you can live on for 6 months or longer, if necessary.

Extra Cash At The End Of The Month? Attack High-Interest Debt

Mortgage rates are at a historical low right now, which makes now a great time to become a homeowner – but if you’re going to carry a mortgage and student loans, you’ll need to be smart about how you repay your debts. High interest rates can quickly add up and eventually crush you, which is why your debt with the highest interest rate should be your primary priority. This is most likely your student loan – so if you have some extra money left over at the end of every month, put it toward your student loan first.

Never Roll Student Loans Into A Mortgage

Some young people seem to think that getting a mortgage is the answer to student debt. By rolling your student loans into a mortgage, you can worry about just one monthly payment instead of two. The problem with this thinking, though, is that your student loan is probably the size of the principal on a mortgage – and you’ll have to stretch your loan term out farther in order to afford the monthly payments.

This means that you’ll pay more money in interest over the long term. Your mortgage loan is also a loan with more severe consequences for missing a payment. If you miss a mortgage payment, you can get evicted from your home – but if you miss a student loan payment, they’ll just take your tax return.

Paying off a student loan and a mortgage at the same time is a daunting task, but it is possible. Talk to a mortgage professional near you for more repayment strategies that work.

07

Dec

By support

Market Outlook

What’s Ahead For Mortgage Rates This Week – December 07, 2015

Closing Paperwork: How to Read and Understand the Truth-in-Lending Disclosure Statement

Multiple economic reports released last week indicate further improvement in economic conditions. Pending home sales, construction spending and ADP payrolls increased while Non-farm Payrolls fell and the national unemployment rate held steady. The details:

Pending Home Sales, Construction Spending Increase

According to the Commerce Department, pending home sales increased by 0.20 percent in October as compared to September’s reading of -2.30 percent. Construction spending of 1.00 percent for October exceeded September’s reading of 0.60 percent growth and expectations that October’s reading would hold steady with a growth rate of 0.60 percent. Increased construction spending suggests that home builders may increase home building projects, which could relax tight inventories of available homes and ease demand for homes.

Mortgage Rates, New Jobless Claims Rise

Average mortgage rates fell last week according to Freddie Mac. The average rate for 30-year fixed rate mortgages fell by two basis points to 3.93 percent; average rates for 15-year fixed rate and 5/1 adjustable rate mortgages also fell by two basis points with readings of 3.16 percent and 2.99 percent respectively. Average discount points were 0.60 percent for 30-year fixed rate mortgages and 0.50 percent for fixed rate mortgages. Average discount points for a 5/1 adjustable rate mortgage held steady at 0.50 percent.

New jobless claims rose last week with 269,000 new claims filed as compared to the prior week’s reading of 260,000 new claims and analysts’ expectations of 265,000 new claims. The level of new jobless claims neared levels not seen since 2000. The four week rolling average of new claims dropped by 1750 claims to a reading of 269,250 new claims filed. The four-week rolling average of new jobless claims is considered less volatile than weekly readings which can be impacted by holidays and other anomalies that can cause volatility.

Labor Reports Show Growth, Unemployment Rate Unchanged

Hiring increases and lower layoffs have contributed to the lowest national unemployment rate since 2007. The national unemployment rate held steady at 5.00 percent. ADP reported 217,600 new jobs in November as compared to October’s reading of 196,000 new private sector jobs. Non-Farm Payrolls reported lower job growth of 211,000 jobs as compared to expectations of 200,000 jobs added and October’s reading of 298,000 jobs added. Non-Farm Payrolls covers government and private-sector jobs.

What’s Ahead

This week’s scheduled economic releases include reports on job openings, retail sales and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will also be released.