Is it summer, or is the market finally slowing down? The no longer one-sided market has some stark implications from home buyers and sellers. Learn what buyers and sellers should be aware of in a housing market that seems to be losing steam.
Guard against identity theft by "opting out" of identity sharing arrangements. Companies share your information within their own corporate world, to the different companies they own, and they share information with outside companies, vendors and organizations with whom they do business. The Fair Credit Reporting Act gives you the opportunity to limit the sharing of information both within the company and to the other companies with whom they do business.
Some mortgage are tied to indexes such as the London InterBank Offered Rate (LIBOR). Others are tied to treasury bonds. If you have an adjustable rate mortgage its rate will vary depending on what happens with the index it's tied to. When you're applying for a mortgage the rate you get depends on interest rates currently available. Interest rates for new mortgage loans change over time.
Having a fraud alert on your credit history can make it difficult to gain access to your credit history and credit score. Someone who steals your identity would not be able to open up new credit cards, buy a car or get a mortgage, because the lender would see the fraud alert at the bottom of your credit file. However, a fraud alert wouldn't stop a thief from using one of your existing credit cards to run up your bill.
When you're a first time home buyer you can potentially find money for a down payment or closing costs through a community group that helps promote home ownership. When you're a first time home buyer you should look at what local consumer groups offer to help with down payments or closing costs. Some groups offer second mortgages instead of direct down payment or closing cost assistance.
Times have really changed. Holiday weekends like Memorial Day, Fourth of July, Labor Day, Thanksgiving, Christmas and Easter were once considered off-limits for home buyers and sellers. It was difficult to find agents who were willing to work on those days, since they were convinced that home buyers were busy celebrating with friends and family. Today, there are few days off in the real estate business.
Financing or refinancing your home? If you're shopping for a home loan, one of the most important questions you need to ask is what fees and costs are associated with the loan. You shouldn't have to pay junk fees when financing or refinancing your home.
If you fall behind on your mortgage or are facing foreclosure, the first step is not to panic and get on the phone with your lender. Lenders don't want to see borrowers foreclose on their homes, and often can work with the borrower to get on a payment plan that will get you back on track. Another option to avoid foreclosure is to sell your home, even if it's a short sale.
When you buy a home you may not be thinking about home repair right away. But it's important to save money you can use toward home repair so that you're not in a bind at the last minute. Learn about some of the typical types of home repair and home improvement projects you should save money for.
The cost of a college education has been rising faster than the rate of inflation. It will take a lot of diligent saving to stock up enough to pay for the entire cost of your children's college educations. A 529 College Saving Plan is a great place to start saving for college.
