Look, I understand, things happened that you didn’t plan for and now you’re in trouble. Money is tight and you can’t pay your mortgage. This is a serious problem as you and your family need a place to live! While foreclosure does take awhile and you can pretty much live in your home rent free during that period, the time after foreclosure is a nightmare. Foreclosure destroys your credit rating making it near impossible to find a decent place to buy or rent. More importantly, foreclosure is a scenario where the only party who gets anything worth talking about is the bank. It is also not unheard of for employers to run [...]
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It use to be that getting a mortgage for a house was a scary concept. Now, getting a mortgage is a terrific idea! See, when our parents were trying to get a mortgage they had to pay rates of 7% at best and now we only have to pay 3.5% interest. The amount of interest you pay between the two is an incredible difference! Low interest rates are one of many reasons why you really need to act now. Don’t have enough money so you figure it’s not worth reading on? Don’t forget that FHA loans only require 3% down on the purchase price. You can sure count on that not lasting [...]
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I’m working on the final steps to close my Condo and I asked myself, “Should I Overpay My Mortgage?” Right now rates are incredibly low and prices are super cheap so while I do plan to do a lot of living in this Condo, in 3-4 years I would like to rent it out. Just to bring you up to speed, these are the numbers I’m working with: Sale price: $321,000 Down payment: 20% ($64,200) Mortgage value: $256,800 Interest rate: 3.375% Term: 30 years Total interest paid over term: $151,909 That’s quite a lot of money going to interest! Traditional thinking is to overpay and avoid as much extra interest [...]
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