Archive for July, 2017

Other People’s Money for College

Monday, July 24th, 2017

Consider the goal of funding a child’s college education in the future. If “other people’s money” in the form of a scholarship is not a possibility, there still may be another way to use some “other people’s money.” The mutual fund’s growth depends on the value of the money invested. Rental real estate benefits because […]

Assumptions are an Alternative

Monday, July 17th, 2017

In the late 80’s, both FHA and VA began requiring buyers to qualify to assume their mortgages. The main reason there haven’t been many assumptions in the past 25 years is that interest rates have been steadily going down and if a person has to qualify, they might as well do it on a new […]

It’s not far, if you know the way

Friday, July 14th, 2017

“It’s not far, if you know the way.” What this expression implies is that you could have a long way to go if you don’t know where you’re going or how to get there. Just like reading a map, there are some definite steps that will improve your success in buying a home in today’s […]

Family & Friends Mortgage

Monday, July 10th, 2017

Anytime a lender and borrower can agree on rates and terms, it can be a good match but IRS has specific rules that govern the transaction especially when the parties are family or friends. Sometimes, a friends and family situation might have a less than normal interest rate on the mortgage. However, the rate charged […]

Don’t Have a CLUE?

Friday, July 7th, 2017

If you haven’t heard of a CLUE report, it has nothing to do with the table game searching for a murderer. It is a report showing the insurance claims on your home and car for the past five to seven years. For that reason, similar to verifying the accuracy of your credit report, it is […]

Down Payment Problem – Are You Sure?

Wednesday, July 5th, 2017

There is increasing difficulty for first-time home buyers to save for their down payment as indicated in the graph.  Several factors that contribute to this trend include rising rents, rising home prices, student loan debt and flat wages. Nine out of ten non-owners believe they need ten percent or more for a down payment. The […]