You’re a new homeowner — congrats! The hardest part is over, for sure (saying goodbye to most of your savings isn’t easy, after all). But the money hemorrhage isn’t finished just yet. There are several under-the-radar and often overlooked fees and expenses that accompany home ownership that a newbie like you might miss. Keep tabs
Paying off your mortgage early really doesn’t make financial sense. Your mortgage interest rate is probably lower than the rate of return you could earn on investments, which means you’ll likely end up with less money by prepaying your mortgage than you would’ve if you’d taken that cash and invested it. Because of the opportunity
A high mortgage payment can account for a large amount of your income, leaving you with very little to cover the rest of your regular living expenses. As a general rule of thumb, we recommend trying to keep your mortgage costs low, preferably under 30 percent of your take-home income. If you’re wondering how to
The other day, I received an e-mail from a couple I’ll call David and Ruth. They both work and own a 3-bedroom home that costs them just $1,000 monthly for real estate taxes and mortgage payments. As they plan to move into a new dwelling, one option is to convert their present place into a
If you own a home, chances are good you have a mortgage. Making mortgage payments can be a source of frustration for homeowners, some of whom will decide to pay off a mortgage early. While owning your home free and clear seems attractive, it’s important to consider whether paying off your mortgage early is actually
Many of us buy our homes thinking we’ll live there forever. But sometimes our circumstances change, and when they do, we’re faced with the potentially daunting task of selling our home and moving elsewhere. If you’re looking to sell your house, you may be wondering when’s the best time of the year to do so.