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Homestead Financial Mortgage

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Is Now a Good Time to Buy a Home?

Historically low fixed mortgage rates are one reason why now is a good time to buy a home. A lower interest rate means a more affordable mortgage. And an affordable mortgage means you’re more likely to be able to afford a home that was out of the question several years ago. Lock your low interest mortgage rate into a 30-year fixed rate mortgage because rates can’t go much lower. When mortgage rates inevitably increase, you’ll be glad you acted when you did keeping your mortgage rate secure for the next 30 years. If your rent is equivalent to a mortgage payment and you can afford to buy, home ownership gives you one bonus that renting can’t – the mortgage-interest deduction on your taxes.

Another benefit to buying a home now is a kind of forced savings that comes with the payments you make towards your mortgage principal. While some argue a person is better off renting and investing the difference, many consumers lack the discipline to neither save their money and invest it nor raid their savings along the way. And there are more tax benefits that come with home ownership than there are with renting.

Now is also a good time to buy a home if the prices in the neighborhood you are interested in are relatively stable. If they’re holding their own, increasing or the pace of decline is slowing significantly, now would be a good time to buy a home. Many attractive neighborhoods don’t have much rental property. Some are gated or have strict rules against rental properties. Many such neighborhoods are popular because they are in an exemplary school district. Whatever your attraction to the neighborhood, you’re most likely going to have to buy in order to live there. And you don’t want to wait too long especially when you would most likely have much more competition for that home in a better market.

Now is a good time to buy a home if you plan to live there for more than five years. Economists say that home owners who can stick it out for five years or more before selling their home will probably ride out any downturn and come out ahead on price.

Now is a good time to buy a home if you’re retired or nearing retirement and you’ve built equity in your house and considering moving to a place where homes are cheaper. Your money will go a lot further in your new market, making this your best time to purchase a new home.

Finally, now is a good time to buy a home if you’re sick and tired of renting. Renters often find themselves at the whim of the landlord and tenants around them. Home ownership means you have more control over the heat in the winter and the noise and smells around you.

There are many reasons why now is a good time to buy a home. Working with mortgage lenders can help you to determine the mortgage rates and loan products available to help make your dreams of home ownership a reality.

Benefits of a Debt Consolidation Loan

If you have a great deal of outstanding debt, there are a number of benefits to getting a debt consolidation loan. Consumers who qualify for debt consolidation loans have the opportunity to begin paying down their debt much sooner than they would without one. Here are some of the benefits of using a debt consolidation loan.

One of the first benefits people experience from using a debt consolidation loan is stress reduction. The most common factor known to create stress is debt. By consolidating your debt into one account you significantly reduce stress in your life because you’ve taken the steps necessary to get your debt under control. There’s a peace of mind that comes with knowing you’re back in control of your spending habits having worked with professionals to create a workable plan for paying down your debt.

Another benefit to using a debt consolidation loan is reducing several payments due every month to one payment. A debt consolidation loan is a loan that’s used to pay off all of your other accounts. Many consumers have multiple credit cards either maxed out or nearly maxed out that charge high interest rates. With a debt consolidation loan you’ll have one payment instead of worrying about multiple payments with varying deadlines. Having only one payment allows you to focus in on paying your debt down sooner. Rather than worrying about which account to pay off first, you only have to put your extra money into one debt account to begin paying off your debt. In many cases your monthly payment is much smaller because a debt consolidation loan gives you a longer time period to pay off the loan.

Collection agencies

With a debt consolidation loan those annoying calls from collection agencies stop too. Calls from pestering collection agencies only add to the stress of trying to pay down your debt. When you have a lot of debt it’s easy to get behind on payments with creditors ultimately turning your account over to collection agencies who often call you several times a week or daily. By taking out a debt consolidation loan your outstanding balances with collection agencies are paid off so collection calls stop.

Save Money

Consumers who qualify for a debt consolidation loan are also able to save a significant amount of money each year on interest. Most folks who are in over their heads with debt often have several credit cards that are maxed out. And credit card companies take full advantage of such a high balance by charging astronomical fees and interest rates compared to other interest rates in the market. With a debt consolidation loan consumers are able to secure a lower interest rate than the one charged by the credit card company, saving them money on their monthly payment and long term over the life of their loan.

Improve Your Credit Score

A debt consolidation loan also helps improve your credit score. When your debt is out of control and you’re consistently late making payments on your accounts you significantly damage your credit score. By consolidating your debt into one payment and staying on top of this payment you are better equipped to rebuild your credit score.
If you’re ready to take control of your debt, a debt consolidation loan may be for you. Working with a Homestead Financial Mortgage loan officer can help you get the debt consolidation loan process started.

It’s a temptation many of us have when we’re looking to borrow money. Should you cancel your credit card account as a way to increase your credit score? Would closing a credit card account impact your FICO score? While situations vary, the answers to these questions may surprise you. With banks and credit card companies charging more fees than ever before consumers have to be on top of their game. Reading the mail and the fine print on bank and credit card statements could be the difference between paying more in interest and securing an attractive mortgage rate when it comes to refinancing your home.
Continue reading “Should You Cancel Credit Card Accounts When Refinancing?”

Homeowners can realize significant savings each month when they refinance their mortgage loan to one with a lower interest rate. But how much a homeowner can save depends on the size of the mortgage loan and the amount of interest you can shave off. Before you refinance your home mortgage it’s important to remember refinancing isn’t always simple and it isn’t free. That’s why doing some research before you begin the process so you don’t wind up spending a lot of money to save a little.
Continue reading “Best Ways to Prepare for Refinancing Your Home Mortgage”