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Homestead Financial Mortgage

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Tag: homeowner

This statement always raises an eyebrow…or 10, when I say in this market, with just a moderate down payment, you can buy a home for less than what you pay in rent.
 

Buy a home for less than rent

This is how it comes out by the numbers:

Let’s take a $175,000 house in this market, assuming a 5% down payment.

Principal and Interest  @4.25 817.88
Taxes @1.25% 182.29
Insurance  100.00
Mortgage Insurance    81.74
Total     $1,181.88

 

Lets compare that to a reasonable rent payment in this market of $1,250. This is how we come to prove the statement that you can buy a home for less than your rent.

Even further, after the tax benefits of mortgage interest, and the doors which this immensely valuable deduction opens, the net effect means an amazing savings to the home buyer over renting.

For more information, check out HomesteadU

Yep, that’s right. Ben Bernanke, the Federal Reserve Chairman, refinanced his home. Your eyes do not deceive you. So, what about you? Don’t you think it’s time for you to refinance your home too? According to Bernanke’s financial disclosure form, he took out a 30-year mortgage with a fixed rate of 4.25% to replace one he took out in 2011 at 5.375%. Granted Bernanke has better credit than most Americans and has access to information the average consumer doesn’t, but besides that why are so many Americans waiting to refinance their homes when rates are at historic lows?

Because no two situations are alike. Refinancing isn’t an option for some homeowners because they have no equity in their homes, their homes aren’t worth as much as the balance on their mortgages or they have bad credit while homeowners who have a FICO score of 740 or above, at least 10% equity in their home and few debts are better equipped to refinance.
Continue reading “Ben Bernanke Refinanced his Home, Maybe You Should Too”

After closing on a new home, many homeowners know a new house doesn’t feel like home when you first move in. Whether it still smells like the previous owners or it’s bigger than your previous home and the rooms just feel empty, it’s challenging to make your new house feel like home during that first week after the move. Here are some ways to make your new space your own, playing on all your senses.

Scents have powerful effects on us and your favorite smells can play a big role in making you feel more relaxed and at home in the new house. Light candles or incense throughout the rooms. To rid the house of the previous owner’s scent, or the smell of fresh paint, spray Febreze in all the rooms. The goal is to give your new home the same smell and atmosphere as your old one. Continue reading “Making Your New House Feel Like a Home”