Do Not Try This At Home: 5 Necessary Home Repairs You Cant Do Alone

When it comes to do-it-yourself projects, there are many tasks homeowners can complete on their own. However, there are certain few that require the services of a professional. While trying to save time and money, attempting home repairs can make a bad situation worse. Keep these repairs in mind.

Gas Appliances

Many of today’s homes have gas appliances like stoves, water heaters, and clothes dryers. When things go wrong, many people make the mistake of thinking they can move out old appliances and easily replace them. However, accidents occur when homeowners fail to properly hook up gas appliances, resulting in gas leaks. Leaks are fatal due to carbon monoxide poisoning.

Roofing Repairs

When up on a roof, there is a danger of falling off and injury, one slip can be fatal. Roofing can be very complex work, and making sure it is installed right should be left to the capable hands of a professional. Do-it-yourself roofing projects, when done haphazardly, can result in extensive water damage from the (Read More….)

Simple Steps to Start Rebuilding Credit After Bankruptcy

Going through bankruptcy doesn’t mean that you’re stuck with bad credit for the rest of your life. Done correctly, you can emerge out of financial rut with a good credit score in just a few years. This isn’t to say that it’s easy or that it’s going to be cheap, but with the right strategies you can make bankruptcy a distant memory with little impact on your financial future. Bankruptcy laws are designed to give people who made some fiscal missteps a second chance at reestablishing firm financial footing. Here are 3 tips to improving credit:

Understand Your Credit Score

Your credit score is a simple three-digit number between 300 and 850. Mortgage companies and lenders that you may want to deal with in the future are going to get your scores from each of the three major credit bureaus: (Read More….)

8 Tips for New Property Investors

Entering the world of real estate investing can be a bit scary at first, but with the proper know-how you have the potential to become very successful. Given the various market conditions, prices, and vacant properties out there, it can get quite confusing when it comes time to invest your money in something so substantial, yet so iffy. If you have ever thought about investing in a property or already have, the following tips can help steer you in the right direction.

1. Educate Yourself

Before you jump into purchasing a property, make sure you educate yourself about the real estate business. You should understand how properties get their value, and realize the potential for appreciation and depreciation as well. Take time to study various real estate terms so you understand what is going on when it comes time to invest in a property. Becoming familiar with the world of real estate investing is the best way to become a successful property investor.

2. Know the Market

It is also recommended that you learn your market before making any substantial (Read More….)

How To Get Out of A Bad Home Loan

A home loan can be quite a heavy burden to bear–especially if you’re stuck with a high interest rate or mortgage payments that are substantially more than you can afford to pay each month. If you’ve found yourself trapped in a bad home loan and you’re struggling to find a way out, one of the following options just might be the break you’ve been looking for.

Check Out Your Refinancing Options

If you’re paying high interest on an adjustable rate mortgage, you may want to consider refinancing your loan at a more affordable interest rate. While you may have signed up for a low interest rate at first, an adjustable rate mortgage can change at any time, making it increasingly difficult to chip away at the principle–not to mention keep current on your payments when money is tight. Ask your mortgage broker what some of your other refinancing options are with your current lender–and if you’re not satisfied with what they can offer you, shop around until you find an interest rate somewhere else that will provide you with some much-needed financial relief.

Put Your Home on the Market

In cases where refinancing won’t make a bad situation (Read More….)

How Does The Ebb And Flow Of Mortgage Rates Affect The Real Estate Market In The US?

The rise and fall of mortgage rates is a constant content of financial news. In fact, just recently the real estate market in the US had been assailed with an all time low rate, brought about by the downturn in the employment rate of the nation as contained in a certain official report. For the general population this might not mean anything as much as the rise and fall of stocks and bonds, which some of them have probably invested. However, for the potential homebuyers, the outcome of this flow and ebb of mortgage rates is invaluable. You see, when rates are lower, more people have the capacity to purchase expensive real estate since interest rates would be lower. Hence, potential homebuyers as well as sellers would probably be always on the lookout for this phenomenon, to make the most of the opportunity presented. Sellers of real estate as well would be looking forward to this event since they would be able to attract more buyers due to the low mortgage rates.

Photo Credit Tutt, Taylor and (Read More….)

Is There Really Such A Thing As ‘Good Debt?’

Hearing experts such as CNN Money, Forbes, and Fox Business talk about good and bad debt as it relates to different types of loans can get confusing. After all, isn’t all debt bad for your overall financial health? Trying to determine what types of debt you should and shouldn’t have can be daunting, so consider these three factors when making your decision.

Interest and Fees

When you borrow money to pay for anything, you must consider both the principal balance you are borrowing and the interest you will accumulate. Lenders, such as banks and credit card companies, don’t give away money for free; they expect to make a profit off of the loan they give to you. Interest rates vary from lender to lender, so it’s important to understand how your rate will affect your repayment.

Student loans and mortgages typically have low interest rates. Since the rates are low and therefore more affordable, experts tend to classify these as good debts. On the other hand, credit cards have notoriously high interest rates and are labeled as bad debt. Interest on credit card (Read More….)

Now is the Time to Refinance Your Mortgage

Now is the best time to refinance your home mortgage. Mortgage rates continue to hit record lows. The economy is showing signs of gradual recovery. Along with the job market. The government and some of the nation’s largest banks are setting up programs to help homeowners refinance their mortgages.

Low interest rates, government programs, and improving economic factors should lead to a large number of mortgages being refinanced. However, even homeowners that have excellent credit and mortgage payment history are having difficulty locking in a deal.

The main reasons why locking in that deal is such a problem are the low appraisal values of their homes and the tighter lending standards put in place by lenders after the financial crisis.

For homeowners that can face the wait and overcome these hurdles, the reward can be very substantial. Interest rates are at historic lows. According to the data released by Freddie Mac in their weekly survey of mortgage rates, for the week ending May 24, the average on the 30-year fixed-rate was 3.78%. That (Read More….)

How To Meet Your Budget In Five Easy Steps

Thinking and doing are two different things. Sure, it may be easy to come up with a budget plan—you simply divide your monthly income into bills, savings, and everything else that needs to get paid. However, sticking to that budget is the real litmus test.

Budgeting comes at the core of financial planning. Everyone may start with good intentions. But halfway through, a lot of us seem to get derailed and spend more than we should.

To maintain a successful budgeting plan, here are five steps you can rely on:

1.    Create long-term and short-term budget plans.

Normally, we create our budget plans every month, since we base that on our monthly salary. We automatically deduct the payment for rent, utility bills, phone bills, etc. While it is a good idea to create short-term plans, it is also good to also have long-term budget plans.

Long-term budget plans include goals that you want to achieve within the year. This could be an overseas travel, investing on a business, or what have you. This budget plan will most likely help you stop spending too much every month, since you have something planned within the (Read More….)