Your guide to. Buying and financing. a home FINANCIAL RESOURCES. MidWestOne.com/FinancialResources Member FDIC

Size: px
Start display at page:

Download "Your guide to. Buying and financing. a home FINANCIAL RESOURCES. MidWestOne.com/FinancialResources Member FDIC"

Transcription

1 Your guide to Buying and financing a home FINANCIAL MidWestOne.com/FinancialResources

2 Your guide to buying and financing a home Whether you re a first-time homebuyer or you re a seasoned pro, purchasing a house is a big step that can be stressful and overwhelming. First there s the matter of finding the perfect home for you and your family. And after that, there are countless steps that have to be completed: getting finances in order, setting a budget, selecting a mortgage, preparing for the hidden costs and much, much more. In this booklet you ll find a collection of our most useful tips from MidWestOne mortgage bankers and the Financial Resources page on MidWestOne s website. These simple and actionable articles are designed to help you make the homebuying process as enjoyable as possible. Happy reading! MidWestOne.com/FinancialResources HandsOnAdvice.com

3 Table of contents questions to ask when deciding whether to rent or buy a home Getting your finances in order How to set your budget Mortgage 101 Hidden costs of a buying a home Pay off mortgage early or invest? Does it make sense to refinance your home? What you should know about a HELOC Reverse mortgages get the facts first MidWestOne.com/FinancialResources

4 5 questions to ask when deciding whether to rent or buy a home After saying I do many newlyweds start the home buying process. Owning a home has always been a part of the American Dream and one that many people are willing to work hard for. This year, first-time homebuyers have a lot to consider when making the decision to rent or buy a home: interest rates are still relatively low, there s still plenty of housing stock and prices are at or near their lowest in years. Nonetheless, deciding whether to buy a home or rent an apartment can be a complicated decision. How do you know what s right for you? Potential buyers should ask themselves several key questions before making this important decision. 1. What will monthly costs be, and can I afford the payments? Keeping your home-related payments under 30 percent of your monthly income is a good rule of thumb. This includes your mortgage payments as well as principal, interest, taxes, insurance and private mortgage insurance, if required. If you can t keep mortgage payments below that, you may be better off renting for awhile. 2. What other debt do I have? Total rent or mortgage payments plus credit obligations (such as car loans, student loans or credit card payments) should not exceed 42 percent of your gross monthly income. 3. What is my credit score? Can I qualify for a good interest rate? A high credit score indicates strong creditworthiness, and that qualifies you for better interest rates on a mortgage. For example, someone with a credit score of 740 and above is going to have less in closing costs. Lower interest rates also mean lower monthly payments. If your credit score is low, you may want to delay buying a home until you can improve your score. 4. How much will taxes, monthly maintenance, or other fees cost? Owning a home means you ll have to pay real estate taxes and other costs like insurance and maintenance. Most lenders will require an escrow account for taxes, insurance and other costs. 5. How many years will I stay here? Generally, the longer you plan to live in one location, the more it makes sense to buy. You ll build equity in your house and its value may increase over the years. These are just a few of the many important questions to consider before deciding to purchase a home. You can also refer to the Rent vs. Buy Calculator developed by the American Bankers Association. The calculator compares the cost of renting versus the real cost of buying a home. If you have additional questions about the home buying process, contact your local banker for more information. MidWestOne.com/FinancialResources 3

5 Getting your finances in order Whether you re a first-time homebuyer, or you re a seasoned pro, purchasing a house is a big step that can be stressful and overwhelming. One of the best ways to reduce the anxiety that often comes with making such a big purchase is to be organized and prepared. Follow our five simple steps and you ll be fully prepared to start the home buying process. Request and review your credit report. Your credit history will not only dictate whether you will receive a loan it will also determine the interest rate for the loan. As a result, it s important to review your credit before you begin the home buying process so you are able to address any potential issues as quickly as possible. The Fair and Accurate Credit Transaction (FACT) Act allows you to get one free copy of your credit report every 12 months from each of the three nationwide credit reporting agencies Equifax, Experian and Trans Union. To get your free annual credit report, go through the FTC s website at call (877) or write: Annual Credit Report Request Service, PO Box , Atlanta, GA, Once you have your report, review the information and ensure it is accurate. If there are any issues, take the steps to fix them immediately. Reduce your debt. When you apply for a mortgage, one of the things the lender will look at is the amount of debt you are carrying and how that compares to your gross work income. This is referred to as your debt ratio. In other words, the lender will want to make sure your debt does not exceed a certain percent of your income. (This percentage is typically around 38 percent.) As you prepare to purchase a home, focus on reducing your debt as much as possible. Continue to make loan payments on time, pay down large balances on your credit cards and avoid taking on any additional debts. Review your budget. Your lender will want to have a clear picture of your monthly income and expenses to help them determine exactly how much money they will be able to loan you. More importantly a budget will help you determine how much you can afford on a monthly mortgage cost. Review your budget and get a concise picture of how much money you have coming in and going out. If you haven t created a budget, now s the time. Here s how you set one up: Determine your income. Determine your fixed expenses. Determine your variable expenses. Compare your income to your expenses. Adjust as needed. Evaluate your budget. Get your down payment together. The more money you are able to put down when you buy a home, the better your interest rate and the lower your overall monthly payment. Using your budget, determine how much money you will be able to use as a down payment for your new home. Many experts recommend a down payment of 20 percent of the purchase price. However, not everyone has that much cash available. Don t worry; your lender may be able to identify other options for you. Continued on next page... MidWestOne.com/FinancialResources 4

6 Continued from previous page. Nevertheless, the fact remains that the more you put down, the lower the mortgage. Low mortgage balances carry low mortgage payments. As you re going through this process remember that you don t want to utilize all your savings towards a down payment. In addition to money for every day expenses, make sure you have at least 2 months worth of living expenses remaining to cover emergencies that may arise. Gather financial documents. Start pulling together the documents your lender will want to review during the loan pre-approval process. These include: 2 years of Federal tax returns. Most recent 2 years of W-2 s. 2 months worth of bank and 401(k) statements and other assets. Most recent 30 days of pay stubs. With these five steps completed you ll be ready to schedule an appointment with your lender to get the credit approval process started. MidWestOne.com/FinancialResources HandsOnAdvice.com 59

7 How to set your budget Once you ve made the decision to purchase a home, the next big step is figuring out exactly how much you can afford. This is extremely important, because the dream of home ownership can quickly turn into a nightmare if you buy a home you cannot truly afford. Establishing a budget for your mortgage helps protect your financial interests down the road. Take the time to consider the following steps: Evaluate your financial situation. Take stock of your finances and determine how much money you d like to provide as a down payment on your home. Make sure you are not completely depleting your savings. In addition to money for every day expenses, it is recommend you have at least 2 months worth of living expenses remaining to cover emergencies that may arise. Consider the future. Taking your current financial situation into consideration is important but there s more to it. Your future goals and potential life changes also play a large role in budgeting for a mortgage. Do you plan to start a family soon? Do you have children leaving for college? Do you plan on replacing a car in the years to come? Do you anticipate any changes in your employment situation? Also, consider potential future maintenance costs when evaluating a home. Will you need to fix the roof in a few years? Will you need to replace the windows, the heating and air conditioning system, kitchen appliances? Those are some major cost factors in owning a home, and if you need to do any of the major projects within a few years of buying the house, this could impact your monthly budget. Give yourself a safe buffer by choosing to take out a mortgage that will accommodate potential changes in your future. Review your monthly budget. Calculate your gross monthly income, which is your income before taxes and deductions. For example, if your salary is $40,000, your gross monthly income is roughly $3,333. Bankers will use this amount as part of qualifying you for a mortgage. Next, figure out what your income is after taxes and deductions. Then, add your debt commitments, including loans and credit card debt, and subtract it from your net income. Also, subtract your down payment and the amount of money you will retain in your savings for living expenses and an emergency fund. Divide this number by 12 to determine the amount that is available for your mortgage payment. Factor in additional costs. Once you actually begin looking at properties, keep in mind that your monthly mortgage payment consists of more than just the principal and interest charges. In addition, you must factor the following into your monthly mortgage payments: Real estate taxes If you have your eye on a certain home, divide the home s annual property tax amount by 12 to estimate the amount you need to pay or set aside each month. For example, if the property taxes are $4,200 per year, the monthly amount is $350. Homeowners insurance talk to your real estate agent or call an insurance agent to receive an estimate on this cost. Private mortgage insurance, often referred to as PMI. PMI kicks in when you put down less than 20 percent of the home s value towards your home purchase and is designed to protect the lender. It s important to keep all these factors in mind when you are determining your monthly mortgage budget. To help you with these calculations, take a look at the monthly payment calculator on the MidWestOne website. Compare your estimated monthly cost with your income. Once you have determined a monthly cost for home ownership, divide that amount by your monthly gross income. This will result in the percentage of your income. Many lenders will require that percentage to be no more than 28 percent. MidWestOne.com/FinancialResources 6

8 Mortgage 101 Selecting a mortgage can be confusing, frustrating and timeconsuming. Nonetheless, picking a mortgage may be the most important financial decision you will make. Mortgage lenders offer a variety of loans under different names with different interest rates, up-front costs, and fine print terms. Take your time to learn about all your options to ensure you receive a mortgage that best fits your needs at a competitive price. What is a mortgage? Likely the largest debt you ll ever take on, a mortgage is a loan to finance the purchase of your home. Your mortgage consists of a life of the mortgage and a term for the interest rate that you choose. The life of the home mortgage is commonly 15, 20, or 30 years. This represents the length of time in which your home will be paid off (if you pay regularly and with the specified amount). You will also have a term for the interest rate that you pay on your home mortgage. In effect, this is the time period over which you ve agreed to pay at a particular rate of home mortgage interest (either locked in or floating). There are many different types of mortgages available on the market, including, fixed rate, adjustable rate, combination, graduated payment, and others. Fixed rate mortgages The fixed rate mortgage (FRM) is considered by many as the traditional mortgage. Its advantage is that neither the interest rate nor the monthly payment (principal and interest) changes over the life of the loan. There are two main types of fixed rate mortgages: 30 Year Fixed Rate Mortgages and 15 Year Fixed Rate Mortgages Other terms (such as 10 or 20 Year Fixed Rate Mortgages) exist but they are not as commonly used. The beauty of fixed rate mortgages is that they allow you to predict what your loan payments will be in the future. No matter what happens with interest rates, your payments won t change. Because these are fixed payments over a long period of time, the interest rate may be a bit higher. Adjustable rate mortgage If you plan to move or refinance in 3 to 5 years, an adjustable rate mortgage (ARM) might be the better choice for you. With an ARM, the interest rate can and probably will change periodically during the life of the loan, depending on interest rates in financial markets. It s a trade-off. You get a lower rate with an ARM in exchange for assuming more risk. You should review how long you intend on living in this particular property and weigh the advantage of the lower payment at the beginning of the loan against the risk that an increase in interest rates would lead to higher monthly payments in the future, assuming you still own the property. With most ARMs, the interest rate and monthly payment are fixed for an initial time period such as 1 year, 3 years, 5 years, 7 years or 10 years. After the initial fixed period, the interest rate can change every year. One of the most popular mortgages is 5/1 ARM. The interest rate will remain fixed, at the initial rate for the first 5 years, but has the ability to change every year after the first 5 years. Most ARM interest rate changes are tied to changes in an index rate. This provides you with assurance that rate adjustments will be based on actual market conditions at the time of the adjustment. If the index rate rises, your mortgage interest rate may as well, and you will probably have to make a higher monthly payment. On the other hand, if the index rate goes down your monthly payment may decrease. One feature of ARM that can help protect the borrower is interest rate caps. An interest-rate cap places a limit on the amount your interest rate can increase or decrease, at any adjustment period. As you can imagine, interest rate caps are very important since no one can predict what will happen in the future. While there are numerous mortgage products available these are two of the most common ones. Don t hesitate to work closely with your loan officer to learn about all your options. MidWestOne.com/FinancialResources 7

9 Hidden costs of buying a home As if the home-buying process isn t overwhelming enough, there are many hidden costs of purchasing a home that you should account for in your overall mortgage budget. We ve pulled together a quick overview to help you ensure you don t overlook any hidden costs. Closing costs Closing costs are the various fees charged by those involved with the home sale. As a rule of thumb, closing costs run about 2 to 4 percent of the purchase price. They typically include: Appraisal Your lender will typically expect you to pay for an appraisal to ensure the purchase price of the property is equal to or less than the value of other homes in the marketplace of the same size and type. Credit report you ll be expected to pay for the costs associated with pulling your credit report (and potentially your partner s report) so the lender can identify the liabilities that you have and pay on a monthly basis, which in turn will aid in determining the interest rate for your loan. Title fees and searches In order to determine the legal ownership of a property and the liens or judgments that may be attached to the property, a title search is performed by a third party. An attorney identifies any items that must be resolved in order to convey a clear and clean title to you. The lender will then have the title guaranteed by the State of Iowa to insure against errors and omissions. As the buyer, you may be responsible for both of these costs. Attorney fees In most states, including Iowa, attorneys are required to be part of the home buying process. Recording fees- These are the costs for recording the deed to the property with the county, showing you as the new owner and the mortgage, showing that there is a lien against the property for the mortgage loan. Inspections A home inspection is a complete and detailed inspection that examines and evaluates the mechanical and structural condition of a property. As a buyer you ll want to make sure you complete an inspection before you move into escrow. In Iowa, you should estimate roughly $400-$500 for a thorough home inspection. Adjustment costs Depending on when your purchase actually closes, the seller may owe you for taxes that you will be paying in the future on this home. In Iowa, the property taxes are paid in arrears. When the seller sells their home to you, they need to pay their proportionate share of the upcoming tax bill, which reflects the taxes that were incurred while they were living in the property. Private mortgage insurance (PMI) If your down payment is less than 20 percent, you will likely have to pay PMI. This added cost is usually rolled into your monthly mortgage payment and may remain even after 20 percent equity is reached unless you choose to refinance. Insurance Don t forget about your homeowners insurance. Also, depending on the location of your new home, you may also be required to purchase flood insurance. Maintenance costs Many people don t think about short-term maintenance costs when buying a home, but they should. Whether buying an older home or a newly constructed home, major home systems like furnaces or hot water heaters can break down. By adding this into your monthly budget upfront, you will be able to address these costs when they occur. New furnishings and other related expenses This is a hidden cost that many people overlook especially if it s your first time buying a home. Will you need to purchase new furniture, appliances, window coverings or other items for the home? Make sure you take these into account in your budgeting process. MidWestOne.com/FinancialResources 8

10 Pay off mortgage early or invest? As you begin to count down the years (or months) to retirement, you may be one of the many people who wonder if you should just knock off the remainder of your mortgage balance so you can live debt free. This is a question many empty nesters struggle with: Should you pay off your mortgage early? Or should you use those extra funds and invest them instead? Let s begin by looking at the advantages of paying off your mortgage early. The case FOR paying off your mortgage early The first and most obvious reason for paying off your mortgage early is that it will save you money. For every dollar you pay early, you re earning the interest you would have otherwise paid over the balance of the loan period. This means that you ll end up saving a good amount of money on interest payments. In addition, the money saved is risk-free and guaranteed, as opposed to other investment tools. Another big advantage of paying off your mortgage early is the peace of mind you will have in knowing you are mortgage free and your home is entirely yours. With the lower cost of living, the prospect of unemployment or underemployment is no longer so daunting. You can now imagine retiring or taking a job that pays a whole lot less than your previous position without any concerns about losing your home. The case AGAINST paying off your mortgage early On the other hand, by paying off your mortgage early you may be giving up on investment returns that might outweigh your mortgage interest rate. For example, why pay off a 5% mortgage early when you could be earning 8-10% (or more) on that money? (Keep in mind that these types of returns are never guaranteed, while mortgage savings are.) Also, for many people, their home is a significant portion of their assets. By prepaying, you are adding more stock into property, which could result in too much investment in real estate. By instead investing your money into other financial tools, you are reducing your overall financial risk through diversification. Another important thing to consider when making this decision is tax deductions. Your tax savings decline the further you get into the loan, as more money is applied toward principal. Nonetheless, if you pre-pay, you are also reducing the amount of money you could use for tax deductions. Meet with your CPA to ensure you understand the tax ramifications of paying off the mortgage in advance. There are both advantages and disadvantages to paying off your mortgage early. Make sure you meet with a financial planner before you decide to prepay your mortgage so you can determine if it is indeed the best approach for you. To see how long it might take you to pay off your mortgage, check out MidWestOne s mortgage calculator. MidWestOne.com/FinancialResources 9

11 Does it make sense to refinance your home? As a homeowner, there will more than likely come a time when you will feel like it is a good idea to refinance your home. However, it s important to keep in mind that refinancing a home isn t a decision that should be taken lightly. There are costs involved with refinancing a home, and it s important to consider your long-term plans for the house before you embark on the refinancing process. Determining the best time to refinance your home mortgage can take some time and effort, but if you educate yourself on market trends, your research might help you save a lot of money on your mortgage. We ve put together some things to consider: Determine why you want to refinance Do you currently have a variable interest rate, and you d prefer a fixed interest rate? Do you want to switch from a 30-year mortgage to one that is shorter? Or do you want to refinance so you can take out equity to pay off debts? Understanding your end goal is important to determine if it makes financial sense. Remember refinancing doesn t eliminate debts it simply restructures them. Educate yourself Educate yourself about the different types of mortgage loans that are available. Different loans are used for different purposes, such as repaying your mortgage faster, flexibility, etc. Check your credit Seek out your credit report from the three main credit reporting agencies and check it for accuracy. If you find inaccuracies, immediately begin the process to correct them. Your credit report impacts your credit score, which in turn will influence your refinancing. Stop applying for credit If you plan on refinancing your home don t open new credit cards or department store cards. New lines of credit can drive down your credit score and negatively impact your interest rates. Crunch the numbers Determine if refinancing is really going to benefit you. If you re switching from a variable rate loan to a fixed loan, estimate how much you will likely save. Do the same thing if you re opting for a shorter-term loan. Talk to your lender, discuss your options and calculate whether the numbers will result in an honest benefit. Not a numbers person? Let us do those calculations for you! Refinancing a home is a big decision. While it takes time to determine the best options for you, it can be well worth the effort. Seek out a mortgage lender Find a reliable mortgage lender who you trust and has your best interest at heart. Your lender should spend time with you discussing your long-term plans and determining the best financing options based on those plans. For example, one of the things to think about is how long you will be staying in the property. MidWestOne.com/FinancialResources 10

12 What you should know about a HELOC If you own a home, you may have heard of Home Equity Loans and Home Equity Lines of Credit (HELOC). Because a home often is a family s most valuable asset, many homeowners use home equity credit lines to finance major items, such as education, home improvements, or medical bills. If you are in the market for credit, a home equity plan is one option that might be right for you. Before making a decision, however, you should carefully weigh the costs of a home equity line against the benefits. Shop around to ensure you are utilizing the best credit terms without posing undue financial risks. And remember, if you are unable to repay the amounts you ve borrowed, plus interest, you could potentially lose your home. What is a home equity loan? A home equity loan is different from your original mortgage loan. It s a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower s equity in his/her home. Your equity is the amount you would receive after selling a property and paying off the mortgage. A home equity loan provides a one-time advance and has a specific monthly payment with a specified repayment time frame. Flexible terms and competitive rates make this a convenient way to borrow money. What is a HELOC? HELOCs are similar to Home Equity Loans in that they use your equity in your home for you to use for many purposes. The difference with a HELOC is the way the loan works. A HELOC has a maximum dollar amount that you are qualified for. This allows you to advance up to your qualified amount whenever you want. Many banks have both fixed rate and variable rate HELOCs. The payments are determined on how much you owe at the time of billing and there are even interest only HELOCs. Advantages of HELOCs One advantage of a HELOC is that you are able to pay down your loan, advance again, and pay down again as you have the funds to do so. This allows you to simply write a check to access your line of credit. Only borrow what you need, when you need it. Some banks also offer fixed rate repayment options for HELOCs. This allows you to lock the rate, time period and payment of your loan. The advantage of this is that you will have predictable monthly payments that stay the same for the life of your loan. Also, even though you lock in a certain amount, you still have the remaining amount on your HELOC available to you. The Risks of a HELOC Some financial institutions promote a feature on a HELOC that allows the minimum monthly payment need only cover interest costs. A loan amount of $30,000, for example, might only require a minimum payment of $200. This allows you to float the balance from month to month. This can create issues over the long run. If you make only the minimum payment, you ll never pay off any principal, and the loan will never go away. Also unless your rate is locked, interest rates on HELOCs are usually based on the prime rate, which tends to hover in the singledigit range. A HELOC s loan rate is variable, however, and usually rises when the Federal Reserve increases rates to stem inflation. These increases can come quickly and may climb 2 percent or more. Finally, your home may decrease in value while you re borrowing more money. When it comes time to sell the house or refinance the loan, you may find that the equity that you had counted on has suddenly disappeared. Avoid this problem by making sure that the total amount of your home loans doesn t equal more than 80 percent of the house s market value. MidWestOne.com/FinancialResources 11

13 Reverse mortgages get the facts first As an empty nester, it s likely you ve heard the term reverse mortgage pop up more frequently among your circle of acquaintances. Although we at MidWestOne Bank do not offer reverse mortgages, it is important to understand this type of mortgage option, to see if it is a viable option for you. If you re 62 or older and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or other expenses it s important that you fully understand how this financial tool works before you pursue it. What is a reverse mortgage? With a normal mortgage you make regular payments of principal and interest, to the lender. With a reverse mortgage, you can receive money from the loan or line of credit, and are not required to pay it back for as long as you live in your home, as your primary residence. In other words it lets you convert a portion of the equity in your home into cash, for when you need it. Unlike a traditional home equity loan or second mortgage, with a reverse mortgage you are not required to make regular monthly payments and won t have to repay the loan until you no longer use the home as your principal residence or fail to meet the obligations of the mortgage. The reverse mortgage is an FHA, federally insured loan program and is repaid when you pass away, sell your home, or when your home is no longer your primary residence. The proceeds of a reverse mortgage generally are tax-free, and many reverse mortgages have no income restrictions. Who is eligible for a reverse mortgage? To qualify for a reverse loan, you must: How much money can you receive? The amount that is accessible to you depends on a variety of factors, including: The age of the youngest borrower on title. The current interest rate. The appraised value of the property. The cost of the mortgage insurance. Your lender will use a formula to calculate the exact amount based on these variables. How do you receive the payments? If you determine that a reverse mortgage is the right choice for you, you will be able to choose from a number of different payment options. Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence. Term - equal monthly payments for a fixed period of months selected. Line of Credit - unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted. Modified Tenure - combination of line of credit and scheduled monthly payments for as long as you remain in the home. Modified Term - combination of line of credit plus monthly payments for a fixed period of months selected by the borrower. Continued on next page... Be 62 years or older. Own your home, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan. Live in your home, as your primary residence. Due to the complexity of these loans, FHA also requires you receive financial counseling prior to obtaining this type of loan. MidWestOne.com/FinancialResources 12

14 Continued from previous page. Benefits of a reverse mortgage A reverse mortgage can be a powerful financial tool for retirees: Receive cash or pay off debts without having to make any payments on your loan. You will not need cash to cover closing costs. You can use the money you receive to pay the loan s closing costs. It s easy to qualify for a reverse mortgage because your credit score or income stream is not considered. Reverse mortgages allow you to stay in the property for as long as you continue to pay the property taxes and insurance and live in the property as your primary residence, even if the outstanding loan and interest grow to exceed the property s value. Reverse mortgages can be used as an estate planning tool. For more information on this, consult your tax planner. Disadvantages of a reverse mortgage While reverse mortgages have benefits, they also have some disadvantages: When you take out a reverse mortgage you are losing equity in your home. The money you receive from the loan is not free money it has to be repaid to the lender. Reverse mortgages can often be more expensive than normal home loans. That is because lenders may have to wait many years for repayment of any kind. It s a complicated process that can be confusing and overwhelming. Be wary of people who do not have your best interest at heart. As with any other financial product, it s important you educate yourself about the advantages and disadvantages of the tool before you decide if it s the right choice for you. MidWestOne.com/FinancialResources HandsOnAdvice.com 13 9

The steps to homeownership

The steps to homeownership Personal Banking Personal Banking Mortgage Mortgage The steps to homeownership A guide for first-time homebuyers Getting started. When you choose BMO Harris Bank for your mortgage, you ll get the resources

More information

The power of borrowing like a boss

The power of borrowing like a boss The power of borrowing like a boss Borrowing can help you do some pretty wonderful things. Like getting that home that s right for you and your family (or family to be!). The place where you ll make memories

More information

GREENPATH FINANCIAL WELLNESS SERIES

GREENPATH FINANCIAL WELLNESS SERIES GREENPATH FINANCIAL WELLNESS SERIES THE AMERICAN DREAM Empowering people to lead financially healthy lives. TABLE OF CONTENTS The American Dream...2 Cash Funds Required...2 Setting Financial Goals...3

More information

buying your First Home

buying your First Home buying your First Home A step-by-step guide to the home buying process buying your First Home Although the experience of owning your first home can be fulfilling and exciting, the actual financing and

More information

BUYING YOUR FIRST HOME: THREE STEPS TO SUCCESSFUL MORTGAGE SHOPPING MORTGAGES

BUYING YOUR FIRST HOME: THREE STEPS TO SUCCESSFUL MORTGAGE SHOPPING MORTGAGES BUYING YOUR FIRST HOME: THREE STEPS TO SUCCESSFUL MORTGAGE SHOPPING MORTGAGES June 2015 Cat. No.: FC5-22/3-2015E-PDF ISBN: 978-0-660-02848-4 Her Majesty the Queen in Right of Canada (Financial Consumer

More information

REFINANCING GUIDE Understand all your options, with our Refinancing Guide.

REFINANCING GUIDE Understand all your options, with our Refinancing Guide. REFINANCING GUIDE Understand all your options, with our Refinancing Guide. 2018 ed. Michael Short 02 8091 5797 info@obtainfinance.com.au obtainfinance.com.au Obtain Finance, Australian Business Number

More information

How to Strategically Manage Your Debt

How to Strategically Manage Your Debt Debt. Funny how four little letters can feel so dirty. Most of us have it in one shape or another, but none of us like to talk about it. Debt can get us into trouble, especially if it is unplanned and

More information

A SOUTH DAKOTAN S GUIDE TO BUYING YOUR FIRST HOME VOLUME 1: FINANCING

A SOUTH DAKOTAN S GUIDE TO BUYING YOUR FIRST HOME VOLUME 1: FINANCING A SOUTH DAKOTAN S GUIDE TO BUYING YOUR FIRST HOME VOLUME 1: FINANCING TABLE OF CONTENTS 3 INTRODUCTION 4-7 HOW MUCH CAN I AFFORD? 4 Establishing your budget 5 Comparing renting vs. owning 6 Deciding on

More information

BUYING YOUR FIRST HOME

BUYING YOUR FIRST HOME BUYING YOUR FIRST HOME Finding the home of your dreams is the tough part, the mortgage process shouldn t be. That s why we ve created a guide to make your first-time home buying experience easier. This

More information

IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT

IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT This disclosure contains important information about our Home Equity Line(s) of Credit (Plan). You should read it carefully and keep a copy for your records.

More information

First Time Home Buying Steps

First Time Home Buying Steps Buying a home is one of the biggest emotional and financial decisions you'll ever make in your life time. The differences between renting and buying a home are huge, and there are numbers of pros and cons

More information

HOMEPATH BUYERS GUIDE

HOMEPATH BUYERS GUIDE HOMEPATH BUYERS GUIDE WWW.HOMEPATH.COM Buyers Guide Buyers Guide For a Fannie Mae-owned Home Whether you re buying your first home or your fifth, the experience can be exciting, confusing, overwhelming

More information

How to Find and Qualify for the Best Loan for Your Business

How to Find and Qualify for the Best Loan for Your Business How to Find and Qualify for the Best Loan for Your Business With so many business loans available to you these days, where do you get started? What loan product is right for you, and how do you qualify

More information

What is credit and why does it matter to me?

What is credit and why does it matter to me? Understanding Credit 1 Money Matters The BIG Idea What is credit and why does it matter to me? AGENDA Approx. 45 minutes I. Warm Up: What Do You Know About Credit? (10 minutes) II. Credit: The Good, The

More information

Charles Burt s. Home Buyers Guide

Charles Burt s. Home Buyers Guide Charles Burt s Home Buyers Guide Table of Contents The Home-Buying Process Quick Tips How can a Charles Burt agent help me? What is a broker? The Mortgage Process What are the advantages of pre-approval?

More information

First Home Buyer Guide.

First Home Buyer Guide. First Home Buyer Guide. CONTENTS 3. Where to Start 4. What to expect from you LoanSeeker broker 5. Government Help 6. Credit History Check 7. Deposit Talk 8. Finding the right loan 9. Home loan types 10.

More information

What s My Note Worth? The Note Value Handbook

What s My Note Worth? The Note Value Handbook What s My Note Worth? The Note Value Handbook Inside Information Regarding Valuation of your Seller Financed Note in the Note Investor Market Compiled and published by Nationwide Secured Capital Retail

More information

MORTGAGE CENTRE CANADA HOMEBUYERS GUIDE. Your Complete Manual to Home Financing. Copyright, MCC Mortgage Centre Canada Inc.

MORTGAGE CENTRE CANADA HOMEBUYERS GUIDE. Your Complete Manual to Home Financing. Copyright, MCC Mortgage Centre Canada Inc. MORTGAGE CENTRE CANADA HOMEBUYERS GUIDE Your Complete Manual to Home Financing Table of Contents My Service Pledge to You 3 Your Professional Team 4-5 Types of Mortgages 6 The Process 7 What is Considered

More information

c» BALANCE c» Financially Empowering You Credit Matters Podcast

c» BALANCE c» Financially Empowering You Credit Matters Podcast Credit Matters Podcast [Music plays] Nikki: You re listening to Credit Matters. Hi. I m Nikki, your host for today s podcast. In today s world credit does matter. In fact, getting and using credit is part

More information

NEW HOME BUYER Guide

NEW HOME BUYER Guide NEW HOME BUYER Guide???? 1. INITIAL CONSULTATION 8. CLEAR TO CLOSE 9. NUMBERS REVIEW 2. PRE-APPROVAL 7. CLOSING PACKAGE 10. CLOSING DAY! 3. FINDING YOUR HOME 6. UNDERWRITING APPROVAL 4. APPRAISAL 5. PROCESSING

More information

BUYERS GUIDE IMPORTANT THINGS TO CONSIDER WHEN BUYING A HOME COURTESY OF

BUYERS GUIDE IMPORTANT THINGS TO CONSIDER WHEN BUYING A HOME COURTESY OF BUYERS GUIDE IMPORTANT THINGS TO CONSIDER WHEN BUYING A HOME COURTESY OF OWNING MAKES SENSE When comparing the cost of owning a home to renting, there is more than the difference in house payment against

More information

Home Equity Disclosure Booklet

Home Equity Disclosure Booklet Home Equity Disclosure Booklet People s United Bank peoples.com Effective June 2017 L0014 6/17 00 1 Home Equity Disclosure TITLE PRODUCT* PAGE SECTION I. When Your Home is on the Line HELOC 2 SECTION II.

More information

The ABCs of Buying Your First Home

The ABCs of Buying Your First Home The ABCs of Buying Your First Home www.macu.com The ABCs of Buying Your First Home 1 Table of Contents Introduction: There Is Nothing Like the Feeling of Homeownership Chapter 1: Home Buying and Mortgages:

More information

HOMEBUYERS GUIDE STEPS TO HOMEOWNERSHIP

HOMEBUYERS GUIDE STEPS TO HOMEOWNERSHIP STEPS TO HOMEOWNERSHIP 1 GET STARTED When it comes to buying a home, there are a few tips and tricks you should know. Knowing the following items about buying a home can save you a lot of stress and headache

More information

Closing Costs Explained

Closing Costs Explained Closing Costs Explained When you apply for a home loan, you will receive a Good Faith Estimate of Settlement Charges, and a booklet that will explain these costs in detail. Loan Origination Fee: This fee

More information

The Common Sense Guide: HECM

The Common Sense Guide: HECM The Common Sense Guide: HECM Home Equity Conversion Mortgage Prepared by: Ed O Connor Ed O Connor, NMLS# 17212 Your Credit Union Trusted Resource FHA made the program WE make the difference! 1 Steps to

More information

YOUR AMERICAN DREAM STARTS WITH A VA HOME LOAN

YOUR AMERICAN DREAM STARTS WITH A VA HOME LOAN YOUR AMERICAN DREAM STARTS WITH A VA HOME LOAN A VA LOAN GUIDE TO HOME BUYING Buying your first home is a very important step (& investment) in life, and you probably have a few questions. No worries!

More information

FIRST TIME HOME BUYERS GUIDE

FIRST TIME HOME BUYERS GUIDE 20 1 7 FIRST TIME HOME BUYERS GUIDE VIPMTGINC.COM Mark Shaw SVP, Wholesale Manager Phone: 480-500-2825 Mobile: 602-418-2213 marks@vipmtginc.com vipmtginc.com NMLS ID 166607 9221 E Via de Ventura Scottsdale,

More information

First-time Homebuyer s Guide: Follow These Steps to Get Your First Mortgage

First-time Homebuyer s Guide: Follow These Steps to Get Your First Mortgage First-time Homebuyer s Guide: Follow These Steps to Get Your First Mortgage Buying your first home is both exhilarating and overwhelming. Stay on top of it all with this step-by-step guide on what to expect

More information

OUR GUIDE TO BUYING, REMORTGAGING AND PROTECTING YOUR HOME

OUR GUIDE TO BUYING, REMORTGAGING AND PROTECTING YOUR HOME 1 AND PROTECTING YOUR HOME A HELPING HAND WITH OWNING YOUR HOME. Taking on the purchase of a house can be daunting. With this step-by-step guide, we hope to make the journey a little less overwhelming.

More information

Buying Your First Home: Three Steps to Successful Mortgage Shopping

Buying Your First Home: Three Steps to Successful Mortgage Shopping ABCs of Mortgages Series Buying Your First Home: Three Steps to Successful Mortgage Shopping Smart mortgage decisions start here Note: FCAC s Mortgage Calculator tool, available at itpaystoknow.gc.ca,

More information

INTRODUCTION. Check out our 7 Steps to Home Ownership overview page, then dive in to our guide to Randolph s ideal mortgage experience.

INTRODUCTION. Check out our 7 Steps to Home Ownership overview page, then dive in to our guide to Randolph s ideal mortgage experience. INTRODUCTION When it comes to referring your valued clients to a mortgage lender, we know you have choices. At Randolph Savings Bank we strive to establish your confidence in us, build long term relationships,

More information

yourmoney a guide to managing your credit and debt Volume 6 Life After Debt

yourmoney a guide to managing your credit and debt Volume 6 Life After Debt yourmoney a guide to managing your credit and debt Volume 6 Life After Debt Call InCharge Debt Solutions today at 1-877-544-9126 or contact us at www.incharge.org Life After Debt You can do it. A life

More information

The Newfi First-Time Homebuyer s Guide

The Newfi First-Time Homebuyer s Guide The Newfi First-Time Homebuyer s Guide Newfi is a licensed tradename of Nexera Holding LLC. NMLS No. 1231327; HUD Lender ID 0038900004. Newfi is an Equal Housing Lender. The basics What is a mortgage?

More information

Homebuyer Guide Presented by:

Homebuyer Guide Presented by: Homebuyer Guide Presented by: HNB Mortgage 432-683-0081 www.hnbmortgage.com info@hnbmortgage.com Fax:(432)687-2612 NMLS: 205935 The basics What is a mortgage? A mortgage is a loan secured by real estate.

More information

Your guide to fnancing your frst home. Brought to you by:

Your guide to fnancing your frst home. Brought to you by: Your guide to fnancing your frst home Brought to you by: Are you ready to become a homeowner? Buying your frst home is exciting, but you re likely to have lots of questions. This guide can help you by

More information

Is A Reverse Mortgage Right for You?

Is A Reverse Mortgage Right for You? Is A Reverse Mortgage Right for You? NewRetirement s Guide to Reverse Mortgages www.newretirement.com 888-411-RETIRE (7384) Table of Contents What is a Reverse Mortgage? Are You Eligible For a Reverse

More information

Tips for First-Time Homebuyers

Tips for First-Time Homebuyers Tips for First-Time Homebuyers If you re just beginning the process of financing your first home, you might be unsure of all the costs or the decisions you ll have to make eventually. Months before applying

More information

How to Stop and Avoid Foreclosure in Today's Market

How to Stop and Avoid Foreclosure in Today's Market How to Stop and Avoid Foreclosure in Today's Market This Guide Aims To Help You Navigate the foreclosure process [Type the company name] Discover all of your options [Pick the date] Find the solution or

More information

Luminus Financial s. Home Hunting Guide

Luminus Financial s. Home Hunting Guide Luminus Financial s Home Hunting Guide About Luminus Financial Who are we? Luminus Financial is a credit union, which means we care about people. We re a full service financial institution, with exceptional

More information

MODULE 13: Buying a Home INSTRUCTOR GUIDE

MODULE 13: Buying a Home INSTRUCTOR GUIDE MODULE 13: Buying a Home MONEY SMART for Adults SEPTEMBER 2018 The Federal Deposit Insurance Corporation is an independent agency created by the Congress to maintain stability and public confidence in

More information

A Place to Rent. 1/3 of people in the United States Single people, young married couples, and older adults Mobile lifestyles

A Place to Rent. 1/3 of people in the United States Single people, young married couples, and older adults Mobile lifestyles Obtaining Housing A Place to Rent 1/3 of people in the United States Single people, young married couples, and older adults Mobile lifestyles Security Deposit A payment that ensures the owner against financial

More information

to Renovation Financing

to Renovation Financing YOUR GUIDE to Renovation Financing IT S MORE THAN A MORTGAGE It Can Be Your Custom Home If you re shopping for a home, you likely have a wish list and with each house you enter, you re wondering if you

More information

Specially prepared for: Client Name

Specially prepared for: Client Name Specially prepared for: Client Name CONGRATULATIONS Buying a home is one of the biggest investments and financial decisions you can make. While it is a major commitment and responsibility, it is also

More information

The Mortgage Guide Helping you find the right mortgage for you

The Mortgage Guide Helping you find the right mortgage for you The Mortgage Guide Helping you find the right mortgage for you Hello. We re the Which? Mortgage Advisers team. Buying a house is the biggest financial commitment most of us ever make. And it can be stressful.

More information

STOP RENTING AND OWN A HOME FOR LESS THAN YOU ARE PAYING IN RENT WITH VERY LITTLE MONEY DOWN

STOP RENTING AND OWN A HOME FOR LESS THAN YOU ARE PAYING IN RENT WITH VERY LITTLE MONEY DOWN STOP RENTING AND OWN A HOME FOR LESS THAN YOU ARE PAYING IN RENT WITH VERY LITTLE MONEY DOWN 1. This free report will show you the tax benefits of owning your own home as well as: 2. How to get pre-approved

More information

Q U I C K E N L O A N S G U I D E. Understanding Mortgage Rates

Q U I C K E N L O A N S G U I D E. Understanding Mortgage Rates Q U I C K E N L O A N S G U I D E Understanding Mortgage Rates Home Loan U is a free educational series from Quicken Loans, created to help you make the most of your home, and home financing, at every

More information

GENERAL FINANCING QUESTIONS

GENERAL FINANCING QUESTIONS GENERAL FINANCING QUESTIONS 1. What is a Mortgage? Tips for Homebuyers Generally speaking, a mortgage is a loan obtained to purchase real estate. The "mortgage" itself is a lien (a legal claim) on the

More information

Top 20 Mortgage Mistakes Home Buyers Make (and How to Avoid Them)

Top 20 Mortgage Mistakes Home Buyers Make (and How to Avoid Them) Top 20 Mortgage Mistakes Home Buyers Make (and How to Avoid Them) Buying a home is the biggest investment most of us will ever make. Unfortunately, it s also the greatest opportunity to make a bad decision

More information

The Mortgage Guide. Helping you find the right mortgage for you. Brought to you by. V a

The Mortgage Guide. Helping you find the right mortgage for you. Brought to you by. V a The Mortgage Guide Helping you find the right mortgage for you Brought to you by V0050713a Hello. We re the Which? Mortgage Advisers team. Buying a house is the biggest financial commitment most of us

More information

Lesson 8 Borrowing Money

Lesson 8 Borrowing Money AOBF Financial Planning Lesson 8 Borrowing Money Student Resources Resource Description Student Resource 8.1 Reading: Why Borrow? Student Resource 8.2 Worksheet: Borrowing and Lending Terms Student Resource

More information

First-Time Homebuyer TOOL KIT. copfcu.com/mortgage. Queensgate (513) Colerain (513) Reading (513)

First-Time Homebuyer TOOL KIT. copfcu.com/mortgage. Queensgate (513) Colerain (513) Reading (513) First-Time Homebuyer TOOL KIT copfcu.com/mortgage Queensgate (513) 381-2677 Colerain (513) 385-4808 Reading (513) 948-1234 Equal Housing Lending. COPFCU NMLS#: 399934 There s never been a better time to

More information

Buying a home. A guide to help you get started.

Buying a home. A guide to help you get started. Buying a home. A guide to help you get started. Welcome! It looks like you re interested in buying a home. Whether you re purchasing your first home or next, or perhaps you are interested in an income

More information

Down payment. savings solutions. Page 1. Est Member FDIC. Equal Housing Lender

Down payment. savings solutions. Page 1. Est Member FDIC. Equal Housing Lender Down payment savings solutions Page 1 Saving for a down payment: A New Year s Resolution you can keep Flagstar Bank is committed to helping you reach your financial goals. If one of them is a saving for

More information

Looking to buy your first home? What to consider when it comes to getting the right loan.

Looking to buy your first home? What to consider when it comes to getting the right loan. Looking to buy your first home? What to consider when it comes to getting the right loan. Here are the most important things to know before you borrow. If you re looking to buy your first home, chances

More information

Copyright 2008, 2009 & 2009 by Modular Homes Network

Copyright 2008, 2009 & 2009 by Modular Homes Network Published and distributed by Modular Homes Network 3660 Nicklaus Drive, Clarkston, WA 99403 Phone: (888) 770-2830 Fax: (866) 401-1084 Email: info@modularhomesnetwork.com Website: www.modularhomesnetwork.com/

More information

YOUR NEW HOME. Member FDIC

YOUR NEW HOME. Member FDIC 7EASY STEPS TO YOUR NEW HOME Member FDIC 1The First Step Getting prequalified or preapproved by your bank is essential before you start looking at houses. A Frandsen lender can help you determine how much

More information

Take control of your auto loan

Take control of your auto loan Take control of your auto loan A step-by-step guide Consumer Financial Protection Bureau How can this guide help you? While many people shop around for the best deal they can get on their vehicle, not

More information

First time buyers Our guide

First time buyers Our guide First time buyers Our guide What s in this booklet I want to buy a home what s the first thing I need to do? 3 What exactly is a mortgage? 3 How much can I borrow? 3 I ve found the property I want to buy.

More information

SEVEN LIFE-DEFINING FINANCIAL DECISIONS

SEVEN LIFE-DEFINING FINANCIAL DECISIONS SEVEN LIFE-DEFINING FINANCIAL DECISIONS A Joint Project of The Actuarial Foundation and WISER, the Women's Institute for a Secure Retirement 4 HOME OWNERSHIP, DEBT, AND CREDIT Buying a home is one of the

More information

HARP Refinance Guide. How You can Benefit from the HARP Program

HARP Refinance Guide. How You can Benefit from the HARP Program HARP Refinance Guide How You can Benefit from the HARP Program Contents How HARP Can Help You You Might Qualify for HARP but Not Know It HARP Qualification Basics HARP History HARP 1.0 HARP 2.0 HARP 3.0

More information

How MucH HoMe can You afford?

How MucH HoMe can You afford? chapter 4 How MucH HoMe can You afford? You should know what you can afford before beginning your search for a home. This enables you to focus on realistic choices and saves you time and effort. This section

More information

Handbook HUECU. home buying. A resource guide to HUECU Home Buying Benefits HARVARD UNIVERSITY EMPLOYEES CREDIT UNION

Handbook HUECU. home buying. A resource guide to HUECU Home Buying Benefits HARVARD UNIVERSITY EMPLOYEES CREDIT UNION HUECU HARVARD UNIVERSITY EMPLOYEES CREDIT UNION home buying Handbook A resource guide to HUECU Home Buying Benefits Benefits from HUECU...2 Understanding Your FICO Score...3 The HUECU Mortgage Process

More information

What You Should Know About Home Equity Lines of Credit

What You Should Know About Home Equity Lines of Credit What You Should Know About Home Equity Lines of Credit More and more lenders are offering home equity lines of credit. By using the equity in your home, you may qualify for a sizable amount of credit,

More information

10 Errors to Avoid When Refinancing

10 Errors to Avoid When Refinancing 10 Errors to Avoid When Refinancing I just refinanced from a 3.625% to a 3.375% 15 year fixed mortgage with Rate One (No financial relationship, but highly recommended.) If you are paying above 4% and

More information

Congratulations, you have made the big decision to buy a home. Now what? There are many questions you will need to ask yourself before moving ahead:

Congratulations, you have made the big decision to buy a home. Now what? There are many questions you will need to ask yourself before moving ahead: Buyers Congratulations, you have made the big decision to buy a home. Now what? There are many questions you will need to ask yourself before moving ahead: BEFORE YOU BUY 1. Decide where you want to live.

More information

20 Mortgage. Mistakes. Top. Home Buyers Make. (and How to Avoid Them) $49.00

20 Mortgage. Mistakes. Top. Home Buyers Make. (and How to Avoid Them) $49.00 $49.00 Buying a home is the biggest investment most of us will ever make. Unfortunately, it s also the greatest opportunity to make a bad decision that could end up costing thousands of dollars. Top 20

More information

REVERSE MORTGAGE GUIDE

REVERSE MORTGAGE GUIDE REVERSE MORTGAGE GUIDE Reap The Rewards Of A Lifetime Investment In Homeownership INVICTA MORTGAGE GROUP Better programs. Better service. Better financing. Licensed by PA Dept of Banking. NMLS# 111947

More information

How to buy a home EDINBURGH THE LOTHIANS FIFE

How to buy a home EDINBURGH THE LOTHIANS FIFE How to buy a home EDINBURGH THE LOTHIANS FIFE Feel at home with ESPC Buying a home is exciting, satisfying and also pretty daunting. There s a lot to get your head around, but if you break it into bite-size

More information

"We Love We Live! Let us help you love where you Live."

We Love We Live! Let us help you love where you Live. "We Love We Live! Let us help you love where you Live." "We Love We Live! Let us help you Love where you Live." Your Real Estate Connection! Our Offices: 7 Skyline Drive Suite 350 Hawthorne, N.Y. 10532

More information

HOME EQUITY EARLY DISCLOSURE

HOME EQUITY EARLY DISCLOSURE REAL ESTATE LENDING POWERED BY CUNA MUTUAL GROUP HOME EQUITY EARLY DISCLOSURE IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT PLAN This disclosure contains important information about our Home Equity

More information

Wealth Strategies. Debt Management: Getting Started The Basics.

Wealth Strategies.  Debt Management: Getting Started The Basics. www.rfawealth.com Wealth Strategies Debt Management: Getting Started The Basics Part 4 of 12 Debt Management: The Basics WEALTH STRATEGIES Page 1 What is Debt Management? As a consumer in today s world,

More information

HOMEOWNER S APPLICATION KIT Home Equity Line of Credit (HELOC)

HOMEOWNER S APPLICATION KIT Home Equity Line of Credit (HELOC) HOMEOWNER S APPLICATION KIT Home Equity Line of Credit (HELOC) Mahalo for your interest in the Hawaii Schools Federal Credit Union Home Equity Line of Credit program. This Homeowner s Application Kit has

More information

REAL ESTATE DICTIONARY

REAL ESTATE DICTIONARY Adjustable-rate mortgage (ARM) -- Home loan in which the interest rate is changed periodically based on a standard financial index. Most ARMs have caps on how much an interest rate may increase. Amortization

More information

Preparing to buy your first home?

Preparing to buy your first home? Preparing to buy your first home? Buying your first home is an exciting journey! However, when you re at the beginning of your home buyers journey, you may be confused about to where to start and worried

More information

TABLE OF CONTENTS. Healthier Black Elders Center

TABLE OF CONTENTS. Healthier Black Elders Center TABLE OF CONTENTS What is credit............................................1 The five C s of credit...................................... 2 Types of credit...........................................3

More information

MANAGING YOUR BUSINESS S CASH FLOW. Managing Your Business s Cash Flow. David Oetken, MBA CPM

MANAGING YOUR BUSINESS S CASH FLOW. Managing Your Business s Cash Flow. David Oetken, MBA CPM MANAGING YOUR BUSINESS S CASH FLOW Managing Your Business s Cash Flow David Oetken, MBA CPM 1 2 Being a successful entrepreneur takes a unique mix of skills and practices. You need to generate exciting

More information

If you're like most Americans, owning your own home is a major

If you're like most Americans, owning your own home is a major How the Fannie Mae Foundation can help. If you're like most Americans, owning your own home is a major part of the American dream. The Fannie Mae Foundation wants to help you understand the steps you have

More information

years INTEREST ONLY MORTGAGES

years INTEREST ONLY MORTGAGES HOMEBUYER S GUIDE Buying a new home can be a potentially daunting process so we ve prepared this step-by-step guide to help you. It outlines the buying process and gives a guide to the different types

More information

Reverse Mortgage Authorization Form

Reverse Mortgage Authorization Form Reverse Mortgage Authorization Form Conflict of Interest Disclosure Cambridge Credit Counseling Corp provides counseling to help you make an informed decision concerning reverse mortgage products. We will

More information

9Steps. to Owning a Home

9Steps. to Owning a Home 9Steps to Owning a Home Contemplating buying a new home? I can help. With some planning ahead of time, buying a home isn t very difficult, but the event intimidates a lot of people. So you ll understand

More information

What are my options? Advantage: Car can be purchased immediately Disadvantage: Can tie up cash needed for emergencies

What are my options? Advantage: Car can be purchased immediately Disadvantage: Can tie up cash needed for emergencies Financing Options strategies and choices for the collector What are my options? Any time of year can be exciting for a collector car enthusiast. In the winter there s time to fantasize about the car of

More information

Chapter 4 Debt. Section Credit misdirection

Chapter 4 Debt. Section Credit misdirection Chapter 4 Debt Section 2 2.1 Credit misdirection Credit Misdirection Lending money to friends or family members is a bad idea. It will strain relationships and in some cases ruin friendships. If you have

More information

the ultimate buyers guide

the ultimate buyers guide the ultimate buyers guide Your Helping Hand Through the home buying process Buying a home will be one of the most significant purchases made in your entire life. It is a process that you must begin with

More information

STEP BY-STEP HOME BUYING GUIDE. Contact us at Phone

STEP BY-STEP HOME BUYING GUIDE. Contact us at Phone STEP BY-STEP HOME BUYING GUIDE Contact us at Phone 513-608-1199 STEP BY-STEP HOME BUYING GUIDE Not to worry, we are with you every step of the way. 1 Start with your credit. Credit reports are kept by

More information

HOW YOU CAN INVEST YOUR MONEY IN TODAY S MARKET THROUGH PRIVATE MONEY LENDING

HOW YOU CAN INVEST YOUR MONEY IN TODAY S MARKET THROUGH PRIVATE MONEY LENDING HOW YOU CAN INVEST YOUR MONEY IN TODAY S MARKET THROUGH PRIVATE MONEY LENDING Legal Notice Copyright Notice. All rights reserved. No part of this publication may be reproduced or transmitted in any form

More information

Drive Away Happy: Car Buying Decisions

Drive Away Happy: Car Buying Decisions Drive Away Happy: Car Buying Decisions Buy new, buy used, or lease? These are just a few of the many decisions you ll need to make before happily driving away with a vehicle. While shopping for a car or

More information

Reverse mortgages. A discussion guide. Consumer Financial Protection Bureau

Reverse mortgages. A discussion guide. Consumer Financial Protection Bureau Reverse mortgages A discussion guide Consumer Financial Protection Bureau About this discussion guide This guide gives an overview of many key concepts of reverse mortgages. A qualified reverse mortgage

More information

A Guide to Buying Your Own Home

A Guide to Buying Your Own Home A Guide to Buying Your Own Home banking on people Getting started Getting on the property ladder can be a big step for anyone to take. With this handy guide, you ll find helpful tips for planning ahead,

More information

Your Reverse Mortgage Guide. Reaping The Rewards Of A Lifetime Investment In Homeownership

Your Reverse Mortgage Guide. Reaping The Rewards Of A Lifetime Investment In Homeownership Your Reverse Mortgage Guide Reaping The Rewards Of A Lifetime Investment In Homeownership Contents Make The Most Of Retirement!...3 Program Overview...3 4 What Is A Reverse Mortgage? Why Get A Reverse

More information

A GUIDE TO MORTGAGES. Talk to your local mortgage experts and get access to hundreds of mortgages under one roof.

A GUIDE TO MORTGAGES. Talk to your local mortgage experts and get access to hundreds of mortgages under one roof. A GUIDE TO MORTGAGES Talk to your local mortgage experts and get access to hundreds of mortgages under one roof. 72 Topping Street Blackpool FY1 3AD 01253 294480 01253 626620 admin@optionsmortgagecentre.com

More information

What You Can Do to Improve Your Credit, Now

What You Can Do to Improve Your Credit, Now What You Can Do to Improve Your Credit, Now Provided compliments of: 1 What You Can Do to Improve Your Credit, Now Steps to Raise Your Score Now we re going to focus on certain steps that you can take,

More information

What you need to know about getting, using and keeping credit. A Guide to Credit* American Financial Services Association Education Foundation

What you need to know about getting, using and keeping credit. A Guide to Credit* American Financial Services Association Education Foundation A Guide to Credit* What you need to know about getting, American Financial Services Association Education Foundation www.afsaef.org www.gmacfs.com using and keeping credit *If you would like to receive

More information

Top Things To Know KOFA HIGH SCHOOL SOCIAL SCIENCES DEPARTMENT ECONOMICS - PERSONAL FINANCE WORKSHOPS # 4 - CONTROLLING DEBT

Top Things To Know KOFA HIGH SCHOOL SOCIAL SCIENCES DEPARTMENT ECONOMICS - PERSONAL FINANCE WORKSHOPS # 4 - CONTROLLING DEBT KOFA HIGH SCHOOL SOCIAL SCIENCES DEPARTMENT ECONOMICS - PERSONAL FINANCE WORKSHOPS # 4 - CONTROLLING DEBT Vocabulary Keys : Words that are in bold = are terms that appear in one of the chapters, Words

More information

HOME EQUITY LINES OF CREDIT What you should know about them.

HOME EQUITY LINES OF CREDIT What you should know about them. HOME EQUITY LINES OF CREDIT HOME EQUITY LINES OF CREDIT TABLE OF CONTENTS Home Equity Plan Checklist What is a Home Equity Line of Credit (HELOC)? 2 3 What should you look for when shopping for a plan?

More information

Take control of your future. The time is. now

Take control of your future. The time is. now Take control of your future The time is now 1 Participating in your employer-sponsored retirement plan is one of the best ways to 3 save for your future. And the time to save more is now. No doubt, you

More information

Home Equity Lines of Credit

Home Equity Lines of Credit The Federal Reserve Board What you should know about Home Equity Lines of Credit Board of Governors of the Federal Reserve System www.federalreserve.gov 0708 i What You Should Know about Home Equity Lines

More information

Are You Receiving 8-10% Interest on your Investments?

Are You Receiving 8-10% Interest on your Investments? Are You Receiving 8-10% Interest on your Investments? If your answer to the above questions is no, you will want to pay very special attention. The following information could significantly increase the

More information

PROJECT PRO$PER. The Basics of Building Wealth

PROJECT PRO$PER. The Basics of Building Wealth PROJECT PRO$PER PRESENTS The Basics of Building Wealth Investing and Retirement Participant Guide www.projectprosper.org www.facebook.com/projectprosper Based on Wells Fargo's Hands on Banking The Hands

More information

A Better guide to mortgage refinance

A Better guide to mortgage refinance A Better guide to mortgage refinance If you re a homeowner, you might be hearing everyone from neighbors to news anchors talking about refinancing. But what exactly is a mortgage refinance? How do you

More information