Why not buy a vacation property in a distant country if you enjoy being in foreign locations for extended periods of time? Steps: 1. Evaluate the cultural differences between your home nation and the foreign place you’re contemplating to see if you’d appreciate spending several weeks or months each year Read more…
For many people, a home is their largest investment – and potential source of capital. Getting a second mortgage, or a home equity loan, can tap that equity for college, home improvements or other pressing financial needs. Steps: 1. Determine why you need or want a second mortgage. The level Read more…
If you are at the stage where you are wondering how to avoid foreclosure, you must be behind on your mortgage payments or know that you will not be able to make your payments in the future. Follow these steps to keep from being foreclosed upon. Steps: 1. Analyze your Read more…
Buying a home for zero down can be accomplished, but may cost you more in the long run with all the additional fees and costs associated with this sort of loan. Steps: 1. Ask lenders about any zero-down programs they have. Look in the yellow pages under “Banks,” “Savings and Read more…
Before you look for that dream house, you need to ask yourself what you can really afford to spend each month. These calculations are based on a typical down payment of 20 percent. Steps: 1. Collect some home guides or look at a few ads in the Sunday newspaper for Read more…
Ordinarily, when you sell property for a profit and receive cash, the taxman is there to take his cut. A 1031 tax-deferred exchange on investment property allows you to roll over the gain from the sale of one investment property into another investment property without being taxed. (Note that this Read more…
Trying to weigh the risks of buying a home is like evaluating the risk/reward of any other major investment. But perhaps more so than with other investments, it’s hard to keep your emotions out of it. Steps: Determine the costs of home ownership (down payment, mortgage payments, insurance, real estate Read more…
Private mortgage insurance, or PMI, is required of most borrowers who have less than a 20 percent down payment. With PMI, even with a small down payment, you can still be an attractive mortgage risk to the lender. Steps: Identify the home you are interested in. Calculate the standard 20 Read more…
Private Mortgage Insurance, or PMI, is an additional monthly fee required by most lenders when the down payment on a home is less than 20 percent. Here are some ways to get around PMI. Steps: Gather or borrow enough funds to make your down payment greater than 20 percent. Buy Read more…
There isn’t much you can do to stop foreclosure on your home once the ball starts rolling. But here are a couple of things to consider. Steps: Review the information received from your lender or trustee and determine whether you will be able to pay the amount of money required Read more…