Amortization sounds like a nerdy, financial term. It’s really a simple way to describe the process of paying off of debt in regular installments over a period of time according to Investopedia. Home equity lines of credit are debt. So, how and when are they paid off, other than when a home sells? Unfortunately that’s a question to which too many homeowners have given too little consideration. READ MORE
Category Archives: Debt/Mortgages
When’s the right time to refinance your mortgage?
That seems like a question with an obvious answer, right? You refinance when the interest rate on the new loan is lower than your rate on the current loan. But how much lower? And is it really as simple as subtracting one rate from another and signing on the dotted line? READ MORE
What a difference a retirement plan and a reverse mortgage can make!
“I can’t afford to retire!” That’s the fear expressed by many of my new clients. In fact, it’s often the reason that my clients come to me in the first place.
While I can’t wave a magic wand to create the necessary retirement savings, I can help you to stretch the savings you already have.
Let me give you an example. READ MORE
HARP 2.0 to the rescue
If watching home values fall and gas prices go up leaves you feeling like you’re caught in the middle and being squeezed real hard, it may be time to make some changes in the financial areas that you can control. For most people, the place to start is with housing expenses.
If your housing expense is your largest expense, you may want to downsize or refinance. Can’t refinance because your home is underwater? Now you may be able to — thanks to HARP 2.0. READ MORE
Student debt – the monster in the closet
The rising costs of education continue to put the “squeeze” on my clients’ retirement plans. The truth is that paying for your children’s college educations can cause real strains on vital retirement assets.
Sometimes, it’s too late for clients to re-establish their own retirement savings if paying the college expenses for their children has drained their financial resources. That’s something we may have been able to manage, and to prepare for, if these well-meaning people had met with me five or ten years earlier. READ MORE
Refi’s – more than just money in your pocket
- Do today’s low mortgage rates have you considering a refi?
- Are you thinking about moving when the real estate market picks up or gets back to “normal”?
- Do you find yourself checking mortgage interest rates every Sunday?
Many of my clients are asking if they should pay off their mortgages. There’s no one right answer, but I would suggest that there are a number of options available beyond paying it off in full, or maintaining the status quo. READ MORE
Credit repair – the last debt frontier
Now that you’re back on track with your credit you might want to turn your attention to your credit score.
So why do you care about your credit score?
• Thinking about a mortgage or a loan? A good credit score could be the difference of getting financed or not.
• Many employers are including credit checks in their screening process.
• Buying a life insurance policy greater than $150,000? Your credit score will be considered. Your auto and homeowners’ policies premiums are also impacted by your credit score. READ MORE