Your Mortgage and Home Equity should be part of your Financial Planning

Market Watch recently published “I really don’t want to work until I’m 67, I’m 57, make $100,000 a year, and have $300K in my 401(k). But I’m worried about my spending and have debt. Who can help?” The article provided some basic tips such as recommending this person use their income to pay off the debt (vs using their savings), change their spending habits and make sure they’re funding their retirement. [Read more…]

Is Your Low Rate Stopping You from Buying Your Next Home?

Many Americans took advantage of the extra low rates that were available during the pandemic years. Some may be feeling trapped at having a rate in the 3% range since we’ve returned to a more historically “normal” range. [Read more…]

Are You a Co-Signer on a Student Loan?

When Congress resolved the latest debt ceiling with the passing of The Financial Responsibility Act of 2023, both parties agreed to stop the forbearance on student loans payments. Federally backed student loan payments have been paused for the past three years due to the pandemic. Payments on student loans are set to resume following this September and many are not going to be prepared for this. [Read more…]

What is an Offset Mortgage?

An “offset mortgage” also known as an “all-in-one loan” is basically a 30-year home equity line of credit that includes a sweep-checking account where the deposits go directly to paying the principal balance. Homeowners can still access the funds they deposit (and their home equity) from the account, using it to pay their day-to-day bills, vacations, home improvements, whatever the credit line has available. It is essentially a “normal” checking account. [Read more…]

Trouble making your monthly payments? Please don’t wait to refi.

I have been writing about how high credit card interest rates have climbed with the Fed raising the funds rate. If you’re not paying off your entire credit card bill each month, you are probably owing a bit more due to the high credit card rate. Credit card debt can be an uphill battle. [Read more…]

5 Steps to Creating Financial Security

As a mortgage professional, I get to review detailed financials when someone is looking to buy or refinance a home via their loan application. Sometimes people are using every cent they can or are maxing out their monthly cash flow in order to have a home. I often have people who come to me because they need help restructuring their high-interest credit card debts. And I also help people who are well established. Personally, I would like to see more people on a path to financial security.

Here are a few suggestions for your consideration… not necessarily in this exact order and your plan may vary depending on your financial situation or goals. [Read more…]

How Much Money Do You Need to Buy a Home?

Did you know that you don’t need a 20% down payment to buy a home? In this video, I discuss what funds are needed during the home buying process.

If you’re interested in buying or refinancing a home, please contact me!

How Does Dave Ramsey’s Advice on Mortgages Pencil Out?

Last month I wrote about advice I’ve been seeing popping up in my Facebook feed from Dave Ramsey on mortgages. There are several points that I just don’t find realistic for the average person who wants to buy a home, such as only using a 15 year amortized mortgage with 20% down payment and limiting your mortgage payment to 25% of your take home pay. I promised that I would share a follow up post where I review different scenarios comparing his advise to real life scenarios. [Read more…]