It’s tough to sort out the myths from the reality when it comes to homeownership. In a given search online, you can find opposing viewpoints making directly contradictory arguments. We’re going to try to shed some light on the confusion and help separate the facts from the falsehoods: Myth 1: You’re better off buying/Better off…
Posts Categorized: Homeownership
A big part of our financial coaching and education is designed for people who are considering homeownership for the first time. To make a good decision about whether pursuing homeownership is the right move, right now, it’s important to compare the differences of being a renter to being a homeowner. Having access to relevant information…
For most Americans, owning your own home is a dream that can come true. At credit.org, we’ve always advocated that homeownership should be part of your long-term financial plan, helping to build overall wealth and stability while improving your financial security during retirement years. Making the decision to pursue and ultimately become a homeowner is…
You’ve finally done it! For years you’ve been saving money and keeping your credit record clean, waiting for the right moment to start looking at houses. And now you’ve got enough saved for a down payment and your credit is good enough to qualify for a mortgage. You’ve even been to the bank and started the…
We believe in our goal of making homeowners smarter; one key to preserving homeownership in the long run is to prepare properly in the beginning. That’s a big part of what National Homeownership Month is about, and it’s an important part of the nonprofit service we provide to the community. Since the housing crisis that…
From the last mortgage crisis that began in 2008, many government programs were created to help struggling homeowners. Unfortunately, there are also scam artists trying to take advantage of people who may be behind on their mortgages and are looking to avoid foreclosure. Many new companies have sprung up, calling themselves things like “loan modification…
Whether you are requesting a loan modification or a short sale, your lender will most likely ask you to submit a hardship letter. The purpose of the letter is to describe, in the homeowner’s own words, why the homeowner is not or may not be able to make his or her mortgage payments. A key thing to remember is that it is important that you include actual reasons for the hardship and any plans you have for the future.
If you are facing financial difficulties and are seeking to renegotiate your mortgage, you will have to write a hardship letter. This letter explains your situation to your lender so they will fully understand why you are unable to make your mortgage payments as agreed.
We have often suggested renting out space in one’s home as a strategy for increasing income and cutting housing expenses. Naturally, this is much easier said than done, so we’ve been offering some posts about what goes into renting out part of your house.
Here are some important Dos and Don’ts when renting out space:
These tips are courtesy of HUD (the US Dept. of Housing and Urban Development) here are 11 tips on being a smart consumer when it comes to avoiding loan fraud. Predatory lenders take many forms and prey on people at all stages of homeownership.
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