If you have considered getting a loan at any point since you purchased your home, the idea of obtaining a second mortgage has likely come up. But is a second mortgage right for you? Before you can say yes or no to this question, you have to take a look at the facts:
Getting approved for a mortgage can seem tough, especially when you don’t know where to begin. There are many potential lenders out there and a seemingly endless number of steps to take for approval. We are going to simplify this with the following seven tips for getting approved for a mortgage.
It can be hard to balance both debt repayment and saving for your future. You may be wondering, “How do I save money when I’m in debt?” Of course you need to do right by your debtors, but you also need to do right by yourself. You can’t let your lingering debt stop you from saving money. Here are a few tips to answer the question, “How do I save money?”:
Earn: The first thing you need to do to save money is to earn money. You need to earn as much as you can if you want to repay your debts and still save money. If you have a full time job and you still can’t save money, get a part time job! If you have jobs but you have time off, see if you can’t pick up hours!
Budget: You need to create a budget to see where you can spend less and save more. Put down all your monthly expenses on paper –including your debt repayments – and add it up. This number should not simply be your estimate, but the actual amount you spend in one month. Compare this figure with how much you earn. If you’re earning more than you’re spending, that’s great. If you’re not earning more than you’re spending, you’ve got to look at ways that you can start to cut back.
Cut Back: You have to spend less money to save more money. If you’re subscribed to a premium cable package, maybe you need to scale it back to basic cable. Or no cable. Can you give up some of your daily expenses like your morning coffee, and lunch out? You are going to need to strike expenses from your record and make sure that you take this extra money you’re saving and use it to repay your debts faster, or keep it safe in a savings account.
Save: Once you have budgeted your expenses and cut out unnecessary expenditures, you can start saving money. You can turn it into a game; see how much you can save in one week and then try and increase the amount you save by a small amount each pay period.
Saving money is tough, even when you’re not dealing with debt. But by incorporating your debt payments as well as your savings into your monthly budget, you can create a plan that allows you to both save and get out of debt at the same time.
If you are in need of some extra cash to get on track with your budget, contact Fast Access Finance today. We can help you with a personal loan, car title loan or mortgage so you can start planning your financial future.
For the majority of people, mortgages have represented the only way to home ownership. However, with the increasingly difficult access to mortgages, more and more people forget about their dream of ownership and consider renting a home instead. Yet, there are still ways to get reasonable mortgages and pay for your home instead of paying rent on a home that you do not own.
There is often a heated debate when it comes to discussing the advantages owning vs. renting a home. Despite a common misconception, owning a home can be just as affordable as renting one. All it takes is a fair comparison of your owning and renting costs, as well as a true assessment of the mortgages available to you.
Here are some advantages of owning versus renting a home, which may remind you why 69% of people in North America are homeowners and not renters:
- Building Equity – When you consider mortgages versus renting, you basically choose to pay your home while building equity on it. As you make payments, you actually reduce the principal and watch your share in your home increase with each payment. That is building equity. The main advantage of building equity is that it facilitates your plans for retirement or saving money for your children’s education. Once the payments to your home become an intrinsic part of your life, you can plan for other important things knowing that in the end you will have your home’s equity.
- Tax Advantages – Mortgages are often synonymous to tax advantages as both mortgage interest and property taxes can be deducted from federal income taxes. From beginning to end, your mortgage means tax savings. If you make the calculations, it will show you that owning a home is cheaper than renting one.
- Stable Payments – Mortgages, especially those with a fixed rate, entail making relatively the same payment every month for the entire term of the loan. Sometimes, property taxes or insurance costs may slightly affect the monthly amount, yet the fluctuation is small. On the other hand, renting a home does not at all involve stabilizing your payments. Your rent is not only in the hands of the landlord, but also in the hands of inflation.
- A Sense Of Community – Renting lacks a fundamental aspect, which is that of belonging to a community. When you are a renter, you will always feel like an outsider as you and your neighbors never know how long you are going to stay in that particular place. Owning a home allows you to get involved in the community and get that sense of community, which is unique and wonderful.
- You Own an Actual Home – When you own the place where you and your family live, you start investing in making the property a home, and not just a house that provides you a roof over your head. With a rented property, you are not usually allowed to make major changes to the home you are renting to make it your own.
If you think owning a home will cost you more than renting, it’s time to reconsider. Taking on a mortgage can often be less expensive and offers more security than shelling out rent each month for a home that belongs to someone else.
Home improvement projects have the power to transform your house into a welcoming home and also add additional value to your property. There are many home equity loans that can help you turn your plans into reality. You can use the money from a home equity loan to make your home more comfortable and functional and also to increase your home’s value on the market. Here are some home renovations that would be worth your investment – you’ll definitely see a return on these investments when it comes time to sell your home: