{"id":55,"date":"2017-09-26T09:23:08","date_gmt":"2017-09-26T09:23:08","guid":{"rendered":"https:\/\/medium.com\/@arthamoney\/do-you-believe-these-common-myths-about-home-ownership-633485852804"},"modified":"2017-09-26T09:23:08","modified_gmt":"2017-09-26T09:23:08","slug":"do-you-believe-these-common-myths-about-home-ownership","status":"publish","type":"post","link":"https:\/\/madrasrealty.com\/?p=55","title":{"rendered":"Do You Believe These Common Myths About Home Ownership"},"content":{"rendered":"
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Owning a home has long been the American dream, but would-be home buyers need to be well prepared and understand what they are getting into. This blog will help to buy homes<\/a>. <\/strong>As many people found out during the Great Recession, home ownership is not without its risks. From underwater property values to risky mortgages, there are plenty of dangers lurking behind those attractive properties Many would-be buyers are also laboring under false beliefs, and those myths could have a direct impact on their future financial well being. Some of these myths have been around for decades, while others are newer. No matter what their origin, these common home ownership myths could cost you a lot of money.<\/p>

Renting is Always Better Than Owning<\/h4>

There is a reason so many Manhattan residents rent their apartments instead of buying their own property. Those big city residents know that buying is not always better than buying, especially when the long-term cost of the rental is less than the cost of home ownership.<\/p>

A good rule of thumb is that home ownership only makes sense if the cost of the home is less than 15 times the annual rental cost. If the numbers work out the other way, you are probably better off staying in your rental and investing the money you would have sunk into a mortgage.<\/p>

Buying a Home is Always a Great Investment<\/h4>

Owning a home can be a good way to boost your overall net worth, since the equity in your home is part of that figure. On the whole, however, there are plenty of investments that beat the pants off of real estate. Over the long term, real estate prices have risen less than 5% a year, while the average stock market return has averaged between 8\u201310% annually. A home might be a great place to hang your hat, but you should not mistake it for a diversified investment portfolio.<\/p>

You Should Limit Your Search to the Best Neighborhoods<\/h4>

One of the old bromides of home buying is to buy In the best neighborhood you can afford, even if that means stretching your budget or buying the worst home in the neighborhood. The reasoning behind this advice is that you can always fix up that ugly home, but you have no control over the quality of the neighborhood.<\/p>

That is true to a point, but there are other considerations as well. Stretching your budget to buy a home in the top neighborhood could leave you without the cash you need to improve the property, and living in a tony neighborhood could encourage you to keep up with sustainability. That desire for affluence and conspicuous consumption could make your financial situation even worse.<\/p>

Owning your own home can give you real peace of mind and improve your family life, but it is Important to understand why you are buying and what you hope to get out of the transaction. Understanding what is true, and not true, about the housing market can help you make the best financial decision. The following factors will detail more on help to buy homes.<\/p>

Making Your Home Buying Experience Easier<\/h3>

Between the time you first daydream about buying a house and the time you actually close on a home of your own, many events must take place. You already know you need to get a events must take place. You already know you need to get a loan, contact a real estate agent, locate the property you want, write an offer, and get to the closing table where you take title. Following these tips will save you time, money, and aggravation along the way.<\/p>

  1. Before you speak with any lenders, prepare. Gather paycheck stubs and bank statements that reflect the last three months of activity. If you plan to use other assets, such as your mutual fund, have information available on those accounts as well. If you are married, you should have your spouse\u2019s documents as well. You may or may not need your spouse\u2019s documents as well. You may or may not need to provide a tax form, so if you can have it ready, add it to your packet.<\/li>
  2. If you\u2019re self-employed, you\u2019ll probably be required to provide your last two years\u2019 worth of tax returns. Some lenders require additional proof of self-employment, like your business license and profit of self-employment, like your business license and profit and loss statements. If you\u2019ve had a bankruptcy in recent years, you may be required to prove that it has been discharged. Having your paperwork assembled allows a lender to instantly make copies of the items they\u2019re required to to instantly make copies of the items they\u2019re required to have to issue a pre-approval letter that will reassure sellers that you\u2019re a serious buyer.<\/li>
  3. Once you\u2019ve been approved for your loan, be vigilant about your finances. Buying items on credit can harm your ability to get the loan even if you were pre-approved. Some buyers are tempted to get furniture for their new house buyers are tempted to get furniture for their new house only to discover that their buying spree threatened or destroyed their ability to get a mortgage. Your credit score can take a hit if you fill out any applications for loans or credit cards, so these things should wait until after you\u2019ve closed the deal. Finally, ensure that your bank account activity doesn\u2019t have unusual changes that alter your monthly averages.<\/li><\/ol>
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    You have been there before. You see something that you like immediately, something that you have a gut reaction to. Before you know it, you start making plans for the future. The momentum of your musings takes you down a path that probably shouldn\u2019t go down. After the dust has settled, you realize that you\u2019ve made a less than ideal choice. What\u2019s true for most impulse buys is also true for homes.<\/p>

    If you\u2019re looking for your first home, you\u2019ve probably already had a lot of ideas about what it should be like. But like most other things, if you get too emotionally invested in your purchase, you can end up making some irrational decisions. A lot of real estate agents capitalize on this very phenomenon to show you properties that you fall in love with, but aren\u2019t the best fit for you.<\/p>

    Let\u2019s look at a few of the most common regrets folks who are first time home buyers have. The size of the home, and the way it\u2019s laid out. Around 60% of people who\u2019ve bought their first home now say that they wish it was bigger or had a different kind of layout. Some of them wish the kitchens were bigger, others want a bigger living room area, or just a different arrangement of the bedrooms in relation to the rest of the floor space.<\/p>

    The statistics show that while at first glance you might think a property is your dream home, you might fall out of love with it quickly once you move in. A lot of real estate agents concur that first-time buyers are too concerned with the square footage of the property, choosing to prioritize it over other; possibly more important characteristics. It doesn\u2019t matter if your home looks exactly like the one you lived in as a child. You need to evolve with the times and get help to buy homes for the future generations to come.<\/p>

    How I Managed My Home Refinancing<\/h3>

    You will not find advice here from a financial expert; far from it! I learned many necessary lessons about from it! I learned many necessary lessons about refinancing my home the old-fashioned way, courtesy of trial by fire. It is my hope that by sharing what I have learned, I will help you to avoid some of the same pitfalls.<\/p>

    There are countless reasons to consider a re-financing. Your reasons to investigate refinancing will, no doubt, be different than mine. Nonetheless, no matter how valid your- reasons are, you can find yourself in trouble if you do not do the legwork before you actually apply for a new loan. Reasons are, you can find yourself in trouble if you do not do the legwork before you actually apply for a new loan.<\/p>

    Read everything you can get your hands on that will explain the complicated world of mortgage lending practices, and the complicated world of mortgage lending practices, and the endless list of fees and service charges which are part and parcel of refinancing. Learn and understand the and parcel of refinancing. Learn and understand the terminology thoroughly. Ask question after question of your lender until you get an answer that makes sense to you.
    lender until you get an answer that makes sense to you.<\/p>

    I began to think about refinancing when, because of a period of prolonged unemployment and irresponsible credit card spending, the state of my finances reached crisis mode.<\/p>

    By this time, I had owned my home for years. Over that it-year period, the value of my property had doubled. It seemed like a no-brainer, but I had thousands of dollars of equity in my home and I needed money. Refinancing the first time was the right move.<\/p>

    Trouble began brewing when I went back to the well; not just one more time, or two more times, but three more times. In short, I had begun to see my home as another\u200a\u2014\u200asavings account from which I could withdraw money.<\/p>

    What I did not understand until much later was just how much it was going to cost me each time I made a withdrawal (refinanced). I had not done my homework and I paid the price.<\/p>

    In total, I paid settlement charges of $21,940.00 (which is equal to 52% of the TOTAL money I actually received)\u200a\u2014\u200a$41,695.00. Yes, I got $41,695.00 and \u201cthey\u201d got almost $22K. Ultimately, $63,635.00 was tacked on to my original home loan. I now owe the lender more than my house would fetch on the open market. More than half of the settlement charges went for mortgage broker fees. In addition there are loan origination fees, settlement fees, title insurance, government recording fees, and on and on. And, my personal favorite, $200 for courier fees! If they had told me I could save $200, I\u2019d have picked up and delivered the paperwork myself.<\/p>

    Before considering refinancing your home, here are a few things I suggest you look at carefully:<\/p>

    Be clear about your motivation for refinancing. Do you have an A.R.M and now want to lock in a fixed rate? Do you want to move from a 30-year to a 15-year loan? Has your credit score improved dramatically so you can now obtain a much lower interest rate? These are but a few of the good reasons for refinancing.<\/p>

    If you decide to go forward, have a plan:<\/p>

    1. Know what you need your monthly mortgage payment to be at the end of the transaction and do not exceed that amount, under any circumstances<\/li>
    2. If you plan to take out a larger mortgage so you can have cash on hand, know with absolute certainty what you are going to do with that money. Don\u2019t take an extra $10K lust to have a cushion\u201d; without specifically being earmarked, that money will disappear very quickly and you\u2019ll owe another ten-thousand dollars plus interest.<\/li>
    3. When determining if you are going to borrow additional cash ask yourself \u201cHow much of this money am I willing to reinvest to improve my property?\u201d This can be a very good gauge as to how much extra money you\u2019II want to take out, if any.<\/li>
    4. Calculate how much extra interest you will have to pay on the money you will borrow. Calculate the amount out for the full term of your loan. Seeing how much extra you will pay over a 30-year period is a real eye opener.<\/li>
    5. Negotiate, negotiate, negotiate: I found this out my last time around. The mortgage broker reduced his fee by more than 50%, Riving me over $3,000. I was also able to save about $150 by renegotiating the loan processing fee.<\/li><\/ol>

      Invest the time upfront to make the best financial decision for your family. It may be tedious, but well worth the for your family. It may be tedious, but well worth the effort, I promise you.<\/p>

      \"\"\/<\/figure>

      Refinancing offers an opportunity for a homeowner to improve the terms of an existing mortgage loan. A variety of factors may be considered to help you determine the best time to refinance. Prior to speaking with a loan officer, you can review several important details about refinancing.<\/p>

      There are numerous financing options available to home buyers today. Some provide you with the ability to put as little as one to two percent down, and some even provide you with too percent financing. While there are low and no down payment options available, some may be required to make a larger down payment. Others may prefer or need to make a larger down payment to keep the mortgage payment lower. If you are trying to find funds to make a down payment on the purchase of your new home, consider these creative options.<\/p>

      About the Refinancing Transaction<\/h4>

      If you currently have a van able-rate mortgage loan or an above-average interest rate, refinancing might enable you to secure more favorable terms. A fixed-rate loan program or a loan program that meets your needs could be used toward some of your financial goals During a refinance transaction, a new loan would pay off any mortgages and liens that are secured by your home.<\/p>

      Refinancing Costs<\/h4>

      While refinancing, you are likely to incur fees that are associated with a variety of services. Professional service providers are generally hired to ensure that your loan transaction is handled properly. To finalize a refinance transaction, you\u2019ll need to meet with a real estate attorney who will explain the documents that require your-signature for a new mortgage loan.<\/p>

      \"\"\/<\/figure>

      Home Equity Loan to Consolidate Debt?<\/h4>

      It\u2019s almost impossible to turn on the radio or television without seeing an advertisement for home equity loans (sometimes called second mortgages or home equity lines of credit). These companies promise to consolidate your credit card debts and other debts into a single low monthly payment. These offers sound tempting; after all, who doesn\u2019t want to lower their payments each month?<\/p>

      The truth is that home equity loans can be helpful in cutting some people\u201ds monthly bills, but they are not for everyone. To know whether a home equity loan is a good choice for you and your family, it\u201ds important to understand the pros and cons of using the equity in your home for debt payment.<\/p>

      The biggest reason why many people use home equity loans to pay off debt is because they can result in a lower monthly pay off debt is because they can result in a lower monthly payment. This is due to two major factors\u200a\u2014\u200aFirst, provided that your credit score Is In good shape, home equity loans typically offer lower interest rates than many credit cards so you end up owing less interest each month credit cards so you end up owing less interest each month on your outstanding balance Second, lending companies usually allow you to \u201cstretch out\u201d your payments over a longer period of time. While credit card companies usually want their money faster, lending companies often allow you to payoff debt over or even zo years. By stretching out your payments over many years, you can lower your monthly payment considerably.<\/p>

      Another way that home equity loans save money in the short term Is through a tax savings on the Interest you pay throughout the year. Just like any home mortgage, when you pay Interest on a home equity loan, that interest becomes a tax deduction that can result in a substantial savings tax deduction that can result in a substantial savings. Interest paid on credit cards Is not tax-deductible.<\/p>

      Finally, many people seek out home equity loans because they help to simplify the bill-paying process. If you are paying several credit card bills each month, It can be difficult to keep track of the different Invoices and due dates, which can result in late or missed payments. For those who find that they are losing bills or accidentally missing payments, It can be helpful to have all of their debt consolidated into one simple payment.<\/p>

      As wonderful as these positives are, however, a home equity loan may not be the right choice for anyone who Is loan may not be the right choice for anyone who Is uncertain about their future Income or who may not be able to make the monthly payment on a home equity loan. Just like a regular mortgage, a home equity loan Is secured by your house and surrounding property. If you miss a payment, the lending company can foreclose on the loan.<\/p>

      This means that they could set in motion a legal process that could result In your losing your home. Therefore, If you are not certain that you can make each monthly payment on time, its best not to consolidate your debt byway
      of a home equity loan. After all, credit card companies can ruin your credit If you miss a payment, but\u200a\u2014\u200abarring some really strange circumstances\u200a\u2014\u200athey won\u2019t take away your home.<\/p>","protected":false},"excerpt":{"rendered":"

      Owning a home has long been the American dream, but would-be home buyers need to be well prepared and understand what they are getting into. This blog will help to buy homes. As many people found out during the Great Recession, home ownership is not without its risks. From underwater property values to risky mortgages, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-55","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nDo You Believe These Common Myths About Home Ownership — OpenRealty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madrasrealty.com\/?p=55\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do You Believe These Common Myths About Home Ownership — OpenRealty\" \/>\n<meta property=\"og:description\" content=\"Owning a home has long been the American dream, but would-be home buyers need to be well prepared and understand what they are getting into. 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