You have deficiency judgments against you, and creditors are seizing funds from your bank account to pay off your debt. Thankfully, some funds you receive can be exempt from seizure. Here’s an overview of what funds are protected and their exemptions: [Read more…]
A new home is one of the biggest purchases you can make. So to buy the home you want, it’s a good idea to start saving up early so you can cover the costs of buying a home. To start saving up, opening a savings accounts is a great first step for future homeowners. When you open a savings account, there will be a savings rate associated with that account. What is it and how does it affect you? [Read more…]
As we have previously discussed, if you have a bank levy taken out against you and you have a joint account with your spouse or non-spouse, money will be taken out regardless. However, it can differ depending on your unique situation and the state you live in.
Spouses Typically Share Debt Liability
While spring and summer are the high season for home sales, fall can be a buyer’s market. There are several benefits of buying a home in the off-season, like lower prices and quicker closings.
Higher Availability of Industry Professionals
An advantage of buying a home in the off-season is the greater availability real estate and mortgage professionals. Agents will generally have fewer clients and more time to focus on your home search. Lenders will be more accessible for questions and assistance. Some lenders may even waive some fees during the off-season to encourage borrowers to use their services. [Read more…]
You’ve mastered spotting and avoiding predatory lending, but now that you’re buying a home, you need to be on the lookout for real estate scams. Many of these scams sound legitimate and are often designed to take advantage of new homeowners or those who haven’t done their homework. Remember, if a deal seems too good to be true, it probably is. But with a little preparation and research, you can avoid scams when buying a home. [Read more…]
When you start searching for your dream home, it can be fun to fantasize about buying one of the largest and most extravagant properties in your area. However, your income is likely to dictate the size and lavishness of the home you choose. When you apply for a home loan, the mortgage lender will analyze your assets, liabilities and income to determine if you have the ability to pay off the loan. More specifically, they will look at your discretionary income. [Read more…]
Shopping for a new home is an exciting time and you may have built up this image in your mind of what it should be. While having what you want in mind is perfectly normal and expected, you must recognize that you must manage your expectations when looking for a home. Doing so will help you manage and reduce any stress that comes with buying a home and keep you on track. [Read more…]
Are you ready to invest your money into a home? A home is one of the biggest assets and investments you will ever have, but it’s also a non-liquid investment. Once you make your down payment, you can no longer easily access that money for any other reason—even if it is an emergency. So before you think about purchasing a home, you need to do a serious review of your financial situation and do some risk management. [Read more…]
If you do not budget correctly and buy more home than you can afford, you can become house poor. Meaning, you spend a majority of your total income on home costs like mortgages and repairs. While not the best situation to be in, it is sometimes temporary and there are steps you can take to lessen the impact on your finances and well-being. [Read more…]
When thinking about buying a home or even just budgeting for the future, knowing what your EBITDA and NI is crucial. These numbers will help you budget and determine how much home you can afford.
What is EBITDA?
EBITDA stands for earnings before interest, taxes, depreciation and amortization. It’s generally used as a way to evaluate your financial performance without factoring in financial and accounting decisions as well as tax environments. Your EBITDA is calculated by using the following formula: [Read more…]