Free Advice
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Here’s an interesting twist on marketing your property from a friend in Europe. Just goes to show that things are slowly moving towards a more technologically driven industry.
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A. To calculate the maximum monthly payments you can apply to your mortgage is really quite simple. You can use up to 32% of your monthly income for mortgage payments, and an additional 10% for other debts. Thus you can have a maximum of 42% of your monthly income used for debt payments before you no longer qualify for a mortgage.
ex. If you make a combined $10000 in your household, $3200 can be applied to mortgage payments and an additional $1000 can be used for other debt payments. if you have $2000 in other debt payments then you would be able to apply $2200 to your monthly mortgage payment, as long as your total debt payments with your mortgage do not exceed 42% of your monthly income.
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I’m really not sure where this guy found the time to do this, but its an interesting way of looking at where US real estate prices have been. Enjoy.
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While many people believe that it is better to pay your mortgage down as quickly as possible, it really isn’t always the best strategy.
Making this decision depends on your individual situation and should not be taken likely. First of all, every other piece of debt you have should be paid off first unless it is at a lower rate than your mortgage. There is no point in having clear title on your house if you have $10000 in credit card debt at 19% interest.
If you are the type of person who is good at saving money for the future, you may even want to use your mortgage as leverage to increase your savings. If you can consistently make 12% interest on your investments and are only paying 6% on your mortgage there is obviously an advantage to making the monthly payments rather than abolishing them. Of course you have to be willing to make the payments and have the ability to carry the debt load.
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Yes, thats right, another FSBO website in the USA. This time one that potentially allows buyers to never see the house before buying it. Apparently the site RealUmbrella.com will allow users to complete the entire buying process online.
I believe this goes back to the old medical metaphor. Would you let someone who isn’t a doctor perform open heart surgery on you? No. So why would you buy a house without the advice of an expert? People have no idea just how much work a realtor does to protect you, use one! You won’t realize the value behind it until something goes wrong, and then you will be sorry you didn’t.
You can read the RealUmbrella story here.
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