Month: August 2017

LA Program Funds Homeowners Who Shelter the Homeless

California’s homelessness crisis in continuously rising. To address this issue, the City of Los Angeles is coming up with a pilot program to curb the number of homeless people in the county. The program includes providing a handful of homeowners with the necessary funding to build accessory dwelling units for the homeless right in their backyard. Los Angeles’ pilot program was approved on August 15, 2017, by the county’s Board of Supervisors. They have set aside $550,000 as the budget for this program. This project will last for 18 months. While this seems to limit the number of homeowners...

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House Hunting? Here Are 7 Tips That Might Help

Perhaps it’s easy to say that house hunting is an exciting part of every home buying journey. This is where you decide what type of house fits your needs and what is well within your budget. Before all that, it’s ideal to get pre-qualified for a loan first. Through this, you will get an idea as to how much you could afford on a house. Other than that, knowing that you are pre-qualified for a loan gives a good impression toward sellers. But when looking for a house to buy, it’s quite easy to get carried away with all the fun...

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Taking out a Reverse Mortgage? You Might Want to Read CFPB’s Warning.

The Consumer Financial Protection Bureau (CFPB) gave a warning to consumers aged 62 and older who are considering a reverse mortgage to delay dipping into their Social Security benefits. In a 26-page issue brief dated August 2017, the Bureau determined that: (i) the costs of using a reverse mortgage exceed the total amount of Social Security benefits one could receive in a lifetime by delaying it, and (ii) this in turn could diminish the equity in one’s home. Interested in getting a mortgage? Click here. REVERSE MORTGAGE TO DELAY RETIREMENT? The Bureau found that approximately 5 million consumers will turn 62...

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Factors You Need To Look Into If You Plan To Refinance Your Mortgage

Refinancing home mortgages have been gaining popularity among homeowners. While mortgage rates continue to rise, it’s not surprising to get tempted to refinance a mortgage at some point. But then this move is only beneficial for certain situations. Before making a decision, it’s important to consider a few things. You need to ask yourself if your current situation calls for a refinance and that if it’s really ideal. After all, it’s only smart to be very careful about these things. PROS AND CONS Among the upsides of refinancing is that it could let you score a mortgage with lower interest rates...

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