You may have heard the term “house poor” that real estate agents say when discussing the risks of buying a new house. Making future plans and avoiding certain situations can help you get out of this mess.
What Does Being House Poor in terms of real estate means?
House poor is a term often referred to spending an incredible amount of money on your house’s mortgage, taxes, insurance, and other houses related stuff that you don’t have enough to spend on anything else. In other words, a person that spends a large proportion of their total income on their home…Read more
Is there still time to get a low mortgage or refinance rate? The short answer is yes, but you need to get the process started as soon as possible. It looks like rates are creeping up, and you do not want to be left holding an expensive mortgage.
This past week rates on mortgages moved ever so slightly higher. Yesterday, mortgage backed securities rose above the closing levels of last week Fridays close, however it looks like most are waiting until the Federal Reserve Meeting on Wednesday. Like always, everyone will wait on the Fed to take direction which has…Read more