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Mortgage Matters

Click on Detroit - Your Mortgage Matters

Channel 4 - Click on Detroit - You Mortgage Matters. Q & A with Dan Milstein, Rick Richter and Mike Hyman.

This 1 Assumption Could Totally Destroy Your Retirement

The only expenses that are likely to disappear in retirement are your commuting and job-related costs, and your retirement plan contributions. The rest of your expenses are highly likely to stay the same, or even go up to a certain degree. After all, you'll need food in retirement just like you did when you were working. You'll also need housing, transportation, clothing, utilities, and other such necessities that are by no means a function of having a job.

And if you think your housing costs will decline a bunch if you pay off your mortgage prior to retirement , think again. As homes age, they tend to require more maintenance, and as people age, tackling that maintenance themselves starts to prove challenging. Throw in the fact that property taxes have a tendency to rise over time (even during periods when home values decline), and it could very well be that case that you do indeed eliminate your mortgage payment in time for retirement, only to have it replaced with other housing expenses.

Market Matters - Spring 2019

In this regular feature, Banking Litigation Associate Rachel Elgar provides updates and commentary on trends and issues in the UK property market.

The Bank of England’s inflation report for February 2019 noted that activity in the housing market has been subdued. UK house prices grew by 1.7% in the year to January 2019, down from 2.2% in the year to December 2018 according to the UK Government House Price Index. This is the lowest annual growth for the UK since June 2013. However the Halifax House Price Index indicates house prices in the three months to February were 2.8% higher than in the same 3 months a year earlier and have risen by 1.8% compared to the previous three with the average house price now £236,800. It seems that monthly UK home sales remain slow but steady, with 101,170 homes sold in January and mortgage approval rates also on the rise.

77% of respondents to the RICS Residential Market Survey to 14 March 2019 cited Brexit uncertainty as the biggest challenge in the market currently. Demand is also being significantly limited by a lack of stock, with the number of properties listed on estate agent books having fallen to a record low. However, on a somewhat positive note, whilst outlook from respondents was subdued for the next three months, they were largely of the view there would be a market uptake over the next twelve.

What does it mean to be "Upside down" , pertaining to financial

It means you owe more than the item is worth. Example you owe $80,000 on your house and it is only worth $50,000. Visa Versa would be "right side up" or owing $50,000 on the house and it is worth $80,000.

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