Homeownership is an aspiration for most Americans. During the COVID-19 pandemic, there has been a spike in home sales. According to the U.S. Census Bureau, there were approximately 82.8 million homeowners in the United States, which is an increase of 2.1 million over the previous year. Anyone can buy their own home if they can get a mortgage.
Wouldn’t it be great if you could pay for everything in cash and avoid debt? The challenge is that no matter how much you save, there are going to be expenses that are just too costly, such as buying a car, paying for college, buying a home, or paying unexpected medical bills. You want to be able to borrow money when you need it, so you should familiarize yourself with the types of loans that are available.
The housing market has never been hotter. Mortgage rates are at record lows, and coming out of the pandemic slowdown of 2020, homebuyers are actively shopping. In such a competitive real estate market, it pays to be prepared so you can move quickly when you find the right home, especially when it comes to qualifying for a mortgage loan.
Homeownership is something that many people dream about. Owning your own home offers benefits beyond owning a place to live—the biggest being that it allows you to build home equity. Your home is likely to be the most expensive purchase you will ever make, and it will be your most valuable asset, so accessing the untapped value of your home offers many advantages.
Everyone needs to be concerned about their credit. Building credit is necessary in order to obtain a credit card, buy a car, buy a house, rent an apartment, or even apply for a job. Chances are that you are already building credit, whether you are aware of it or not, and maintaining a good credit score is important as your life changes. Being proactive about building your credit can open new doors for you as you plan for the future.
Buying a new home is always exciting, but shopping for the right mortgage may not be. There are so many mortgage options these days, and with the boom in online lenders it can seem like everyone has a deal for you. Your challenge is to find the right mortgage for your needs, and if you are a first-time homebuyer or need a little extra help, you should consider applying for either a HomeReady® or Federal Housing Administration (FHA) home loan.
Congratulations! You’ve graduated to the next phase of Adulting 101: buying a car. This process isn’t wildly different from shopping for a home, but it does come with its own set of questions. Do you prefer used versus new? Style versus functionality? Speed versus comfort? Diesel versus gas? We’re not trying to be clever here (well, sometimes), but perhaps the easiest way to answer these questions is with additional puzzlers. For example…
Not too long ago, a little tidbit came out that younger adults can’t afford home renovations because they’re spending too much on avocado toast and activated charcoal smoothies. Priorities, right? If this sounds like you, help is on the way. Some of the biggest names in real estate will admit that no house is perfect—just ask Chip and Joanna Gaines. There’s always room for tinkering and improvement. Perhaps it’s a drippy water pipe or a slanted doorway, or maybe the living room needs a new paint job. These are the easiest ways to fund your home renovations.
Welcome to Adulting 101—a lesson on how to make it on your own after college. People often say the college years will be the best years of your life, but they don’t explain why. Let’s be honest: The best part of attending college or university is living life at the meeting point of childhood and adulthood. This article isn’t meant to intimidate you, but rather to prepare you for what happens after graduation. College may be over, but Adulting 101 might be your most important class, yet.
“Go to college,” they said. “It will be the best years of your life.” Almost everyone has a crazy story from their college days, and we’re willing to bet that not one of them mentions tuition. As of October 2017, the price of college education rose faster than inflation. The average annual cost rose by $300 at public four-year colleges and $800 at private schools. It’s no wonder that students are applying for loans left and right. But as a young adult who is starting to look for their first full-time, salary-paid job, how do you save money while paying off student loans? Here are a few tips: