Buying a Home

Pay off Mortgage or Invest?

It feels good to be in a financial position where you’re trying to decide whether to pay off your mortgage or invest in other assets, such as real estate. Either option can advance your financial stability and impact your future, but paying off your home loan may be more suitable in some cases; likewise, investment might be better for others. It’s important to weigh a few factors to determine which arrangement is best for your situation.

Tax Benefits: Your mortgage payments are tax deductible, so you’ll lose this benefit if you pay off your mortgage early. If you have a higher income and are able to itemize several other deductions, the impact of removing the tax benefit can be significant. Other homeowners falling into a lower tax bracket might consider investing their savings into real estate or other assets rather than a mortgage payoff, as the tax savings are likely negligible or even zero. (more…)

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Why You Should Buy Your New Home Instead of Renting

Why You Should Buy Your New Home Instead of Rent

Why You Should Buy Your New Home Instead of RentWhether you’re considering relocating across town or across the country, you’ll be making one major decision about your living arrangements: buying a new home or renting. Signing a lease is certainly convenient in that there are fewer worries about maintenance or repairs. You simply contact your landlord, and he or she will solve problems according to the lease. But convenience isn’t the only factor, as you’ll see when you look at the many reasons buying is a better option for most people.

You’re making an investment that increases in value. Real estate has an excellent return on investment as compared to other assets, even if you do nothing to the place. But there’s more incentive to improve upon it when that property is the house you live in – and when you renovate, you add value. Typically, you’ll gain more than what you put into home improvements and you’ll reap the rewards when you sell.  (more…)

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How a Good Realtor can Make or Break the Home Buying Process

Even after you’ve made the big decision to buy a home, there are still other choices you’ll have to make as you’re looking for the perfect place. One of the first tasks you’ll need to accomplish is finding the right realtor to assist you in your house hunting efforts. There are countless real estate professionals out there, but you must separate the good from the bad to make the home buying process run smoothly. Here’s why a qualified realtor is important and some pointers on what to look for.

A Good Realtor is Critical for Several Reasons  (more…)

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How to Make Buying Your First Home as Simple as Possible

Buying your first home is a huge milestone, and an incredible feeling once it’s completed. During the process, though, it can be kind of daunting. As an FTHB, how can you make things as simple and painless as possible? Here are a few tips.

Check Your Credit. When you apply for a home loan, the bank will run a credit check to see what your financial situation is, and how likely you are to make your mortgage payments on time. So that there are no surprises, do your own credit check first. There are a number of sites that offer a free credit report that you can look over. If it turns out your credit score is too low for a regular loan, you might consider applying for an FHA loan, which caters to those with lower credit scores and allows for a much lower down payment. (more…)

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Are Investment Homes Worth the Investment?

You’re thinking of investing in another home. You can rent it out to tenants and make some extra money, hardly without any work or effort on your part! Seems like a dream come true. But is it really? What can you expect out of an investment home? What are the benefits, and what do you need to be careful of? In short, when are investment homes worth the investment?

A Long Term Investment

The first thing to be aware of is that investment homes aren’t a get rich quick scheme. The process can take decades. It needs to be well-researched and planned out in advance, so that you know exactly what you’re getting into. What kind of home are you buying, and what’s the neighborhood like? How much can you reasonably charge in rent? How long will it take to make back your investment and yield a profit? (more…)

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7 Tips to Help You Find Your Dream Home

7 Tips to Help You Find Your Dream Home

7 Tips to Help You Find Your Dream HomeYour dream home doesn’t have to be something far off in the distant future; it can be something you start looking for now if you’re smart about how you approach the process. You can’t just go out, find a great place and sign on the dotted line. You need to do some advance planning and take several factors into account before you begin house hunting. Check out these seven tips to help you find your dream home and you’ll soon be ready for move-in day.

Determine your budget. The first step in finding a home is to know what you can afford to buy, which includes consideration of what you can afford as a down payment, monthly mortgage payments, insurance and other typical household expenses. There are several online calculators you can use to assist you in finding a proper budget.  (more…)

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Major Mortgage Mistakes you Should Avoid

Major Mortgage Mistakes you should avoid - Paramount Equity®

Major Mortgage Mistakes- Paramount Equity®So you think this a great time to buy a home? It very well might be. With prices so low, you can get a home at a bargain rate and hope that appreciation is in the offing. Before you decide on a mortgage, stop and think; you don’t want to be landed with a mortgage which is not easy to pay off, pay a higher price initially or have high mortgage payments. Here are five major mortgage mistakes you should avoid for pain-free home buying:

1.    Failing to compare lenders – different banks and lenders have varying terms and conditions for home mortgages. Simply opting for the lowest interest rate, which you may well be tempted to do, is not right – you must go through the fine print as other costs as well as terms and conditions should be given equal importance. This is one of the major mortgage mistakes that you should avoid. (more…)

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Should you buy a Foreclosure or not?

Foreclosure - Paramount Equity®

buying a Foreclosure - Paramount Equity®With the housing market still down, and foreclosures common, many people wonder should you buy a foreclosure or not? While you can save a lot of money by purchasing a home that has been foreclosed on, it is important that you know how to buy a foreclosure to avoid pitfalls.

The two main issues with purchasing a foreclosed house is that you are not always able to inspect it before you purchase it. Additionally, if there are people living in the house when you buy it, you are responsible for evicting them. However, by using an experienced agent, you can avoid many of the problems associated with purchasing a foreclosed home.

To begin with, you should look for a real estate agent that has foreclosure experience. (more…)

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