Though no money can be cheaper than your own money, but sometimes Jupiter home buyers have to get a mortgage in case it is not possible to have all the funds required for a high value purchase of a property. Once a mortgage on a property is taken, it helps if you repay the loan faster. This will reduce the interest payment and will get you ownership of the house faster. The question is How to accelerate the mortgage payment?.
Let us see some methods which can help you with this.
One good way to clear your mortgage faster is to round off the EMI to the nearest hundred. Say if your EMI is $550, pay $600 instead. The round numbers are very easy to remember and at the same time it will enable you to payoff the mortgage faster.
Will it make any real difference ?
The rounding off of the monthly payment may not make a big difference in your day to day expenses, but over the period of the loan the small extra payment every month will substantially reduce your interest payment as well as the repayment period. An extra payment of $50 in the example accumulates to $600 per year, which is equal to one extra instalment every year. This will be deducted straight from the principal thereby have more profound impact in reduction of interest than the normal monthly EMIs.
The difference in expenditure due to rounding off will not be a big burden on your monthly budget, rather in your mental calculation, you may already be accounting the mortgage payment to the nearest 100 already.
Over the total life of a 15 year mortgage, this extra installment every year will substantially reduce the repayment period by as many years as the mortgage is for. This money can very well be allocated and put to better use for other household expenses.
Some other ways to make the extra payment are to give a prepayment in a lump sum, or instead of the monthly payment you may opt for fortnightly payments. These will also have the same effect...
They say that language reflects the culture, and certainly, the difficulties in the real estate market the last few years are showing up in the list of new words added in the glossary this year. If you’re buying or selling Jupiter real estate, you may already have taken note of some of these new words.
Here are three most common ones for your consideration:
Water: Not Just For Swimming Anymore
According to the keepers of the language flame at Merriam Webster, “underwater” has a new definition. “Underwater” now officially means "a mortgage loan for which more is owed than the property securing the loan is worth."
Many people with underwater mortgages are choosing to delay selling until their home value comes back up. The good news is that values are indeed rising again, so waiting out the storm can be a good idea.
Risk: To Be Feared and Avoided
Perhaps not coincidentally, another new word at Merriam Webster is “systemic risk”. This means “the risk of failure of one financial institution (as a bank) affecting other interconnected ones, causing a chain reaction to the economy as a whole.”
Man Cave: Give Me Shelter
Many men probably took shelter in the now-officially-named “man cave.” This means “a place (as in a basement) made to the taste of the man of the house. It is supposed to be used for his hobbies and leisure activities.”
The good news is that the Jupiter real estate market is improving. Homeowners who were holding their breath while underwater are now coming up to the surface and enjoying the fresh air.
If you're looking for more information on buying or selling Jupiter real estate, we can help. Contact our team of professionals by filling the enclosed details.
When it comes to buying Jupiter, FL real estate, people focus on the basic questions: Are there enough bedrooms? Is it in a good neighborhood? How is the school system? While these are important points, you also need to focus on the quality of the house itself.
The quality and maintenance of a house can be overlooked when buyers get excited about investing in a home. Fortunately, there are a few areas you can check to get a quick idea of how the Jupiter, FL real estate was built and how well it’s been maintained.
- Look at the foundation. A few small cracks may not be a big deal, but multiple cracked areas could spell trouble. Also, try to see the home on a rainy day, so that you can look for water pools that could turn into basement leaks.
- Take a look under the kitchen sink and bathroom vanities. If there are signs of water damage, this means that there may be more serious plumbing issues involved being taken care of in the near future.
- Don’t overlook the utilities. Rusty water heaters, beat up furnaces and older air conditioners could mean costly upgrades in the near future.
- Peek into the attic. You want to see plenty of insulation, neatly run electrical lines and absolutely no sign of any moisture. If something looks off to you, make sure your home inspector really checks out the area.
- Inspect the sidewalk, driveway and deck. Landscaping, concrete and wood decking in need of repair can lead to big bills down the road.
- Examine everything you can see on the outside. Look at what you can see of the roof. Are there any shingles missing? Has part of it discolored? Are the gutters in good condition? Also, examine all of the brick and siding.
- Open the electrical box. You want to see everything neatly organized, and the area each breaker covers clearly indicated.
Remember, buying a home is a huge investment. Do your research and have everything checked out by...
The housing market is starting to make a comeback, but many people are still looking properties to rent. Now could be the perfect time to buy an additional Jupiter real estate and invest in your future. However, before investing in anything, take some time and consider these factors:
One may need to take out another mortgage so make sure by looking into their credit history first and clear up the errors on file. If anyone has a bad rating, improve that, so they increase their chances of approval and get the best loan interest rate. One should also think about how he will finance his dream when there are no tenants in your property.
If anyone wants to know about access to amenities in the area, including major roads, stores and schools. These are appealing to commuters and families. Avoid areas that have high foreclosure rates or are in a decline as they will reduce your investment opportunity.
There are many expenses involved with an investment Jupiter real estate, including maintenance and upkeep fees and HOA. Also think about taxes and your insurance due when renting properties.
The amount one charges for rent:
There are a number of factors that will affect the amount of rent charged on the Jupiter real estate. This needs to be comparable to other properties in the area, but adjusted for special amenities or upgrades. Calculate your monthly expenses, such as your insurance, maintenance requirements and mortgage payments, to determine the amount he should charge for the rent. Investments are worthwhile if they cover your expenses and make some profit.
Take your time to research the Jupiter real estate for your investment. If anyone interested is looking into this and want to know more, please contact us today using the form below, and we’ll be happy to help.