| Most affordable housing market (mortgage refinance)
|
| ACS provides free articles on credit counseling, debt consolidation loans and refinance mortgage. |
Most affordable housing market
[ Bookmark this page! ] [ get HTML Version ]
Best Home Equity Loans
Your home can help you raise cash. How? Home equity loans have become a popular way of raising cash. The amount that you owe for your house subtracted from its current appraised worth is the equity on your house. Or simply put, it is the difference between the appraised value of the house and the amount you owe on the mortgage. As you pay off your mortgage or as the worth of your home increases, y... Read mortgage refinance article
Home Mortgage Refinance Loan - Avoiding Costly Mistakes
Mortgage refinancing has the potential to save you money if you avoid overpaying for your new loan. Mortgage companies and brokers are in the business to make money at your expense; they have clever ways of disguising fees and markup to boost their revenues. Here are several tips to help you avoid paying unnecessary fees and interest rate markup when mortgage refinancing.
Mortgage Refin... Read mortgage refinance article
Most affordable housing market
For a consumer, it is always disappointing to know that she could have bought something for a lower price, but would not be unable to do so because she already has purchased the product. The same sentiment also applies for buying houses.
There are many factors to consider before complaining. The location, for example, can significantly affect the price of a house. Two houses of the same size in two different cities may have different prices. For example, a house in Katonah N.Y that costs $1 million would have been priced for only $171,000 in Binghamton NY simply because Katonah is a wealthier city.
Coldwell Banker's annual Home Price Comparison Index (HPCI) takes these factors into consideration to reveal the real value of a house. This way, a buyer will know if she is getting what her money is worth. For almost 20 years, HPCI has been showing the most expensive and most affordable houses in all of United States and the district of Columbia.
The average house taken into account in the study consists of four bedrooms, two bathrooms, a family room and a two-car garage. Statistics reveal that the average cost of a house in the US is $423,950. The cheapest are found in North Dakota town of Minot, where the average cost is only $132,3000. The following is a list of the most affordable housing markets in the country:
Market Median home price:
Minot, N.D. $132,300 ; Killen, Texas $140,310 ; Arlington, Texas, $140,975 ; Grayling, Mich. $144,250 ; Topeka, Kan. $148,050 ; Canton, Ohio, $148,333 ; Tulsa, Okla., $148,575; Billings, Mont.. $150,141 ; Fort Worth, Texas $151,250 ; Cadillac, Mich.
$151,530.
On the other hand, houses in Beverly Hills California are the most expensive with prices averaging to $1.8 million. Of the top 10 most expensive US housing markets, nine are located in California. Only the Greenwich Conn. Market is not in the same state. The average cost of houses in this top ten list is $1.4 million.
Bookmark this page | Search this site | E-mail to a Friend
The Prudent Use Of Home Equity
Before you pay down your mortgage or decide that it isn't wise to tap into your home's equity, think twice. While you certainly want to avoid leveraging home equity to make risky investments, there are some very prudent ways to improve your financial situation without a lot of risk.
A home loan is one of the lowest cost loans available because mortgage interest is tax deductible for most people (check with your tax advisor for specifics). A home equity loan at 7% is equivalent to borrowing a 4.55% for a homeowner with a 35% marginal tax rate. By contrast, credit card rates can be 18% or higher, and auto loans average around 8%. Consolidating higher-rate, non-tax deductible debt into a mortgage will save you money.
Tax-advantaged investments, such as 401(k)s, IRAs and educational plans are often overlooked by homeowners. The Federal Reserve Bank of Chicago concluded in a recent study that many borrowers making prepayments to their mortgage rather 401(k) contributions are "making the wrong choice."
You can contribute up to $4,000 a year (so can your spouse) to a Roth IRA. Because its earnings are tax-free, you compare its investment return with your mortgage's after-tax interest rate. In the 7% home equity loan example, if you can earn more than 4.55% on your Roth IRA, it will be the better investment.
Coverdell ESAs and 529 plans are similar. Like the Roth IRA, the earnings on these educational savings plans are tax-free. If you have kids, taking full advantage of these savings plans may be a better bet than paying down your mortgage.
Are you taking full advantage of your employer's 401(k) contribution match? The match is free money that should not be thrown away. Beyond that the tax deferred earnings may also surpass the after-tax rate on your mortgage.
What about investing in the stock market? There are two reasons to be careful here. Because stock market gains are taxable, you have to reduce the earnings by your tax rate to make a comparison. Also, stock investments are inherently risky, especially if made for the short-term. Weigh that against a 100% certain return on paying down your mortgage.
How about money for a business? Businesses tend to be risky, too. But many people make a living running their businesses and borrowing may be a necessity. You situation may find using your home's equity a perfect vehicle for financing your business.
Finally, your home's equity may serve as an insurance policy against the loss of a job or an emergency situation where money is needed. In this case, a HELOC is a perfect choice. Credit that is unused in a HELOC does not cost you interest, but it is always available when the time comes. Waiting to open a HELOC until after an emergency is risky: if you lose your job, it will be very difficult to get the loan and you will pay a higher interest. The time it takes to process the loan may also play a factor.
Top rated articles for mortgage refinance
1. Bad Credit Mortgage
You might not believe it but you can find lenders offering mortgages with nothing down. Of course, you'll pay a higher rate, but you can look at the possibility of buying a house despite your lousy cr... Read mortgage refinance article
2. Mortgage Refinance Information
Mortgage refinancing can be a nerve wracking situation for any homeowner. It doesn't matter how much equity you have in your home or what your credit is like, whether or not you overpay for the loan d... Read mortgage refinance article
3. Refinance Your Adjustable Rate Mortgage
If you purchased your home using an Adjustable Rate Mortgage and are concerned with the direction interest rates are heading, refinancing to fixed rate mortgage could help your financial peace of mind... Read mortgage refinance article
4. Mortgage Refinancing - Lock Your Mortgage Loan
Locking in your loan is the process where your loan originator guarantees your rate and any points you have agreed to pay. "Locking" is a deceptive term; what you think you're getting isn't actually w... Read mortgage refinance article
5. Private Mortgage Investors
To understand who private mortgage investors are, it is first necessary to understand what a private mortgage is. A private mortgage is a legal agreement, secured by real property, between a borrower ... Read mortgage refinance article
6. Post-Bankruptcy Mortgage Refinance with Low Closing Costs
New York has exceptionally high title and settlement costs, and as a result, the state has the highest mortgage closing costs in the nation. While this won't necessarily stop you from saving money on ... Read mortgage refinance article
7. Home Inspection - Top Things to Keep in Mind During Inspection
In discussions with novice and experienced inspectors, the same things come up over and over again. Here are ten things you should keep in mind as the inspection is conducted.
1. Have reali... Read mortgage refinance article
8. Top Reasons To Refinance
Refinance and your options
Why, I hear you ask, would you need to refinance, what are the benefits and advantages of it? Well lets take the most simple way to look at it. Imagine you purcha... Read mortgage refinance article
9. How to Get Lenders to Offer You Low Rates on Mortgage Refinance
While getting approved for a Texas mortgage refinance after bankruptcy won't prove to be much of a problem, getting lenders to offer you low rates is another matter entirely. If you want to save money... Read mortgage refinance article
10. Debt Consolidation Mortgage Loan can Reduce Debt
Excessive debts can often result in a lot of anxiety and nervousness in many people. But earning sufficient money to look after daily expenses of ones living and at the same time paying down the balan... Read mortgage refinance article
Credit Counseling and Debt consolidation services in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi,
Most affordable housing market
Debt consolidation services in Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania,
Debt consolidation services in Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin and Wyoming.
Add website or submit URL link of your site to 1000 free directory