Archive for mortgage
Property With The Best Views To The Ocean
Posted by: | CommentsAlthough Property with the best views to the Ocean is often among the most expensive of all properties, it is also one of the best investments available. The property almost always retains its value and is rarely affected by recession or other economic factors.
When the real estate bubble recently broke, the prices of ocean view properties did not fall like many other properties. Since this property remains in high demand buyers will pay premium prices to have this property as their own. The better the view the more likely that the property will retain its value through the years.
No matter where you live, there is a limited amount of property that has any ocean view. If you own property that has the best view, it is indeed considered to be premium property. While rural properties are continually being converted into residential property, there is a limited amount of property that offers the view of the ocean.
Man has been intrigued by an ocean view for many years. The rhythmic view and sound of the ocean gives this property its excellent value. The ocean itself helps to keep the climate moderate so that even on the warmest of days or coldest of winters, temperatures are more moderate at the coast than anywhere else. Property owners are able to spend more time outside of the home enjoying all the fresh air that is available along the coast.
If you are considering investing in a vacation home, you may also want to use the property as a vacation rental to increase the return on your investment dollars. Many owners find that only one week of rental fees cover the monthly payment on their investment.
If you do plan to use your investment property as a vacation rental, you may want to have one area where you are able to store some of your personal items so they do not need to be transported every time you make a trip to your own property. This may be a closet or an area that is walled off in the garage. In addition, you will want to choose those items that are for guest use with care.
In many of the ocean communities, you will find vacation rental agencies that will take care of renting, cleaning and maintenance of your ocean property. They will advertise your property on their website and you will have the option to block out periods that you plan to use the property.
Ocean view properties often require more maintenance than other properties which may be located further inland. Salt air as well as moisture in the air often cause the properties to need to be painted more often. Additionally, properties near the ocean may have difficulty with metal appliances and fixtures rusting due to the air’s salt content. These minor difficulties should not cause you to avoid purchasing these fine properties.
With all investments, you should realize that there is no guarantee of a return on dollars. As a purchaser, you will want to use your own due diligence in investigating potential return on investment dollars for Property with the best views to the Ocean.
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Is It a Good Idea to Prepay Your Mortgage?
Posted by: | CommentsThe tax rebate most Americans got may already be spent, since many families used it to pay bills or buy longed for items. If you still haven’t decided what to do with this refund, or any other windfall you may get, such as a bonus, think about the benefits of prepaying your mortgage.
Using any excess funds to pay off your mortgage will lower the balance on the loan more quickly.
Some people may have wanted to use this windfall to help their financial future, and rather than investing in stocks and bonds, it may be better to prepay some of your mortgage. Recent turmoil may have made you fearful about investing the money in such investments, while an additional investment in your house, one of the largest and most secure investments you can make, may be the perfect solution to provide for the future.
Using any large amount you get, or even small amounts every month, will cut down your mortgage balance and save you a lot over the long run.
If you have already spent the refund, there are some other ways you can try to pay your mortgage down faster. Without creating a great impact on your monthly family budget, you can save thousands of dollars on your home loan.
You can either make a little more additional payment to your home loan each month, by cutting out some small luxuries that you can do without. Since the largest portion of a mortgage is interest, you will be paying this interest off more quickly. In this way, the overall mortgage is paid down more quickly as well.
There is another wonderful ways to pay your home loan down early without any financial pain at all. Just send one half of your mortgage payment in earlier than due, and the second half on the normal due date. The payments are the same each month, but the earlier payment will reduce your mortgage more quickly over the years.
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Singapore Refinancing Your Home
Posted by: | CommentsEven though refinancing a housing loan can save you thousands of dollars you will be startled that not that many individuals actually take the time to do it. If you considered the time it takes and figure out the cost saving and equate that to how much you get paid per hour it could be like not going to work for several weeks. Consider the following aspects so that you can see how simple it is to refinance your mortgage today.
Current Interest Rate
It is definitely a good indication for you to explore refinancing when your current interest rate is higher than available mortgage packages on the market. A first step to take is to go back to your current banking company or financial institution and ask them to revise your package, otherwise known as repricing. If your lender comes back with an offer, it will ordinarily be better than your existing one. You can then compare this offer with offers from other lenders to see whether you should switch or stay put.
Lock-in and Clawback Periods
When you take up a mortgage, there may be a lock-in period where your housing lender will charge you a penalty fee, commonly a percentage of your outstanding loan amount, if you were to fully repay your loan. Almost all loans also come with a clawback period where the lender will claim back “freebies”, such as legal subsidies, that they “gave” you when you take up your home loan (Note: lock-in period is separate from clawback period). It may not be commendable for you to refinance due to such costs.
Loan Quantum
The larger your loan amount, the larger your savings for the same reduction in interest rates. For instance, 1% on a loan of S$100,000 is much less than 1% on a loan of S$500,000. However, fixed cost to refinancing, which represents mainly of legal fees, do not vary much with loan quantum. The difference between your current and refinancing interest rates, therefore, has to be bigger for a relatively smaller housing loan as fixed cost eats into a more substantial portion of your interest rate savings.
Perceived Interest Rate Movements
Your view on how interest rates is moving can be a factor when considering whether you should refinance. If you are presently on a fixed rate package and believe interest rates are dropping, you may want to refinance to a floating rate package. Conversely, if you are on floating rates and believe interest rates are skyrocketing, switching to fixed rates may be a positive choice.
Individual Financial Assessment
If there is a change in your financial state, you may want to vary your package particulars via refinancing. For example, you are starting your own business organisation and do not want volatility in other areas. Give some consideration to taking up a fixed rate package. Maybe you want cash to invest in different property. Consider raising your loan quantum. Or your monthly income has increased and you want to reduce interest loan payments. Consider reducing your loan tenure.
Consider calling us today if you are looking for refinancing in Singapore. We can save you a lot of money plus give you the latest advice all for free.
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Why You Should Have Mortgage Insurance.
Posted by: | CommentsIf you have slaved for a number of years to obtain a home, you most likely have thought about ways to protect it.
If anything happens to you, either death or disability, you probably want to know that your family will not have the home you have worked so hard to get taken away from them. Mortgage insurance is the way a homeowner can assure this. These are known either mortgage insurance policies or disability mortgage insurance policies.
When the primary salary earner’s salary is disrupted, either because of death or a severe disability that stops him from working, the odds are that the surviving spouse could not keep the house.
Even though any type of life insurance is hard to think about because it involves the thought of death, one has to face the real possibilities. But if you worry about your family, you will be concerned about whether they will be able to keep the house if you die.
This is the idea behind a mortgage life insurance policy: to pay off the mortgage so the family can stay in the home. A decreasing term life policy is the one that most people choose since the amount of the benefit goes down over time as you pay down more and more of your home loan balance and the required life insurance benefit is lower.
Mortgage disability insurance, on the other hand, is designed to allow the payments on your mortgage to continue in the case you are disabled due to an accident or illness and cannot work and pay your mortgage. In the case of disability insurance, the monthly payments are made while the insured is disabled. Some people think this is not necessary if they have disability insurance at work, but be aware that this insurance only covers 60 to 70% of the salary, and that may not be enough to pay all expenses, including the home loan.
Many consider mortgage disability insurance more critical than mortgage life insurance because the odds of becoming disabled are much better than the odds of dying during your working life.
In addition, in this time when many, if not most families cannot afford a home unless there are two salaries to support it, joint coverage may be picked and each of the insured parties is covered for half of the mortgage payment. It may happen, for instance, that a car accident disables both a husband and a wife who were together in the car.
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Take Charge of Your Family Finances
Posted by: | CommentsMaintaining a regular assessment of your family finances is essential to the family’s financial welfare. Here are some guidelines to control your household finances.
Credit Card Use
If you have a credit card, use it, but don’t forget to pay the entire sum, not the minimum amount, at the end of the month. Utilisation of credit card should be done wisely.
Rule of Thumb
Household expenses should be lower than 33% of household income. If it is higher, think of cutting down your expenses. Below are useful tips to cut down your household expenses.
1. Cleaning of air-conditioners should be done regularly.
2. Wash your laundry on full load.
3. Put thimbles on your taps
Allocate Book Keeping Reponsibilities to Your Kids
Do you have children? Think of assigning simple tasks such as data-entry to them. Through this, they will learn the basic financial principles. Moreover, it will also give them a sense of responsibility and promotes good financial practice.
Keep a File of Your Financial Statements
Take note of your finances. Have a notebook or a ledger. If you have an access to a computer, organize the physical bills and statements by putting everything into a spreadsheet. You don’t even have to pay up cash for a spreadsheet.
Here are some tips in organizing your financial statements.
1. To save time from entering data, get soft copies of bills and statements, if possible.
2. Back-up all your files, save them into CD-R or thumb drive. Then keep them in a safe place.
Plan Your Finances
If there is only one in the household is working, and there is not much sources of income, consider an insurance plan for the breadwinner. Financial worries are not something your family should cope with in the event the sole breadwinner is incapacitated.
Do It Regularly
When you are not doing your task, it piles up. Set aside 30-60 minutes each week to maintain your finances.
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