Low Mortgage Rates & More for June 7-13
One of the best pieces of news is the low mortgage rates. Fortunately, home buyers can lock in at the lowest rates of the last nearly two years. USA Today covers the news.
Additionally, many current homeowners are refinancing their mortgages to capitalize on the low rates! This is a great way to save money and pay off the mortgage faster. Continue to pay the same monthly amount with a lower interest rate. More money will go towards the principle.
First-Time Homebuyer Tips
Purchasing a home is probably the biggest exchanges of your life. It’s better to be over prepared! Here is a quick list of ways you should check off when you are ready to buy a home:
- Saved enough for a down payment (no PMI for 20% down but that doesn’t mean 5% down is no-go)
- Saved for additional maintenance costs
- Secure employment
- Long-term plans to live there for 5+ years
- No credit card or other major unsecured debt
How to Survive Paying for College
This week, NPR wrote a review of a recent college student’s survival guide to paying for college. Lauren Schandevel created the guide based on her experience at the University of Michigan.
Here is a description of the guide from NPR:
Today, a year and a few months later, Schandevel’s crowd-sourced guide stretches more than 100 pages. It includes advice about jobs, housing, mentors, financial aid — even a bunch of great tips on where to find free food on campus. The doc’s popularity helped her embrace her economic status and start to feel empowered.
See you next Friday for the Weekly Round-Up!
The content for this post was sourced from www.TalkingCents.ConsumerCredit.com