Good communication is the key to a healthy marriage, yet so many couples neglect discussing their finances with each other. Discussing finances can be an emotional subject. From our experience, since money squabbles are at the heart of many break-ups, it’s important to sync up your financial goals and philosophies. Here are four conversations you and your fiancé should have prior to tying the knot: What is your spending philosophy? Determine whether you and your partner are spenders or savers, what you both like to splurge on and how your attitudes toward money within a marriage have been shaped by your upbringing. You may be surprised to discover that you both have differing ideas on how much each of… Read the full article.
“Mortgage rates are at historic lows!” Seems we have been saying that now for several years running, and interest rate volatility has been nearly non-existent in the recent past. When we do see interest rate movement, however, there can be a variety of factors in play. Here are some of the most significant: The Federal Reserve The first place to look is the monetary policy from the Federal Reserve, which sets the interest rate banks charge each other for short-term loans. Markets are always looking to guess what “The Fed” will do next. This is a Committee of national economic experts that work to manage the interest rate environment in a way that will help the U.S. economy. Financial markets… Read the full article.
You’ve perhaps heard us talk a lot about portfolio home loans. If not, here’s the lowdown. What is a Portfolio Loan? What makes a portfolio loan different than most mortgage loans is that the loan is funded locally, with funds deposited by our account holders. The loan becomes part of the bank’s “portfolio”. We’re not selling the loan – or the servicing (monthly payment collection) off to another bank or organization. Why a Portfolio Loan? Portfolio loans come with a number of advantages. Because the loan is funded by Great Midwest, there are almost always fewer underwriting restrictions. Portfolio loans are seen as a common-sense approach to mortgage lending – different from the “fit in-the-box” approach consumers experience from a… Read the full article.
Bad advice is everywhere, especially in the home loan industry. Recently, Realtor.com took a stab at dispelling some of the bad advice home buyers believe. Two pieces of bad advice in particular stood out that we thought deserved more discussion: “Don’t bother getting pre-approved for a mortgage” Shopping for a home is exciting, so it’s easy to gloss over the home mortgage loan part of the process. Even if you just started shopping, it’s essential to have a pre-approval under your belt. Sure, a pre-approval does involve pulling together some paperwork, but it’s much more straightforward than you might think. You’ll generally need: Past Two Years’ W2s Past Two Years’ Federal Tax Return (self-employed) Last Month of Paystubs Two Months’… Read the full article.
Are you making the right financial decisions? Do you know where to invest? Do you know how fast to pay off credit card debt or student loans? Are you saving for retirement? Will you ever qualify for a mortgage? It’s perfectly okay to not have all the answers to your personal finance questions. Between credit card debt, student loans, and saving for retirement, it’s easy to think homeownership will never happen. In reality, the journey to homeownership starts with a little knowledge and equal parts smart money decisions and frugal living. You can have your home, and live in it too! We’re here to help you make smart money decisions on your way to becoming a homeowner. That’s why were… Read the full article.