Tips & Advice

Experts Recommend to Always Consider Schools When Buying a Home – Even if You Don’t Have Kids

According to a new report by the Washington Post, it’s important to research school districts in your area when buying a home, regardless of whether you have children. On average, homes in areas with good quality school districts cost approximately $50 more per square foot than homes that fall elsewhere. In one extreme example given by ... More

Advice for Retirees When Downsizing: Part 5 of 5

When considering a move to a smaller property, experts suggest looking for a place that comes with a price tag you can afford to pay off without having to take out a new mortgage. For one, most retirees live off of Social Security, savings accounts and other minimal funds. Plus, says Thomas Scanlon, an adviser with Raymond James in ... More

Advice for Retirees When Downsizing: Part 4 of 5

As you begin to discuss your downsizing options, you may throw around the idea of maintaining two smaller homes: one in your current locale and one in a place with a more temperate winter climate. But experts recommend weighing the financial obligations of this idea very carefully before diving in. “My own experience owning a house is ... More

Advice for Retirees When Downsizing: Part 3 of 5

We’ve all heard it a million times: Location, location, location. The old adage is just as important when downsizing upon retirement as it when buying for the first time. In addition to understanding how your taxes and other expenses will be affected by your new locale, it’s also a good idea to keep your healthcare options in mind. ... More

Advice for Retirees When Downsizing: Part 2 of 5

When downsizing, you may be lucky enough to walk away with some extra cash at closing. To make the most of that money, the best thing to do is invest some - if not all - of it right away, before it's suddenly gone. “People have a tendency to look at that as found money” and spend it too quickly, explained Larry Luxenberg, managing ... More

Advice for Retirees When Downsizing: Part 1 of 5

The first thing to keep in mind when considering downsizing is that you should be careful not to wait too long. The longer you wait to downsize, the more time you spend paying your higher incoming taxes, utility bills and other unnecessary expenses. "You don’t necessarily need to wait until the last [child] gets out of college to pull ... More

Researching Utilities Is Essential in Determining Home Buying Budget

The importance of factoring in taxes and insurance costs when considering a home buying budget is well known, but Bank of America reminds us of another pesky monthly expenditure to keep in mind. “If you're moving into a larger home than you're used to, a home that is newer or older than you're used to, or located in a climate that's ... More

One Important Thing to Consider Before Taking Out a Home Equity Loan

There are several things to think about before taking out a home equity loan, but among the most important is to consider is what the loan will be used for. “The best reason to take out a home equity loan is when it has some positive impact on your finances,” CNN Money’s Les Christie advises. “Using it to pay for a renovation that ... More

Financial Advisors Warn Against Reverse Mortgages

Reverse mortgages can make a lot of sense for many people. They allow homeowners to borrow money against the value of their homes, and the funds don’t need to be repaid until the individuals move. Financial advisors, however, continue to warn against this option, noting that it often “traps” homeowners into losing out on equity once ... More

Experts: Lock Now, As Mortgage Rates Back Down

Mortgage rates are back in line with recent lows and averaging out at 4.125%, Mortgage News Daily is reporting. Experts advise locking in on a rate now. “I'm cautiously optimistic that we are about to break back into the long term trend of lower rates, but remain right on the edge,” says Brent Borcherding. “The safest decision is to ... More