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The Guidelines for Home Downsizing
Numerous advantages can come from downsizing. It may also imply less maintenance work and a decrease in housing expenditures. Downsizing, on the other hand, might present a number of difficulties. Even if your children have grown up and left the nest and you are an empty nester, it can be challenging to adapt to a lower amount of living space.
Consider today’s market. Although downsizing could save money, the real estate market today is severely deficient in inventory. Therefore, it could be more difficult to downsize into the kind of property you want. That might be difficult both logistically and psychologically. Verify that the location you choose still meets your most basic human needs and a little bit more.
Consider the cost of storage. Not just pensioners could want to downsize. You might decide against getting rid of your furniture and things that won't fit in your new home if you're planning to downsize for a few years in order to save money and strengthen your finances. A doorbell camera can serve as a deterrent to crime near your property and is a necessary component of any home security system.
Consider your budget. With no longer having children living at home, downsizing is rather frequent among older people and retirees. However, younger people are now trying to downsize in order to save money on housing at a time when inflation has made everything astronomically expensive. Additionally, it might assist you in reducing housing-related expenses including upkeep, repairs, insurance, and property taxes.
Determine HOA fees. Many downsizers switch from a detached property to a townhome or condominium. These are typically found in residential areas where homeowners association dues and regulations apply. Make sure your HOA fees are affordable and fit within your budget if one of your downsizing goals is to save money on housing. Additionally, you must ensure that the regulations you must follow do not limit your way of life.
#downsizing#home#home security#home & living#home & lifestyle#home improvement#mortgage#house loan#investment#security systems#home safety tips
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I'm sorry but....how fucking entitled?
We won't forgive HOME or CAR debts, which are needed for most people to live their lives & survive, let alone HEALTHCARE debts, which KEEP PEOPLE ALIVE,
but we will forgive student loan debts?
HOW ABOUT FORGIVE ALL POOR PEOPLE'S DEBTS SINCE YOU KEEP BAILING OUT THE RICH AND FORGIVING THEIR DEBTS, YOU EVIL BANKING OVERLORDS?!
Seriously, banks are, without a doubt, the single biggest source of evil in the world.
They legitimize EVERYTHING else....
(do you really think for profit wars, prisons, and healthcare would thrive without a fake money and organization backing them up? Not to the insane extent they are now...)
<I just found it ludicrous, my entire life, that, without question, by default, the government (in turn, banks) own everything. If someone goes broke, owes taxes, etc. WTF!? How does a few people in a few organizations legally own most of the planet?! WHAT DID THEY DO TO ACTUALLY EARN IT!? DESERVE IT? NOTHING. THEY STOLE IT!!!>
#debt#bailout#bailouts#bank#banks#banking#federal reserve ain't so federal#federal reserve#student loans#college#healthcare debt#student debt#car loan#house loan#housing debt
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Land Loan Vs Home Loan: Understanding Differences and Similarities
Learn more about the similarities & differences between home loans vs land loans? Let’s dive in and explore the world of property financing together.
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Things Biden and the Democrats did, this week.
The Consumer Financial Protection Bureau put forward a new regulation to limit bank overdraft fees. The CFPB pointed out that the average overdraft fee is $35 even though majority of overdrafts are under $26 and paid back with-in 3 days. The new regulation will push overdraft fees down to as little as $3 and not more than $14, saving the American public collectively 3.5 billion dollars a year.
The Environmental Protection Agency put forward a regulation to fine oil and gas companies for emitting methane. Methane is the second most abundant greenhouse gas, after CO2 and is responsible for 30% of the rise of global temperatures. This represents the first time the federal government has taxed a greenhouse gas. The EPA believes this rule will help reduce methane emissions by 80%
The Energy Department has awarded $104 million in grants to support clean energy projects at federal buildings, including solar panels at the Pentagon. The federal government is the biggest consumer of energy in the nation. The project is part Biden's goal of reducing the federal government's greenhouse gas emissions by 65% by 2030. The Energy Department estimates it'll save taxpayers $29 million in the first year alone and will have the same impact on emissions as taking over 23,000 gas powered cars off the road.
The Education Department has cancelled 5 billion more dollars of student loan debt. This will effect 74,000 more borrowers, this brings the total number of people who've had their student loan debt forgiven under Biden through different programs to 3.7 Million
U.S. Agency for International Development has launched a program to combat lead exposure in developing countries like South Africa and India. Lead kills 1.6 million people every year, more than malaria and AIDS put together.
Congressional Democrats have reached a deal with their Republican counter parts to revive the expanded the Child Tax Credit. The bill will benefit 16 million children in its first year and is expected to lift 400,000 children out of poverty in its first year. The proposed deal also has a housing provision that could see 200,000 new affordable rental units
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Investing in multi-family homes can be a game-changer for building wealth and generating passive income. The positive news is that rural housing loan, traditionally associated with helping veterans purchase primary residences, can also be utilized for multi-family investments.
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The Ghost of Debt Past: Halloween Tales of Overcoming Financial Hauntings
Introduction:
Greetings, my dear readers, and welcome to a spooktacular edition of our financial journey. As we embrace the Halloween spirit, let’s explore a chilling concept that many of us can relate to: the Ghost of Debt Past. This eerie apparition represents our past financial mistakes and, much like a ghost from a haunting tale, it has a knack for returning when you least expect it.
In the…
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#Auto Loans#Budget#Credit card#Debt Ghost#Financial freedom#Halloween#House Loan#Loan Ghost#Mortgage#passive income#Student Loan
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Home Loan: Full details of all Income tax Benefits available to you
Home Loan Income Tax Benefits: According to regulations of the Income Tax Act of 1961, obtaining a house loan can provide chances to reduce taxes. Although getting a home loan can be expensive, there are a number of tax exemptions that can help you save money each year. It’s important to know how to utilize these benefits. Any home loan consists of –
Principal Amount
Interest Amount
Various…
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Get the best mortgage rates in Denver with Denver Mortgage Companies. Our expert team of mortgage advisors can help you find the perfect loan option for your needs, from buying a home to refinancing and more. We provide personalized advice and competitive rates so you get the best deal possible. With our commitment to customer service, you can trust us to make the mortgage process simple, easy, and stress-free. Get started today with Denver Mortgage Companies!
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Determine Home Loan Eligibility Using A Reverse Calculator
What Is A Home Loan Eligibility Reverse Calculator?
In a typical house-buying procedure, purchasers first select a property and then approach the bank for just a home loan on that home. Many times, the property is within the buyer's budget, but the bank will not approve the requested loan amount. In such circumstances, the buyer must let go of the house and seek alternative possibilities, such as a smaller home in the same region or a similar-sized home in a less expensive area.
Lenders provide home loans after conducting extensive checks on the applicant's (borrower's) repayment capabilities as well as some financial and technical elements of the property being purchased.
However, before asking a bank for a house loan, it is vital to conduct a simple self-check to determine how much loan you can afford to bring, and then choose a property that falls within your budget.
Banks typically provide pre-approved house loans in which they issue In-Principle sanction letters based simply on the borrower's income; this fulfils this function. However, you must pay some fees each time that you apply for a house loan sanction or approval letter.
Reverse Calculation Example for Home Loan Eligibility
Understand reverse computation by using the following example:
Ms Sharma, a 28-year-old IT worker with a monthly income of Rs 75,000, lives in a leased flat in a prestigious New Delhi neighbourhood.
She married last year and hopes to purchase a home for her family.
The official retirement age is 58, which implies she has 30 years to repay the Home Loan. Furthermore, any bank's maximum loan term is 30 years.
She has the below monthly liabilities out of her Rs 75,000:
Rs 25,000 in house rent
Rs 15,000 EMI on a car loan
Rs 5,000 EMI on a personal loan
Rs 10,000 recurring deposit, LIC, investments, etc.
She has accumulated a corpus of Rs 10 Lacs via savings and family assistance, which she hopes to utilise to purchase her first home.
The entire income available for EMI consideration, in this case, is Rs 55,000. (After deducting EMIs for Car Loans and Personal Loans). Banks only deduct EMIs for loan repayments, not contributions toward any savings or investment programmes.
Banks typically allow 50-65% of in-hand wages for home loan EMI payments, however, this varies by bank. As a result, the highest EMI payment allowed is Rs 35,750 (65% of Rs 55,000). Consider a private bank that allows 60% of salary for EMI payments, which equals Rs 33,000 (60% of Rs 55,000).
Determine the maximum loan you can acquire depending on this available amount. This is fairly simple to compute with the EMI Calculator.
In this situation, a maximum house loan of roughly Rs 39.5 Lacs for 20 years, Rs 42.7 Lacs for 25 years, and Rs 45 Lacs for 30 years can be obtained based on EMI payments of Rs 33,000.
(With an interest rate of 8.0%)
With a maximum loan of Rs 45 Lacs and a corpus of Rs 10 Lacs, the maximum budget for a house should be approximately Rs 55 Lacs (including all additional government charges)
It should be remembered that banks only support up to 80-90% of the property value for loans under Rs 30 lacs, 80% for loans between Rs 30 lacs and Rs 75 lacs, and 75% for loans beyond Rs 75 lacs.
So, in this scenario, the highest amount acceptable is Rs 45 Lacs, and it should be a maximum of 80% of the property value.
In layman's words, Rs 45 Lacs is 80% of Rs 56.25 Lacs. So, to get the full benefits of the loan amount qualification, the home should cost at least Rs 56 Lacs. However, the down payment (the remaining 20% to be paid) and governmental costs of Rs 4 Lacs (7% of Rs 56 Lacs) total roughly Rs 15 Lacs. This exceeds the Rs 10 Lacs corpus allocated.
In other words, the Rs 10 Lacs corpus should be considered 27% of the property cost.
This implies that, in addition to the loan, you need to have at least 27% of the property cost (agreed value) available to pay in advance.
This includes a 20% down payment as well as around 7% in government fees such as Stamp Duty and Registration.
In this case, Rs 10 Lacs is 27% of Rs 37 Lacs.
So, even if Ms Sharma is qualified for a maximum loan of Rs 45 Lacs under the bank's criteria, she may only buy a house worth up to Rs 37 Lacs (excluding Government Charges).
How Do You Use A Reverse Calculator To Determine Home Loan Eligibility?
Here's how to use a reverse calculator step by step: -
Step 1: Access any online reverse calculator.
Step 2: Fill out the form with information such as the property type, estimated house value, Pin Code, overdue EMIs (if any), and the age of the lowest co-borrower.
Step 3: After you have entered all of the information, you will be given the loan amount.
Instill the practice of saving: Greater savings will allow you to buy a more costly home, even if the bank only lends a fixed amount. In this scenario, Ms Sharma has a corpus of Rs 10 Lacs, which limits her ability to purchase a home up to Rs 37 Lacs. She could have purchased a more expensive property if her corpus had been larger.
Buying a house before the age of 28: Because the average retirement age for most salaried people in India is 58 years (60 years for central government employees), taking a home loan before the age of 28-30 allows for a longer repayment period of up to 30 years, which increases the individual's home loan eligibility.
To Summarize: Reverse Calculator
Before you apply for a house loan, you must always check your eligibility. Reverse computation is one of the simplest methods for determining your eligibility. A reverse calculator can be used to perform the computation.
Also Read: Learn more about Home Loan Tenure and Facts Related
Also Read: Important Facts that Every Borrower Should Know About Home Loans |Times Property
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Enrich Mortgage Group is a brokerage primarily based totally in Calgary with over forty marketers throughout Alberta, British Columbia, Saskatchewan, Manitoba, Ontario and Newfoundland! Under this organization a franchise of Mortgage Alliance Canada, Richard Anderson affords the platform for loan specialists to be wildly powerful at their craft – imparting customers with the first-class alternatives for financing their actual property investments. If you need to recognise approximately first-class quotes for condominium belongings loan in Canada go to our internet site or can name also.
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We are a leading mortgage broker providing Arlington, VA lenders, Arlington VA mortgages and home loans in Arlington, VA. We offer a variety of mortgage programs and services to meet your needs.
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Home loans in India https://bankwire.in/2022/06/10/home-loans/
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How To Get A House Loan In Scotland
How To Get A House Loan In Scotland
Introduction
Everyone wants a house, but not everyone has the money to make it happen. There are a lot of ways to get a loan for your home, including taking out a mortgage. However, if you are worried about the cost of getting a mortgage and don’t have much savings or credit available then it may be best to look at other options. In this article we’re going to help you find out about various…
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Is it hard to get a mortgage?
Now is a fantastic time to apply for a house loan because mortgage rates today are almost at a historic low. Even though getting a mortgage may be more affordable than ever, getting one authorized has become more challenging.
For more information : https://www.ratetrade.ca/blog/is-it-hard-to-get-a-mortgage/
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Impact of Home Loan on Lifestyle
A home loan or house loan means a sum of money borrowed from the financial sector to buy your dream house. Read to know everything about the housing loan and why to opt for it.
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