Traditional Second Mortgage vs Home Equity Line Of Credit

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As a homeowner, you have the ability to use the equity in your home as a financial tool. Whether it be starting a business, home improvements, or debt consolidation, home equity can be used to help achieve life goals. Two ways to use that equity are a traditional second mortgage and a home equity line of credit. If you’re new to these terms, you are likely wondering what is the difference between a traditional second mortgage and a home equity line of credit? Commonalities Between a Second Mortgage and Home Equity Line of Credit Applying for a second mortgage and […] Read more »

Paying Off The House Wasn’t Our #1 Priority – but we did it anyway

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Attention, Attention, EOD Nation!  I interrupt our usually scheduled program to bring you a very special post from our friend Steve Stewart, who has some very exciting news to share with us!  Take it away, Steve!!!! Today is the day! My wife and I are going to the bank and paying off the house! This is our Christmas gift to each other – and it is just what we wanted!  We purchased our home in 1999 on a 5/1 ARM, then refinanced it (twice) by 2003. I’d like to say paying off the house was our #1 priority, but it wasn’t.  […] Read more »

Renting isn’t throwing money away

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How many times have you heard someone say “renting an apartment is just throwing money away?” Maybe you’ve been told it’s better to buy a house when the monthly mortgage payment is equal to rent. It sounds reasonable but it isn’t true: Renting isn’t throwing money away. The dollars left out of the deal Buying a house will cost you much more than just a monthly payment. Rentals often include things like water, trash collection, and even heat that a mortgage just doesn’t cover. A home owner has to pay those on top of their principle, interest, taxes, and insurance. […] Read more »

My New Decade Resolution: Paying Off My Mortgage Early

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As another year comes to a close, people will reflect upon their successes and failures of the past year. They will also look forward to 2014 and set goals for what they hope to accomplish in the new year. Having turned 40 over the weekend, I’m taking a bigger picture approach. I started reflecting on my life in terms of decades. I spent my entire twenties and half of my thirties being financially irresponsible racking up $109,000 of credit card debt. The second half of my thirties was spent recovering, paying off that debt through the help of a debt […] Read more »

Should You Buy or Rent a Home, Which is Better?

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Is it better to buy or rent” when it comes to finding a place to live?  If you read my last post “Buying a Home, Is It a Good Investment?’ , you discovered that buying a house is not always a good investment if you’re looking for investment-like return for building wealth. There are some cases where you can make a decent return over 30 years, but in many cases, the increase in value of the house doesn’t come anywhere near keeping up with the ongoing expenses such as maintenance, mortgage interest, insurance, and property taxes, which can actually result […] Read more »

Buying a Home- Is it a Good Investment?

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Buying a Home Is it a Good Investment

Most people have been told at some point that buying a home is a good investment.  We’ve heard from our parents, the media, relatives, and real estate pros that buying a house is a good investment that will help you to secure your financial future. We’re told that investing in a home that appreciates over time will help you secure your golden years by paying it off in your younger years and leaving you without a house payment when your older.  It also provides you with a large chunk of money once you sell it and downsize to a smaller […] Read more »

12 Smart Steps for Buying a Home

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buying a home

When you decide it’s time for you to buy a home, especially when it’s your first one, there are plenty of important details you need to know that can save you a large amount of time, money, and problems if you just take the time and effort to pay attention to the details and use a little common sense. I’m convinced that one of the main reasons so many people have been foreclosed on and are struggling is because they failed to use some of these common sense rules when they purchased a house and they ended up in financial […] Read more »

Mortgage Free – Why This is Essential for Traditional Retirement

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Who in their right mind would argue that being mortgage free is the only way to be if you expect to retire in some traditional way, with a house of your own? That would be me. As they say, "opinions vary" and "results vary." But, if you pay off the mortgage before you retire, that eliminates a large financial obligation essential for living - someplace to live. That's one of the big reasons it makes sense to me. From my vantage point, as an early self-retired individual, I see being 100% debt free as an essential part of having peace of mind when you retire, and I'm up on my soapbox to explain why. Gather 'round my financially fit friends and lend me your ears. Read more »

Motivation 101 – Saving To Buy, Instead Of Buying To Slave!

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Can You Buy A House, Have A Car, Or Go To College Without Debt? With a plan you can!  It seems like every time I write an article like this I lose a few subscribers.  That’s fine, I am fully aware that I will not please everyone.  This would be too easy if I could, and frankly I like the challenge. For some reason people seem to get angry about someone (me) telling them that it is ABSOLUTELY POSSIBLE to live life without accepting the chains and bondage that come with debt.  I could speculate all day long about why […] Read more »

Buying vs. Renting – What Should You Do?

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I think a majority of people would say it is better to buy simply because of the “I own it”, way of thinking. I used to believe the same thing. I think people do not take into consideration all of the things that should change that “normal” way of thinking. Dave Ramsey believes that if you are in debt, have no savings and no plan you SHOULD NOT buy, and I am right there beside him in agreement. You need to consider insurance costs, property taxes, as well as being responsible for ALL repairs. All of which does not enter […] Read more »