Can You File Bankruptcy and Keep Your House After Such a Disaster?

House On Crack Shows Disaster

The following post is a guest contribution.  If you would like to write for My Money Design, please feel free to contact me. Things happen. Sometimes things happen that are out of your control.  Sometimes you did everything perfect and something comes along that wipes out your family finances. Perhaps it was the sudden loss of a job, a medical emergency, a divorce, or any other one of life's crazy twists.  Although it's not for everyone, sometimes you have to turn to the ultimate solution - bankruptcy. … [Read more...]

How to Prepare to Apply for a Home Loan

Mortgage Application Approved Stamp by Stuart Miles

The article below was composed by a guest contributor.  If you are interested in writing for My Money Design, please feel free to contact me.It doesn't matter who you are: When you finally get ready to make that big leap to owning your first home, the sentiment can be invigorating!  Your home is your castle, and there is nothing like coming home from work to a piece of land that you own.   But within all that excitement the process of how to apply for a home loan can also have its own set of challenges.  There are lots of rules to getting a mortgage and at many times it may feel confusing or frustrating.Fortunately if you are prepared ahead of time before you apply for a mortgage, much of this burden can be mitigated and the … [Read more...]

The Conventional Home Loan – Don’t Mess It Up This Time Around

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Another one bites the dust ….It’s getting to be a sad site walking around our little neighborhood. All around us there are houses that have slipped into foreclosure.  It’s obvious when it happens.First the house gets really quiet.  Then the yard starts turning brown and overgrown.  And then it becomes official - the bank comes along and posts a legal notice in the window letting everyone know that the people who used to live their let their conventional home loan slip into default. … [Read more...]

Steps to Building a House You Can Love

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The following post is a guest contribution.  If you’d like to write for My Money Design, please feel free to contact me.So you've finally made it!  You've worked and sweat, and you and your family are finally ready to purchase the house of your dreams.  Building a new home can be a fun and exhilarating experience!  But all the steps to building a house can also be a stressful process if they are done incorrectly. … [Read more...]

Should I Pay Off My Mortgage Early or Look for a Better Return?

My Money Design Mortgage Payment After Inflation

When I refinanced my house last winter, I thought I’d never see interest rates that low ever again. So imagine my surprise when almost a year later I’m noticing rates for a 15 year loan as low as 2.75%. Could you imagine a mortgage with a rate as low as 2.75%? That’s less than the average 3% inflation rate.While all this sounds enticing, this has me wondering about my overall mortgage situation altogether. In previous posts, I’ve talked about how paying off your mortgage early could actually help your money design. But when it comes to investing, it’s always important to look at things from both sides of the fence. So in this post, we’re going to ask: Should I pay off my mortgage early or look for other opportunities with a better rate … [Read more...]

Which Is Better – Rental Income or a Stock Market Index Fund?

Rent vs Index Fund

Who’s ready for some financial smack-down? If there’s any two groups of investors I can think of that are more divided, it’s those who invest in real estate and those who invest in stocks - like a North and the South of financial planning if you will.So the question here is this: Which one actually has a better chance of making you more money in the long run?  This may be a controversial debate, but we’re going to settle this argument the MyMoneyDesign way – by running the numbers!  So let's see what we come up with ... … [Read more...]

How Much Money Would I Make If I Rented Out A House?

House

When it comes to buying stocks, the old rule of thumb is to “buy low and sell high”. If you’re fortunate enough to understand this saying, then you’ll know that it doesn’t just apply to stocks. It’s meant to teach you to look for opportunities.So even though the value of my home seems to go down, down, down every year, perhaps therein lies an opportunity. As I walk the dog through my neighborhood, there is an abundance of houses for sale. And what’s more is that I KNOW they are selling for FAR less than what I paid for mine. So this gets me thinking: • If I have any aspirations to buy a house and rent it out, is now the time? … [Read more...]

Dos and Don’ts in Mortgage

House and Keys in Female Hands

Are you looking to buy a house? The purchase of your home may be the largest expenditure you will have in your life. Therefore, applying for a home loan is a process that you should not take lightly. The cost of a house is just your beginning expense. Points and the interest you must pay for a mortgage during the term of your loan will be much more than the price of the house. That’s why paying attention to the details of your home loan may turn out to be more important than the sale price of the home.To get the most out of your mortgage, consider the following: … [Read more...]