What Size Mortgage Can I Afford and How Can I Figure That Out?

What Size Mortgage Can I Afford

How big is “too big” when you’re thinking price tag on a new house? That’s the question that’s on everyone’s mind when they first go new-home shopping: What size mortgage can I afford? It’s a prudent thing to ask and sensible when it comes to your finances.  Part of the whole Great Recession in 2009 was an issue with home buyers taking on far too high of a mortgage value than they could afford.  (That and getting themselves into mortgage products that were probably not the most ideal for their situation). So to avoid another house buying implosion, a smart consumer will first take a … [Read more...]

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

should I pay off my mortgage early

I think at some point everyone has thought to themselves should I pay off my mortgage early or do something else with my money? We’re told all the time by the media that sending in a few extra bucks every month with our mortgage payment will help erase thousands of dollars in interest payments – and that’s a good thing! But at what cost? What if you could be doing something else with those “few extra bucks”? Perhaps that something else you could be doing may even lead to a better rate of return …   Asking the Question of Should I Pay Off My Mortgage Early: Where this is all … [Read more...]

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

House On Crack Shows Disaster

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. But wait  .... Even when that happens, you don't have to lose everything.  You worked hard for your home!  And you don't want to give it up now. That's when having someone to turn to who knows if you can you file … [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 … [Read more...]

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


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


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...]

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?


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 … [Read more...]