Finance Archives – Weichert, Realtors

20 Jan 2023

House Poor: What It Means And How To Avoid It

Real Estate

There is a good chance you have heard someone described as being house poor. What exactly does it mean? It is important to understand what it means to be house poor and how you can stay away from it. House Poor Means Spending A Significant Chunk Of Your Income On Housing Being house-poor means different things for different people. In general, it means spending a significant amount of your monthly income on recurring expenses related to your house. A few examples include your mortgage, the interest on your mortgage, your property taxes, and HOA expenses. Owning a house can be…

Looking to Close Faster? Follow This Easy Guide to Speeding Up the Mortgage Process

Real Estate Tips

If you're buying a home, you'll want to try to get your mortgage processed as quickly as possible. Improperly filed mortgage applications are one of the biggest reasons why home sales get delayed, and if you have a hard move-out date already set, it's critical that your mortgage process goes smoothly. With careful planning, though, you can shorten the mortgage process and get your financing approved faster. Here's what you need to do to speed up the approval. Get Your Paperwork in Order Before You Apply One of the biggest reasons why mortgages get delayed is because the applicant is…

How to Become a Homeowner: First Time Home Buyer Guide

Real Estate Tips

Becoming a homeowner for the first time is exciting. However, for many potential buyers, the process can also be confusing. Below is an overview of the steps you need to complete in order to buy your first home. Work Out The Finances The first step in buying a home is deciding on a price range. This price range will be determined by your income, as well as your own comfort level with home prices and monthly payments. Consider all of these factors to determine the maximum amount you are willing to spend on your new home. In most cases, you…