It’s more common these days to have non-traditional income that doesn’t fall into the W-2 category. Many people work in what is referred to as the “gig economy,” where income might come from a variety of freelance sources.Other times, people don’t have W-2 income because they are retired or have an independent source of wealth that generates interest income. Still other times, an individual may own their own business and take draws instead of a paycheck. In all these cases, it might seem impossible to qualify for a mortgage, since there’s no W-2 income. Lenders Are UnderstandingThankfully, many lenders understand when a prospective lender doesn’t have W-2 income. Since it’s becoming more common, lenders have come up with alternative ways to qualify borrowers who want to buy a home. Whil... 05/07/2019

According to the US Department of Energy, the average American household paid $111.67 each month for utilities in 2017. With some research and a few DIY projects, property owners can reduce those energy costs without sacrificing comfort or convenience.Establish Energy Friendly HabitsReduce energy waste to see an immediate change in your utility payments. Before bed, walk around your home. Make sure you turn off all lights, televisions, computers, and other plugged-in devices. In the colder months, close the doors to unused spaces to save big on heating bills. Dial down the heat before bed. Invest in extra blankets and cozy pajamas to keep warm without blasting the furnace. Small habits can add up to big savings.Incorporate DIY SolutionsThese easy projects improve insulation so your inte... 04/26/2019

Perhaps you plan to sell your home in the next few months or years. Keeping your garage organized can save time and ensure that you have storage space when you need it most.Get Your Purge On!Clear out the garage and separate items into categories: keep, trash, donate and recycle. If you get rid of 50 percent of your stuff, you’re doing great. The more you can get rid of up front, the less you have to organize! And if you haven’t used it in years, why would you need to keep it around?Create ZonesMap out space with masking tape, starting with where your vehicles go. Mask out where you can put heavy-duty shelves for tools, sports equipment and other stored items. Also, you can maximize storage by building cabinets or shelving from floor to ceiling.Buying clear bins in various sizes and int... 04/16/2019

Perform roof maintenance on sunny days when there’s less chance of slipping. Blocking off a weekend twice a year gives you plenty of time to complete the items below without rushing or taking unnecessary risks. The beginning of spring and fall present the best opportunities to complete your maintenance before the weather turns too hot or too cold.Loose Debris RemovalRemove leaves, branches and accumulated debris before winter sets in. Set up a ladder, preferably with another person holding the ladder steady, and clean off as much debris as possible without risking your safety.General InspectionStart in the attic or crawl space by looking for ceiling stains. This may indicate water seepage that can compromise your home. Examine the roof in those areas to find loose, lifted or missing shi... 04/12/2019

If you find it difficult to make ends meet, these tips will help you save money in ways that are easy to do and create substantial savings over time.DeclutterGet rid of stuff you do use or need by having a garage or yard sale or by putting things for sale on eBay or Craigslist.Make Your Own CoffeeDo you really want to make that billionaire richer by buying coffee for $5+ a cup? Make your own gourmet coffee that costs around 50 cents per cup for the same thing.Bring Your Own LunchMaking your lunch the night before to take to work the next day will give you more time to enjoy lunch. You will save the money that is wasted when driving to fast-food restaurants or going to pricey lunch places.Grow Some FoodEveryone should have a garden, even if it is only a window garden for herbs. If you ha... 04/04/2019

You’ve finally found the perfect home for your family. Now the only thing standing between you and domestic bliss is the loan process. Use these techniques to shorten the amount of time between placing your bid and getting the final approval on your new home mortgage.Perfect Your Credit RatingYour credit score is a measure of your financial responsibility. Lenders look closely at your creditworthiness in their attempt to decide your loan’s risk. Before you start shopping, take some time to clean up your credit history.Some credit habits that help shorten your loan approval period include: At least one year of on-time payments for utilities, loans, and other regular obligations. A low debt-to-income ratio. A credit utilization rate of 20% or less. Lenders spend less time researching your... 03/21/2019

Sometimes, things don’t go as planned. Despite the best intentions, there are times when it’s impossible for homeowners to fulfill their mortgage obligations. When your misfortune turns into a foreclosure notice, these tips will help you control the situation and realize the best outcome.Work With Your LenderOpen the lines of communication with your lender to stall the foreclosure process.Call your lender and explain your predicament. Give them specific details about the nature and estimated length of your circumstances. Many lenders are willing to temporarily modify payment terms to temporarily accommodate certain hardships.Apply for a loan modification. If your credit rating has improved or market values have shifted in your area, it’s possible to negotiate friendlier terms that lower... 03/13/2019

Last week’s economic news included readings on new home sales, construction spending, and housing starts. Data on building permits was released along with Labor Department reports on public and private-sector jobs and the national unemployment rate. Weekly readings on mortgage rates and new jobless claims were also released.Construction Spending Slows as New Home Sales Rise in DecemberCommerce Department data for December indicated less construction spending than for November. Construction spending dipped by -o.60 percent as compared to analyst expectations of a negative reading of -0.30 percent. Construction spending grew by 0.90 percent in November.Lower cash outlays for winter months are typical; severe winter weather likely slowed construction activity more than usual. Any downturn ... 03/11/2019

Yikes! You are set on buying the home that you picked out and the appraisal comes back at a lower amount than the amount needed for the home loan to be approved. What do you do? After you calm down your significant other and then take three deep breaths, here are some options to consider.Request A New AppraisalAppraisals are only one person’s professional opinion. There are rules that must be followed when making an appraisal; however, there is still some flexibility in how to apply the rules. Check the comparables (also called “comps”) that the appraiser used as the basis for setting the appraised value.There usually have to be at least three houses that are a similar size, similar age, have a similar condition, and are located in a similar neighborhood. If the home that you want to bu... 03/08/2019

If you’re looking to get a non-traditional deal on a new home purchase, you may encounter either a short sale or a foreclosure. These two terms refer to sales that are not usual. As a homebuyer, it’s important to understand the differences between them and how each one might affect your buying experience.What’s A Short Sale?A short sale is a situation where the owner has a strong motivation to hurry up and sell their home. In so doing, they’re willing to sell for less than what they owe on the house. Homeowners have a variety of reasons why they might do a short sale. Their reasons might include a personal emergency, or they might be trying to protect themselves against a future foreclosure.In a short sale, the owner’s lender has to be apprised of the plan. In many cases, the lender is ... 02/05/2019

With the right combination of strategy, knowledge, and luck, flipping houses can create big profits for short-term investors. However, your path to success starts at your first auction.For first-timers who are intimidated by their lack of experience at public auctions, follow these steps to ease the confusion of your first property purchase.Locate Auctions In Your AreaFinding live auctions is as simple as an internet search. Websites run by government agencies list homes that have been seized due to tax liens or foreclosures. Try searching databases maintained by: Fannie Mae The FDIC The US Department of Housing and Urban Development Another option is your local newspaper. Banks publish foreclosure notices in the public notice section. You can also find advertisements from auction compa... 01/29/2019

When you walk through a house with your real estate agent, you’re seeing if you and your family would be happy living there. But you’re also probably looking for signs of trouble that might spell big expenses later on. Be careful, though. It’s important to see the “bones” of the house rather than focusing on minor issues.Here are four flaws you can safely disregard.1. Stained CarpetStained carpet is more an indication of the owner’s poor cleaning habits than of any real problems with the house. It’s so easy to replace carpeting that it’s not worth even paying attention to when you’re viewing a house for sale. In fact, once you pull up that carpeting, you could discover beautiful hardwood flooring!2. Funky Paint ColorsThey say that there’s no accounting for bad taste. If you’ve seen enou... 01/16/2019

Saving up for a down payment can feel overwhelming. Most people have never saved up the kind of money it takes for a down payment. It can be done, though. The goal is to put 20% down on a house. This is what it takes if you don’t want to have to pay private mortgage insurance every month.However, you don’t have to absolutely put 20% down. Some mortgage programs, such as VA and FHA loans, let borrowers put down as little as zero down or about 3.5% down. There are extra requirements with any kind of mortgage you get, so be sure to discuss those with your lender.Whichever kind of mortgage you decide to try for, here are some tips for saving for a down payment.Get A Head StartThe sooner you start saving for a down payment, the easier it will be. Even if you currently can’t see having any ex... 01/10/2019

There’s a lot to be said for buying a move-in ready home. All you have to do is put your things away and start living your life. On the other hand, buying a fixer upper has its advantages, too. You can get a great bargain on a fixer upper home. So which one should you choose?Here are some things to consider.You Can Easily Afford To Buy What You WantIf money is no object, then a move-in ready home is the best choice. You’ll be able to get exactly the home you want with little or no effort decorating it the way you want. If you’re the kind of person who can hire an interior decorator, then you’ll likely want to spend time decorating, not reconstructing.You Like A ChallengeIf you think of owning a home as an adventure rather than a convenience, consider buying a fixer upper. You’ll have lo... 01/04/2019

As a new homeowner, now is the time to take control and organize your house for safety and security. The following first five steps should be carried out in the first few weeks if possible.1. Change The LocksThere’s no way of knowing if the previous owners gave copies of the house keys to a friend, neighbor or cleaning staff. The very first thing you should do when you take ownership is to re-key the locks on all the doors, including the garage and any outbuildings there may be on the property.Alternatively, you can install brand new locks. Either way, a locksmith can take care of this for you.2.  Locate Shut-Off ValvesDon’t wait until a water leak to run around searching for the main shut-off valve. Instead, take a few minutes to locate all the shut-off valves for your new home. Write ... 01/03/2019

You just found your perfect home, and you feel like everything is right including the price. But, what could be wrong with your ideal home? Maybe, it is being sold as a short sale, and that could present a major challenge if you want to become be the eventual homeowner.Short sales are different from other conventional real estate transactions since the property in question is usually listed at a price that is much lower than the amount of the outstanding mortgage debt.Unlike a regular sale, the homeowner must obtain permission from the lender before proceeding with the transaction. Whether you are a veteran property buyer or a first-time home buyer, closing a deal on a short sale can be a challenging and stressful experience. We compiled the top three tips for buying a home in a short s... 11/21/2018

Buying a foreclosed home is easy, right? After all, they sell for pennies on the dollar, right? Well, that could be a false assumption. Buying a foreclosed property appears easy on TV, but in reality, it can be overwhelming. Foreclosure sales continue to decline in the market from 38.6 percent in 2011 to 14 percent in 2017 but ticking up a bit in 2018 according to Attom Data Solutions, a national property data company. As foreclosure sales drop, competition for these properties become stiffer and more complex. And as home prices increase in most cities, buyers often turn to foreclosures as affordable alternatives for landing their dream homeForeclosures usually occur when homeowners can no longer pay their mortgages and the mortgagees seize the properties. Once former owners vacate the ... 11/15/2018

One thing to think about when purchasing a home or parcel of land is to have an updated land survey conducted. While property deeds generally include detailed information, many are outdated for a variety of reasons that include nature, weather conditions, and adjustments in floodplain maps among others.Even when the information about the property is spot-on at the closing, human perception of where your property begins and ends can lead to some unenviable outcomes. Given that buying real estate ranks among the largest personal investments for most people, these are three things you may want consider about land surveys.Good Fences Make Good NeighborsThe old Robert Frost poem “Mending Wall” ponders the reasons that people erect property line fences and why they fix them each spring. The r... 11/14/2018

Buying a new home is an exciting time, but excitement can easily turn to stress if there isn’t enough money to pay the monthly mortgage bill. The added expense can take some time to get used to, but there are ways to make the payments easier, especially in those first few months when money is the tightest.Prioritize The Mortgage Bill And Pay It ImmediatelyThis may seem like a counterintuitive tip for anybody looking for help making mortgage payments, but it is easily the best one and the one that provides the most trouble for homeowners.Late mortgage payments come with hefty fees that make it harder and harder to pay the next mortgage bill in full and on time. It’s a slippery slope that can end in foreclosure if the mortgage bills go unpaid for too long.Don’t Get Carried Away With House... 10/25/2018

The record-setting pace of the U.S. economy continues to positively impact the housing market and home foreclosures now stand at an astonishing 12-year low.Coming off a GDP growth rate of 4.1 percent and a historic bull stock market run, everyday Americans appear to be benefiting from one of, if not the strongest economies in decades. According to data compiled by CoreLogic, mortgage delinquency rates continue to improve and are already at the lowest levels in 12 years.Building on last year’s national trend, foreclosures and mortgages more than 30 days past due declined to 4.2 percent in May. Other analytics show that mortgages at some stage in the foreclosure process also dipped by .02 percent from May 2017 to 2018. With a low 5-percent national foreclosure rate, the industry enjoys it... 10/10/2018