Financial Planning Wiz
A financial advisor can ensure you’re saving enough to meet all your immediate and retirement needs. Find out what’s best for you and your retirement goals!
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Real Estate: A piece of land and any physical property is on it.
Real estate is a popular way to invest for retirement, whether it’s the home you’ll live in, an investment property you’ll rent out or land purchased to sell at a later date for a profit – real estate can make a good investment over time. If your looking for a quick turn on your investment, real estate may not be the best plan for you. Usually when you buy and sell real estate quickly (less than two years) you will experience huge tax penalties. There are some instances that this makes sense, but it’s rare. So be prepared for a long turn around time, fluctuating interest rates, and fluctuating home values.
Real estate investment means you’ll borrow the largest amount of funds you’ve ever borrowed in your life. This may shy you away from the prospect of buying real estate, but don’t let it overwhelm you. Real Estate can make some of the best retirement investments out there (as long as you have time to wait).
Whether you want to buy your first home or you already own your home and want to buy another property, real estate can help strengthen your retirement portfolio. Most people can’t see a future in paying someone else (renting a home) to live in a home. So why not pay yourself? In purchasing a home you can build equity, receive substantial tax breaks and have your monthly payment help you reach your retirement goals.
Here are a few questions to ask yourself in preparation of buying a home.
If you’re buying a new home, how much of a home I afford?
The best time to look for a mortgage is before you start looking for a house. This helps you to determine how much house you can afford and qualify for.
When should you apply for a mortgage?
You can get a pre-qualified loan or when you have a firm agreement with the seller to purchase a specific property. The pre-qualified loan is the best way to go, you’ll know just how much home you can afford before you start looking. And finally, at the latest, 60-90 days prior to the date you would like to move in. Lenders from across the country are waiting to compete for your business! So apply today and a mortgage professional in your state will contact you directly to give you their best home mortgage loan quote offer! Stop searching from bank to bank in search of the product that fits your needs or credit situation! We can help you obtain your dream home!
How much of a down-payment will I need?
The minimum down payment required depends on the mortgage loan you select. There are many different types of loans with various down payment options, including no down payment and low down payment programs. Ask your mortgage broker or find out more here.
Why do I need private mortgage insurance?
PMI is an insurance policy that the lender takes out to protect them if you default on the loan. This protects the lender and at the same time, enables you to apply a minimal down payment to purchase a home.
What documents do I have to provide a broker or banking institution?
You will need the following:
What will you need from a bank or mortgage loan company?
Before you go looking for a home, you may want to consider getting pre-qualified to reassure yourself that you will be financially able to obtain a mortgage. Getting pre-qualified can give you a significant advantage while you’re shopping for a home. Pre-qualifying gives you the maximum loan amount you can borrow and let’s everyone know you’re a serious buyer!
What are your needs in a home?
How many bedrooms will you need? Will you need a garage or basement? What are the Association guidelines, (if apply)? What kinds of schools are in the area? What are the crime statistics. You should consider all of these things and more before looking for a house.
Do you prefer a newly built home?
You may want the warranties and efficient construction of a newly built home, as well as your ability to customize things. On the other hand, you may find a good deal on a resale home, which may need to hire a handyman/contractor.
Will you use a real estate agent?
Many home buyers choose to work with a real estate agent to help find a home. The agent should have knowledge of the real estate market, price trends and neighborhood conditions in your area. The agent will help you shop for your home, tour properties and be your negotiator when negotiating the price.
How’s your credit history?
Check your credit history before you apply for a mortgage and clear up any delinquencies and errors. Having a good credit history will help you save on your down payment, closing costs and most importantly the approval process. Find out more>
Depending on how you set your investments up with a financial advisor, your IRA, SEP-IRA, Roth IRA, SIMPLE, KEOGH, Education Plan (some) and your pension plan can own real estate. Since any qualified plan can purchase real estate including first and second mortgages. Any type of property can be purchased including single or multi-family homes like apartments and condos, as well as land and commercial properties. There are many options here including having your IRA make your monthly payments for you. There are draw backs as well; such as you have to buy the property from a third party, not a relative. You should investigate these and other benefits and drawbacks with a certified financial advisor to insure your retirement plan meets your goals and future needs.
Home equity loan or line of credit may be a great way to generate funds for college. Home equity loans can provide you with a large amount of cash at low interest rates. They also provide you with tax advantages unavailable for other types of loans. Home equity loan requires that you use your home as collateral for the loan. Your home loan officer may allow you to borrow up to 85% of the appraised value of your home minus any amount still due on the first mortgage.
To find out more about home equity loans, fill out our online form and a mortgage broker will contact you within a couple of days with more information and a home loan quote, free of charge.
FINDING A FINANCIAL ADVISOR
A financial advisor can ensure you’re saving enough to meet all your immediate and retirement needs. Find out what’s best for you and your retirement goals! Learn more about the different asset allocation types, explore the areas above and fill out our online form to find a certified financial advisor in your area.
A financial advisor can ensure you’re saving enough to meet all your immediate and retirement needs. Find out what’s best for you and your retirement goals!