While a tax refund is a sweet financial booster -- helping to pay bills and further financial or career goals -- experts debate whether the prevalence of big refunds may actually hurt some taxpayers, particularly low-income groups.
Damon Jones, an assistant professor at the Harris School of Public Policy at University of Chicago, has researched why refunds are deployed. He argues that one reason they have become so prevalent is simply that people don't take the time to adjust their income withholdings throughout the year.
"For people who live paycheck-to-paycheck, they could lower their withholdings and that additional income on each paycheck could be useful in making ends meet," he says. "Instead, that money is backloaded into a refund and affects the timing of income during the year."
As a financial planning expert, Carmen Wong Ulrich, author of the “The Real Cost of Living,” agrees. She advises people to look closely at how much income they are withholding. Overpaying is, in the simplest terms, giving the government an interest-free loan on your money.
"A refund means that you've been handing your money over to the IRS with every single paycheck -- too much money. And that money that should be in your pocket or your bank account," she says. "Work on your withholding numbers so you don't get a big check next year but instead get a bigger paycheck every month."
-- courtesy of DailyFinance.com
*******************************************
We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info.
Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
Our primary focus is on homes in the Chicago suburbs, but we have associates who have Rent to Own homes available NATIONWIDE! Whether you're looking for a Rent to Own home in Chicago or Chattanooga, Illinois or Alaska, we can help you find that home! Contact us and let's get you into a nice new home!
Tuesday, April 29, 2014
Tuesday, April 22, 2014
How Expensive of a Home Can I Afford -- Basic Factors
When you are wondering “how much can I afford to spend on a house,” the bottom line is what size of home loan you can qualify to borrow. There are several variables from your personal financial history that will factor into the answer, including:
• Your income
• Your credit rating
• Your existing debt
• Your down payment
To those existing factors, you can add some variables of the housing market, and your own choices as you plan to assume a mortgage:
• The mortgage term (fifteen years,thirty years, etc.)
• The current interest rate
• Private mortgage insurance (if your proposed down payment is an amount less than twenty percent of the price)
• The current real estate market where you live
You can plug the relevant numbers into an online “how much house can I afford” calculator, and the calculator should give you an approximate answer for the amount of loan you should be able to take out.
How Much House Can I Afford -- A Firm Answer
Another approach is to go to your bank and request pre-approval for a loan. The online calculator will give you a ballpark figure that should be a fairly accurate estimate of your range, but with a pre-approved loan in hand you will know exactly how high you can go in your home-shopping.
Your bank will take all the same factors into consideration, but instead of a guess you will have a firm number in hand when you begin to look at homes. You won’t be in for any unpleasant surprise when you come to the table with an offer and then discover that your bank can’t back you as far as you had expected.
Having a pre-approved loan also facilitates your ability to move quickly on a house when you do find the right one. Time can be of the essence—especially if you have competition for the purchase of the home you have your eye on. Very often, the buyer who first brings money to the table is the buyer who actually walks away with the title. With your loan pre-approved, you won’t have any hold ups in the process, because you won’t have to be waiting to hear back from the bank.
If you want to buy a home, but can’t yet qualify for a bank loan for any reason, call us to find out about the Rent to Own solution.
We’ve got homes available for Rent to Own now, and it’s easy to qualify. We’ve also got some great mortgage brokers, some might even call them miracle workers, we can refer you to. Call us today!
*******************************************
We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info.
Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
Our primary focus is on homes in the Chicago suburbs, but we have associates who have Rent to Own homes available NATIONWIDE! Whether you're looking for a Rent to Own home in Chicago or Chattanooga, Illinois or Alaska, we can help you find that home! Contact us and let's get you into a nice new home!
• Your income
• Your credit rating
• Your existing debt
• Your down payment
To those existing factors, you can add some variables of the housing market, and your own choices as you plan to assume a mortgage:
• The mortgage term (fifteen years,thirty years, etc.)
• The current interest rate
• Private mortgage insurance (if your proposed down payment is an amount less than twenty percent of the price)
• The current real estate market where you live
You can plug the relevant numbers into an online “how much house can I afford” calculator, and the calculator should give you an approximate answer for the amount of loan you should be able to take out.
How Much House Can I Afford -- A Firm Answer
Another approach is to go to your bank and request pre-approval for a loan. The online calculator will give you a ballpark figure that should be a fairly accurate estimate of your range, but with a pre-approved loan in hand you will know exactly how high you can go in your home-shopping.
Your bank will take all the same factors into consideration, but instead of a guess you will have a firm number in hand when you begin to look at homes. You won’t be in for any unpleasant surprise when you come to the table with an offer and then discover that your bank can’t back you as far as you had expected.
Having a pre-approved loan also facilitates your ability to move quickly on a house when you do find the right one. Time can be of the essence—especially if you have competition for the purchase of the home you have your eye on. Very often, the buyer who first brings money to the table is the buyer who actually walks away with the title. With your loan pre-approved, you won’t have any hold ups in the process, because you won’t have to be waiting to hear back from the bank.
If you want to buy a home, but can’t yet qualify for a bank loan for any reason, call us to find out about the Rent to Own solution.
We’ve got homes available for Rent to Own now, and it’s easy to qualify. We’ve also got some great mortgage brokers, some might even call them miracle workers, we can refer you to. Call us today!
*******************************************
We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info.
Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
Our primary focus is on homes in the Chicago suburbs, but we have associates who have Rent to Own homes available NATIONWIDE! Whether you're looking for a Rent to Own home in Chicago or Chattanooga, Illinois or Alaska, we can help you find that home! Contact us and let's get you into a nice new home!
Tuesday, April 15, 2014
When Will You Get Your Tax Refund?
It’s April 15th, and hopefully you’re done with your taxes.
So how did you do? Are you getting back a refund?
Of the five million plus Illinois taxpayers who qualify for a refund every year, the average refund is almost $3,000. Are you getting at least that much back?
And how long will it take?
The IRS says your tax refund should go out within about 21 days after you e-file your tax return, or slightly longer if you file a paper return.
So what are you going to do with all that money?
Don’t just blow it on stuff that will be worthless or meaningless to you a couple years down the road. It’s 2014, do something that will have a positive impact on you and your family for years to come.
Paying off debt is undoubtedly a good move. High interest credit cards, especially if you’re only making the minimum payments, should be high on your list of priorities.
Another priority you definitely want to consider is moving toward home ownership. And you can make the move toward home ownership with a modest tax refund and the Rent to Own solution.
If you’ve got a nice tax refund coming to you in the next few weeks, call us and let us show you some Rent to Own homes in your neighborhood and price range!
*******************************************
We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info.
Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
Our primary focus is on homes in the Chicago suburbs, but we have associates who have Rent to Own homes available NATIONWIDE! Whether you're looking for a Rent to Own home in Chicago or Chattanooga, Illinois or Alaska, we can help you find that home! Contact us and let's get you into a nice new home!
So how did you do? Are you getting back a refund?
Of the five million plus Illinois taxpayers who qualify for a refund every year, the average refund is almost $3,000. Are you getting at least that much back?
And how long will it take?
The IRS says your tax refund should go out within about 21 days after you e-file your tax return, or slightly longer if you file a paper return.
So what are you going to do with all that money?
Don’t just blow it on stuff that will be worthless or meaningless to you a couple years down the road. It’s 2014, do something that will have a positive impact on you and your family for years to come.
Paying off debt is undoubtedly a good move. High interest credit cards, especially if you’re only making the minimum payments, should be high on your list of priorities.
Another priority you definitely want to consider is moving toward home ownership. And you can make the move toward home ownership with a modest tax refund and the Rent to Own solution.
If you’ve got a nice tax refund coming to you in the next few weeks, call us and let us show you some Rent to Own homes in your neighborhood and price range!
*******************************************
We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info.
Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
Our primary focus is on homes in the Chicago suburbs, but we have associates who have Rent to Own homes available NATIONWIDE! Whether you're looking for a Rent to Own home in Chicago or Chattanooga, Illinois or Alaska, we can help you find that home! Contact us and let's get you into a nice new home!
Tuesday, April 8, 2014
Top 5 Reasons Banks Won't Lend You Money
Big banks don’t lend money as freely as they once did. Despite the bailouts and financial boosts that financial institutions received, banking chiefs claim that they have no obligation to make new loans, according to Mara Der Hovanesian and Christopher Palmeri, writing in “Bloomberg Businessweek.” Unless you’re the perfect loan applicant, you could have a tough time finding the cash to fund your future endeavors.
5 You Have No History as a Borrower
If you’re young, have never had a loan, never possessed a credit card, don’t have a bank account or never paid a bill in your life, your lack of credit history may make a bank nervous. If there are no records about your creditworthiness, there’s no way for a bank to tell if you’re worth the financial risk. Building a positive credit history can help improve your chances of getting a loan from a bank.
4 The Bank Is Overly Cautious
Banks make money from providing loans, according to Paul Solman for PBS’s “NewsHour.” Some banks are nervous that federal regulations will cause them to lose money on some new loans because they might depreciate in value. If the bank’s capital doesn’t cover the losses in depreciation in new loans, the bank could find itself in trouble.
3 You Can't Realistically Repay
When you apply for a loan, a bank may want information about your assets, expenses and current employment situation. Yes, this is nosy, but it helps the bank determine if you can make the monthly loan payments. If you don’t have a job, enough money saved or earn enough income to cover your expenses, there’s a good chance that you can’t afford a loan.
2 You Have a Bad Reputation
If you’ve worked with the same bank for a while, a reputation as a bad borrower or customer can hurt you. Over-drafting your account, defaulting on bank credit card payments, constantly losing your debit card or a series of bad investments can make a bank run the other way when you apply for a loan. You might have to clean up your act before your bank thinks twice about lending you money.
1 Your Credit Score Sucks
Your credit score is like a record of your financial past. Items like missed utility bill payments, the amount borrowed on your credit cards, doing bankrupt or having a bill sent to collections hurt your score. When you apply for a loan, a bank looks at your credit score to determine your creditworthiness. If your score is low, a bank is less likely to approve your loan application because you pose too much of a financial risk. You’re statistically more likely to default on your loan payments. Make the effort to recover your credit rating to improve your lending approval odds.
-- from Top5.com
If you want to buy a home, but can’t yet qualify for a bank loan for any of the above reasons – or any other reason – call us to find out about the Rent to Own solution.
We’ve got homes available for Rent to Own now, and it’s easy to qualify. Call today!
*******************************************
We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info.
Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
Our primary focus is on homes in the Chicago suburbs, but we have associates who have Rent to Own homes available NATIONWIDE! Whether you're looking for a Rent to Own home in Chicago or Chattanooga, Illinois or Alaska, we can help you find that home! Contact us and let's get you into a nice new home!
5 You Have No History as a Borrower
If you’re young, have never had a loan, never possessed a credit card, don’t have a bank account or never paid a bill in your life, your lack of credit history may make a bank nervous. If there are no records about your creditworthiness, there’s no way for a bank to tell if you’re worth the financial risk. Building a positive credit history can help improve your chances of getting a loan from a bank.
4 The Bank Is Overly Cautious
Banks make money from providing loans, according to Paul Solman for PBS’s “NewsHour.” Some banks are nervous that federal regulations will cause them to lose money on some new loans because they might depreciate in value. If the bank’s capital doesn’t cover the losses in depreciation in new loans, the bank could find itself in trouble.
3 You Can't Realistically Repay
When you apply for a loan, a bank may want information about your assets, expenses and current employment situation. Yes, this is nosy, but it helps the bank determine if you can make the monthly loan payments. If you don’t have a job, enough money saved or earn enough income to cover your expenses, there’s a good chance that you can’t afford a loan.
2 You Have a Bad Reputation
If you’ve worked with the same bank for a while, a reputation as a bad borrower or customer can hurt you. Over-drafting your account, defaulting on bank credit card payments, constantly losing your debit card or a series of bad investments can make a bank run the other way when you apply for a loan. You might have to clean up your act before your bank thinks twice about lending you money.
1 Your Credit Score Sucks
Your credit score is like a record of your financial past. Items like missed utility bill payments, the amount borrowed on your credit cards, doing bankrupt or having a bill sent to collections hurt your score. When you apply for a loan, a bank looks at your credit score to determine your creditworthiness. If your score is low, a bank is less likely to approve your loan application because you pose too much of a financial risk. You’re statistically more likely to default on your loan payments. Make the effort to recover your credit rating to improve your lending approval odds.
-- from Top5.com
If you want to buy a home, but can’t yet qualify for a bank loan for any of the above reasons – or any other reason – call us to find out about the Rent to Own solution.
We’ve got homes available for Rent to Own now, and it’s easy to qualify. Call today!
*******************************************
We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info.
Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
Our primary focus is on homes in the Chicago suburbs, but we have associates who have Rent to Own homes available NATIONWIDE! Whether you're looking for a Rent to Own home in Chicago or Chattanooga, Illinois or Alaska, we can help you find that home! Contact us and let's get you into a nice new home!
Tuesday, April 1, 2014
One in Three Waste Tax Refund on Everyday Expenses!
Surveys show that nearly one in three people use their tax refund – which averages nearly $3,000 in Illinois – on everyday expenses.
Really!??
So, like, you’re going to buy some new underwear or a box of cereal with your long-awaited tax refund? Or were you planning to pay your electric bill with your refund this year?
So first you give Uncle Sam an interest free loan for 12 months, and let those bungling politicians in Washington hold on to your $3,000 for nothing. And then you have to do a whole bunch of work that feels about as pleasurable as a couple of nights of Chinese water torture – or you have to pay some tax preparation company – just to get your money back?
And then after all that you’re just going to blow it on mere everyday stuff?
I mean, you could at least be like the 11 percent of people who plan to vacation with the money – at least it would be spent more memorably.
If you’re planning on following in the footsteps of 42 percent of Americans and put the money in savings, keep in mind that inflation averaged 2.1 percent over the past four years, while savings interest payments (the money the bank pays you to hold on to your money) average below 1 percent these days.
That means after you’ve locked your money up in savings for a few years, you’ll be able to buy less, not more, with the money you put in a savings account today.
Like your tax return.
Of course you could just keep the money in your mattress, or bury it in your backyard, but then you wouldn’t even earn the 1 percent.
Why not put the money to work for you today, moving yourself toward home ownership?
Even if you don’t think you’ll qualify to purchase a home today, and have resigned yourself to a few more years of renting – even if you’re doing the (ahem) “right thing” and keeping the money in savings until you build up enough to buy a house – you could actually get into the home you want to purchase now, and buy it later.
It’s called Rent to Own. Some people call it “Lease Purchase,” or “Lease Option,” meaning you are renting (leasing) a home with the option to buy it at a later date. The “option” part of the statement means that you are not obligated to buy the home, but you – and you alone – have the right to buy it within the time period and at the price in your Rent to Own contract. And the owner can’t sell it to anyone else during that time period either.
So what are you going to spend your 2014 Tax Refund on?
Why not look into the Rent to Own option and just find out – with no obligation – which homes are available in your desired neighborhood and price range.
Give us a call today and we’ll help you find a great Rent to Own home!
*******************************************
We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info.
Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
Our primary focus is on homes in the Chicago suburbs, but we have associates who have Rent to Own homes available NATIONWIDE! Whether you're looking for a Rent to Own home in Chicago or Chattanooga, Illinois or Alaska, we can help you find that home! Contact us and let's get you into a nice new home!
Really!??
So, like, you’re going to buy some new underwear or a box of cereal with your long-awaited tax refund? Or were you planning to pay your electric bill with your refund this year?
So first you give Uncle Sam an interest free loan for 12 months, and let those bungling politicians in Washington hold on to your $3,000 for nothing. And then you have to do a whole bunch of work that feels about as pleasurable as a couple of nights of Chinese water torture – or you have to pay some tax preparation company – just to get your money back?
And then after all that you’re just going to blow it on mere everyday stuff?
I mean, you could at least be like the 11 percent of people who plan to vacation with the money – at least it would be spent more memorably.
If you’re planning on following in the footsteps of 42 percent of Americans and put the money in savings, keep in mind that inflation averaged 2.1 percent over the past four years, while savings interest payments (the money the bank pays you to hold on to your money) average below 1 percent these days.
That means after you’ve locked your money up in savings for a few years, you’ll be able to buy less, not more, with the money you put in a savings account today.
Like your tax return.
Of course you could just keep the money in your mattress, or bury it in your backyard, but then you wouldn’t even earn the 1 percent.
Why not put the money to work for you today, moving yourself toward home ownership?
Even if you don’t think you’ll qualify to purchase a home today, and have resigned yourself to a few more years of renting – even if you’re doing the (ahem) “right thing” and keeping the money in savings until you build up enough to buy a house – you could actually get into the home you want to purchase now, and buy it later.
It’s called Rent to Own. Some people call it “Lease Purchase,” or “Lease Option,” meaning you are renting (leasing) a home with the option to buy it at a later date. The “option” part of the statement means that you are not obligated to buy the home, but you – and you alone – have the right to buy it within the time period and at the price in your Rent to Own contract. And the owner can’t sell it to anyone else during that time period either.
So what are you going to spend your 2014 Tax Refund on?
Why not look into the Rent to Own option and just find out – with no obligation – which homes are available in your desired neighborhood and price range.
Give us a call today and we’ll help you find a great Rent to Own home!
*******************************************
We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info.
Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
Our primary focus is on homes in the Chicago suburbs, but we have associates who have Rent to Own homes available NATIONWIDE! Whether you're looking for a Rent to Own home in Chicago or Chattanooga, Illinois or Alaska, we can help you find that home! Contact us and let's get you into a nice new home!
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