Tag Archive: finance

When buying a house, should I use my gross income or net income to determine what I can afford?

September 3, 2014 by 2 Comments

There’s a big difference between your gross income and your net income. Your gross income is the money you earn each month before taxes are removed. Your net income is that same income after taxes are removed. No surprise, your net monthly income is usually much lower than your gross monthly income. When it’s time to buy... View Article

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Is It Really Better to Buy a Home When Interest Rates Are Low?

September 1, 2014 by Leave a comment

With interest rates still low, many people remain interested in purchasing a home whether it’s their first one or second. The cost of doing so can be affordable and in a recent North Shore Bank/GMAR Home Affordability Report, shoppers in the second quarter could still buy a home with a small monthly payment as compared to late in... View Article

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Have You Tried to Refinance Lately? HARP Changes Could Help You Qualify

August 29, 2014 by Leave a comment

As the housing market continues to rebound, lenders are in a tricky situation. Excessively strict lending laws can cause the market to stagnate, but loosening restrictions too much will result in foreclosures. Consumers and economists often eagerly await news about lending conditions, since it directly impacts the market. One major source of information on lending conditions is the... View Article

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Increasing Home Value Part 3: Why You Should Consider Paying Off Your Mortgage Early

August 28, 2014 by Leave a comment

If you want to make some headway with your personal finances, you may want to make plans to repay your debts. When we talk about debt, most of the time we’re referring to the “bad” kind: student loans with balances greater than your annual salary, or consumer credit card debt. But there’s “good” debt, too. That’s what your... View Article

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Rockford, Illinois Mortgage Rates and Real Estate Overview

August 19, 2014 by Leave a comment

Home of the airbrush and the electric garage-door opener? That’s Rockford, Ill., the most-populous city in Illinois outside the Chicago metropolitan area. Traditionally a manufacturing town, Rockford experienced many factory closures throughout the 1980s and was forced to deal with subsequent job losses. Parts of the city, especially the west side, began to experience severe urban blight with... View Article

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Four Reasons Why You Shouldn’t Clean Out Your Savings When Buying a Home

August 18, 2014 by 1 Comment

At a certain point in life, you’ll start to see many of your peers become homeowners. They’ve graduated from living with their parents or living in a small apartment and now have spaces of their own to call home. While you might be tempted to join them right away, there are several reasons why doing so without a... View Article

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Advantages of Renting

August 14, 2014 by 1 Comment

In a previous article we discussed the benefits of home ownership, now we will focus on the other side of the coin.  Buying a home is not for everyone, and that is perfectly fine as renting has many of its own benefits.   Many people think that renting is a waste of money, and that is... View Article

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