David and Erika Bailey

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Five Things to Do With a Windfall Other Than Spend it Right Away

Perhaps you have won the lottery, received an inheritance, or cashed in one of your investments, and now you have a large sum of money you don’t know what to do with. Although it is tempting to cruise around town in a brand new sports car it is important to think carefully about how to spend your newfound cash. To give you some ideas on the smartest way to use your new wealth, here are five things to do with a windfall other than spend it right away: 1. Erase Your Debt Your new found money will allow you to clear up all of your debts, which will lift a huge financial burden off your back and give you a lot of freedom. Start with...

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How To Buy A Bargain Home As A Short Sale

A short sale is when the mortgage lender(s) agrees to sell the property for a lower amount than the loan-balance remaining. During the worst moments of the 2006 to 2008 real estate crisis, homes sold as short sales for a fraction of their value. Lenders had so many properties with loans in default that they could not manage the ones that they had in foreclosure. Foreclosure is an expensive legal process that causes a lender to lose more money on a property. This is one of the motivators that encourages lenders to accept a short sale because sometimes through a short sale the foreclosure process is avoided. Are Short Sales Still Available? The number of short sales peaked in 2012. The inventory of homes available...

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What Is A Reverse Mortgage?

A reverse mortgage is a way to use the equity value that built up in a home to improve the quality of life for those who have appropriate circumstances when they reach the retirement age of 62 or older. With a reverse mortgage, a person continues to live in their own home and retains the title to it but does not have to make any monthly reverse mortgage payments. A reverse mortgage may be helpful; however, not everyone qualifies for one. The benefits come with disadvantages as well. Here is a list of the advantages and the disadvantages for reverse mortgages. Be sure to discuss this option with a qualified professional when thinking about a reverse mortgage before making any commitment. Reverse Mortgage Advantages Reverse...

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7 New Home Upgrades that Could Save Your Life

One of the best things about moving into a new home is personalizing it and really making it yours. From hanging wall art to arranging furniture to finding the perfect spot for your grandmother’s hand crocheted afghan, it’s a real joy to decorate. But are you forgetting about the big investment you just made? Consider the following important home upgrades that will protect your home and your family. 1. Smoke Alarm Take an afternoon and upgrade all your new home’s smoke alarms. Smoke alarms save lives and it’s not worth it to assume that just because it’s there it’s working.  2. Carbon Monoxide Alarm Do the same upgrade with your carbon monoxide alarm. If your new home doesn’t yet have one, go ahead and pick...

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What’s Ahead For Mortgage Rates This Week – June 10th, 2019

Last week’s economic releases included readings on construction spending, public and private sector jobs and national unemployment. Weekly reports on mortgage rates and first-time unemployment claims were also released. Construction Spending Little Changed in April Census Bureau readings for April showed a minor dip in construction spending as compared to revised figures for March. $1,295.5 billion was spent on a seasonally-adjusted annual basis and missed the expected reading of $1,314.7 billion. March construction spending was revised to $1,299.2 billion. Falling mortgage rates were good news for home buyers, but concerns over global economic disputes and higher materials prices concerned home builders. Mortgage Rates Fall as Initial Jobless Claims Hold Steady Freddie Mac reported lower average mortgage rates across the board. 30-year fixed mortgage rates dropped...

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