Finance$ with a Female Focu$ "it’s NEVER just about money!” Brought to You by money management Counselors/FI$C a non-profit Serving door & Kewaunee counties since 1994 |
|
|
Greetings to some awesome women! Welcome to “Finances with a Female Focus” Newsletter #5 With spring (??) around the corner – one can hope! – I want to talk about and offer resources to you about renting a residence vs. purchasing one. With only a 3% rental vacancy rate in Door County, finding an affordable, well-maintained rental unit can be a daunting task. So, some people inevitably think “why don’t I purchase a home?” In addition, many of my women clients meet with me to discuss whether they can afford to buy out their ex-spouse when divorcing, purchase a home alone, etc. AND, the local 4-5 homebuyer programs (that provide grant and low-interest loan dollars to eligible people) require that people meet with me for 1-1, confidential homebuyer budget and credit counseling and education. See the brochure link below. As a certified Housing Counselor through the National Foundation for Credit Counseling (NFCC), I work with many people each year who want to purchase a home, but also want to make sure that the “American Dream” does not turn into the” American Nightmare”. There are plusses and minuses for owning vs. renting and your financial comfort level with becoming a homeowner is the most important piece. I tell people that the financial and legal responsibilities of being a homeowner rival those of being a parent, in many ways. Making a truly educated and informed decision about homeownership is key to being a successful and confident homeowner into the future. Please use this newsletter and its resources to help you make an informed decision, whether now or in the future. And visit our BLOG to discuss this topic with others! |
|
|
In This Issue Money Magazine Article-Touching on how to tell when it is better to rent vs buying, some great homebuying calculators, some great new resources both local and federal, learning how much it costs owning a home vs renting, and many more great tips for women to take control of thier money. |
|
|
Suggested Resource: Consumer Financial Protection Bureau (CFPB) Buying a house:
Tools and resources for homebuyers Whether you’re just thinking about buying a home or about to close, we help you take control of the process. We're on your side. Choosing the right home loan is just as important as choosing the right home. Use our tools and resources to know what to expect—and what questions to ask—every step of the way.
About us: We're the Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.
Click the button below and it will direct you to a page where you can preview their resouces available to you. | | |
|
|
Door County Economic Development Corporation Homebuyer Assistance Information By Paige Funkhouser DCEDC Economic Development Manager "DCEDC, in partnership with a number of other organizations, recently released a new home buyer assistance video, designed to highlight and promote locally available programs that can provide down payment and/or rehabilitation financial assistance for income-eligible households in Door County. DCEDC has maintained a Workforce Housing Committee for many years to address issues related to affordable worker housing in Door County." "The home buyer assistance programs that are highlighted in the video are under-utilized in our area due to the difficulty of getting the information to those who might potentially be eligible. Studies also show that Millennials are a particular target group for home buyer assistance programs" "The DCEDC Workforce Housing Committee, recognizing that many potential home buyers were not aware of the many locally available housing assistance programs, have a home buyer assistance brochure 2018 to consolidate home buyer assistance information into one source"-Excerpts from DCEDC Website by Paige Funkhouser | | |
|
|
Money Magazine Buying a Home Is a Perfectly Fine Decision. It's Just Not a Financial One By Taylor Tepper February 13, 2017 "Many young workers today are mired in a kind of adulting limbo, yearning for a mortgage that they simply cannot afford. Homeownership among people aged 35 and younger has fallen by 18% since 2006, according to the Pew Research Center, thanks to the Great Recession’s aftershocks and the strain of historic levels of student loan debt. Even so, three-quarters of young adults believe owning a home makes more financial sense than renting, and eventually want one for themselves. But should you inflict such self-torment? Is it really that much smarter to buy than to rent? That all depends on what a home means to you — because ultimately, buying a home might not even be a financial decision." excerpt from article. | | |
|
|
7 Warning Signs You're Not Ready To Buy A Home By Trulia , Contributor "It’s happening all across America right now: Hordes of renters, innocently perusing their social media accounts, are noticing a theme. It’s not that everyone is getting married or obsessing over spiralized vegetables — they’re posting pictures of newly purchased homes. But like your mother always said, just because everyone is doing it doesn’t mean you should — or should you? There are certainly pros and cons of becoming a homeowner, and stumbling across just one dreamy listing of a home for sale." A quote from the article Read the article to discover the 7 warning signs you're not ready to buy a home. | | |
|
|
Suggested Resource: Nerd Wallets Rent vs Buy Caluculator "Rent vs buy - what's right for you? Should you rent or buy a home? Use our simple rent vs buy calculator to find out which option is best for you." -Nerd Wallet | | |
|
|
How Much More It Costs to Own vs. Rent in Your State By Emily Starbuck Crone & Daniel Tonkovich "Owning a home is often considered the American dream — and it’s an expensive one. Homeowners in all 50 states and Washington, D.C., pay from 33% to 93% more for housing each month than do renters living in the same state, according to a new NerdWallet analysis. But many homeowners reap benefits that you can’t get from renting, such as financial security and stability, tax deductions and a vehicle for retirement savings. With each mortgage payment, you get closer to fully owning the home. The equity you build can be leveraged for loans like cash-out refinances, home equity loans and lines of credit that can be used to improve the home and boost its value or be used in financial emergencies. While renting can’t offer those long-term financial benefits, it’s cheaper to rent on a month-to-month basis, the analysis found.." Excerpt from article. | | |
|
|
Suggested Calculator: Mortgage Calculator Nerd Wallet - Mortgage calculator "Use our free mortgage calculator to estimate your monthly mortgage payment, including your principal and interest, taxes, insurance, and PMI. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term." Nerd Wallet | | |
|
|
Buying a Home: How Much House Can I Afford What to Expect From the Homebuying Process By: Hal M. Bundrick, CFP "Besides determining what your housing needs are, setting a budget, getting your financial ducks in a row and obtaining a preapproval — which is a lot to do — you’ll also want a firm idea of just what it is you’re looking for. A wish list can be a good tool. Among the potential considerations: What part of town do you want to live in? Are schools a factor? Older home, or newer? One story or two? Condo? Contemporary or traditional? Something else entirely? A fixer-upper or move-in-ready? Near public transportation or other amenities? How many bedrooms? Bathrooms? Yard? Fenced? These are just a beginning. You’ll have a much longer list once you start brainstorming." A excerpt from the article | | |
|
|
|
|
