Eric Mitchell Real Estate

Money Matters for Millennial Parents As a young parent, you may just be learning about all the responsibilities parenthood requires. When it comes to financial planning, setting your sight on the future can help immensely. Demolish debt.  Slaying your own debt will positively impact your family’s financial future. While it may take years to pay off those student loans or credit card debt, creating a plan can help. Tackle your lowest balance first to gain momentum then take on the next smallest. Additionally, pay attention to higher interest rates that are costing you a lot of money. Build a budget.  Creating a budget doesn’t have to be hard. There are many budgeting apps available on the market to help you track your expenses, or you can try the trusty envelope system with monthly allowances for groceries, entertainment, utilities, etc. Build an emergency fund.  Setting a fund for potential emergencies will never backfire. Aim for a small, achievable goal a...

Figuring Out How Much Monthly Mortgage You Can Afford When applying for a home loan, it’s important to keep in mind how much monthly mortgage you can afford. Through the approval process, lenders will factor in your credit score, income and other financial data to determine the maximum loan amount you’re eligible for, and you may qualify for more than you can afford. Consider how much you should borrow to keep your monthly expenses and family budget manageable. To start that calculation, find an online mortgage calculator. It should show you the total costs of owning a home beyond the principal and interest of a mortgage. Other expenses can include private mortgage insurance, home insurance, property taxes and HOA fees. Once you have that total number, you can determine if it fits within your monthly budget. If not, then you may have to find a lower-priced house to buy. 28 percent, a good start The Mortgage Reform and Anti-Predatory Lending  Act  requires mortg...

How to Sell Your House on a Tight Deadline Selling a house could be somewhat stressful under normal circumstances, but if you’re facing a tight deadline, your stress level could go through the roof. For example, if you or your spouse needs to start a new job on a specific date, you’ll need to list your house, find a buyer, pack, close, and move out in time to get settled into your new home. If you need to sell your home fast, it’s critical to work closely with a real estate agent who has experience selling a bunch of comparable homes in the same area, and who knows how to do so quickly. Setting the Right Price To quickly attract a buyer, your house needs to be priced just right. If you list it too high, buyers may not bother to schedule a viewing. If you price it too low just to sell it fast, you may leave money on the table. Because your real estate agent will understand the local market and how your home compares to others in the area, the professional can help you set an a...