Posts Tagged finances

Should you use a credit card to pay for home remodeling projects? Explore the pros and cons.

home improvement tools in shape of house

According to a recent report, 1 in 3 homeowners used a credit card to pay for at least part of a home remodeling project in 2017. Using plastic as a method of home improvement financing isn’t new, but the trend appears to be growing, particularly among millennials. But charging remodeling costs may not be the most financially savvy solution. 

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The Components of a Mortgage Payment

Ever since the 1930s, when the modern mortgage came into existence, most home buyers have relied on long term financing to pay for their purchase. The mortgage is paid over the course of many years, typically 15-30, and therefore the payments are broken down by month. However, in a conventional mortgage, each monthly payment does not go directly toward the mortgage principal. Interest, insurance and taxes are also usually included in the overall cost of the loan, so a portion of each payment must go toward each of these components.

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How much of your monthly income should you spend on a mortgage?

Getting a mortgage is the most common way people purchase homes today. After all, most of us don’t have hundreds of thousands of dollars at our disposal. Instead, mortgages allow us to buy a home we love and repay the loan over time. But how much of a mortgage do you need? And what sort of payments can you realistically afford? The answers to these questions will depend on your income.

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The various mortgage brands run by Mid America Mortgage, Inc.

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Mid America Mortgage, Inc.
15301 Spectrum Drive, Suite 405
Addison, TX 75001
Phone: 214-261-3300
Toll Free: 866-544-7013
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550 Warrenville Rd
Lisle, IL 60532
Phone: 630-796-6092
Toll Free: 855-528-4572

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