How to Find the Real Cost of Monthly Payments

Maybe you've run a mortgage calculator to determine the payment on your dream home, and it seems reasonable. However potential homeowners need to understand the real cost of purchasing a home before they sign the mortgage documents. There are several itemized charges that add to a monthly total payment which should be considered; Reliance First Capital brings you a few examples of what they are.

Principal: Don’t suffer sticker shock when you see that you’ve only paid off a tiny fraction of your loan after a year of monthly payments. When you take out a fixed-interest loan for a specified term, your basic monthly payment will stay the same for the life of the loan. However, that payment includes both the amount going to the loan total (or principal) and the interest. At the beginning of the loan the majority of the payment will be going to interest. As time goes on and the principal gets paid down, more of the payment will go toward principal.

Interest: Your basic loan payment will always include both principal and interest, but interest is applied in different ways. The most common loan structures offer either fixed or adjustable interest rates:

Taxes: You will also pay property taxes (for city, county, state, and school district) in monthly increments through your mortgage payments. A part of each month’s payment goes into an escrow account held by the lender, which then pays the taxes when they become due.

It’s critical to understand all of the elements of your total payment before closing on your house. At Reliance First Capital, we take special care to help our customers determine which loan is right for them, and help them decide how much debt burden they can and should take on based on their real monthly payment.

Reliance First Capital can find the loan option to meet your unique lifestyle and financial goals. Learn more about Reliance First Capital by contacting us at 866-735-9004 or visiting us online at www.reliancefirstcapital.com.

Quick Stat

Freddie Mac reports that 84% of homeowners who refinanced their first-lien home mortgage either kept the same loan amount or decreased their principal balance by paying additional money at closing. 46% of these borrowers maintained about the same loan amount, while 39% reduced their principal balance in the latest period.

To learn more about which loan programs you may qualify for, contact your Reliance First Capital mortgage analyst today. Reliance First Capital can find the loan option to meet your unique lifestyle and financial goals. Learn more about Reliance First Capital by contacting us at 866-735-9004 or visiting us online at www.reliancefirstcapital.com.

Source: http://blogs.wsj.com

Spring Cleaning for the Office and Your Brain

Is your home office too cluttered? If so, your business and your sanity could be suffering. Reliance First Capital understands that your living space is a reflection of what is going on inside your mind. Likewise, your home office space reflects what is going on in your business and household affairs. If your office is cluttered with inconsequential junk, chances are your business may be a little disorganized as well.

How to get started

The art of clearing is the practice of discarding what no longer works for you to make room for what matters. 

• Give to get: You no longer use that 35mm camera or flip phone — it’s time to donate unused items to a thrift store or worthy cause. They get something useful and you reduce your clutter. 

• Digitize it: Don’t print every receipt or email or keep every magazine. Create organized files on your computer and scan or download important documents. Use a cloud service to keep it backed up.

• Five-minute mail smackdown: When you bring in the mail, focus on dealing with each item immediately. If you can handle the required action in under five minutes, take care of it right away. Otherwise, file it, trash it, or tuck it in your to-do folder. The same rule applies to emails.

So get organized - not only will you become more efficient, but your brain and your business will thank you!

 

Reliance First Capital specializes in helping customers reach their individual needs with the best loan options. Reliance First Capital can find the loan option to meet your unique lifestyle and financial goals. Learn more by contacting Reliance First Capital today at 866-735-9004 or visit us online at www.reliancefirstcapital.com.

Safety First, when it comes to Decorating your Home this Holiday

Many US families love to decorate their homes in celebration of the holiday season. Here at Reliance First Capital, we want to bring awareness to the potential dangers your home could face when decorating. Reliance First Capital realizes it is important to put safety first when setting up for the holidays. According to data from the National Fire Protection Association (NFPA) and the U.S. Fire Administration (USFA), each year an estimated 240 home fires involve Christmas trees and another 150 involve holiday lights. These fires cause an average of 21 deaths and $25.2 million in direct property damage.

In order to help avoid these disastrous events, Reliance First Capital brings you the following simple steps to help keep you and your family safe this holiday season:

Take care of your tree: Once the tree is in your home, water it regularly. Keep it away from heat sources, fires, and vents. A well-watered and maintained tree will be safer (and more beautiful!) than a dry one. Finally, be sure to remove the tree from your home once the season is over.

Examine your lights: Modern LED lights are much safer than candles or older electric lights, but they still have risks. Inspect light strands for frayed wires, broken sockets, and loose connections. Dispose of all faulty strands, and replace burnt-out bulbs. When decorating the outside of your home, check that you are using lights and cords designed for outdoor use.

Decorate with safety: Purchase non-flammable decorations and be sure your artificial trees are flame retardant. In addition, keep all decorations away from power and heat sources, and don’t block exits with any kind of decoration.

These simple precautionary steps, provided by Reliance First Capital, can help you, your loved ones, and your home remain safe this holiday season.

Reliance First Capital's experts are here to help you answer your home finance questions and find the options that will help you meet your goals. Learn more by contacting us at 866-735-9004 or visiting us online at www.reliancefirstcapital.com

How to Stay Snug and Safe at Home This Winter

As fall has arrived, it won’t be long until winter rolls in.  Accordingly, at Reliance First Capital, we recommend that homeowners take a moment to review some of these helpful tips:

Landscaping:  

• Clear walkways and check that railings are secure.
• Mow and reseed the lawn.
• Trim plants, hedges, and trees.
• Plant late summer/fall seeds and bulbs.

The garage: Cleaning your indoor storage space will make it easier to access necessary tools during the winter months:

• Have your snow blower serviced.
• Stock up on snow melt or salt.

House and roof: Take time to walk around the perimeter of your house to look for any potential issues:

• Look for anything (siding, shingles, etc.) that is broken or loose.
• Replace caulking and weather stripping around windows and doors.

Inside: Basic maintenance indoors can significantly improve your home’s efficiency during the winter:

• Have the furnace serviced and tested for carbon monoxide leaks.
• Clean vents and replace your HVAC filter.
• Inspect the pressure and temperature on your water heater.

At Reliance First Capital's, we have licensed Mortgage Analysts who are ready to help you achieve your financial goals by providing useable and actionable answers to your home finance questions.  Learn more by contacting us today at 866-735-9004 or visit us online at www.reliancefirstcapital.com.

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