EquityHorizon Ventures

07/19/2024

Do you understand your mortgage payment? If not, you are not the only one...

Six out of 10 U.S. homeowners said they wish they understood their mortgage and its terms better. Here is a quick overview of how mortgage payments are structured.👇

✔️ Mortgage payments are made up of your principal (loan balance) and interest (the cost of borrowing the principal) payments.

✔️ If you make a down payment of less than 20%, you will be required to take out private mortgage insurance, which increases your monthly payment.

✔️ Your payment may also include real estate taxes.

✔️ The escrow bank account is managed by your lender. This account may hold insurance and taxes until the final bill is due.

✔️ There are a range of loan types with different requirements such as conventional, FHA, and VA. You can compare lenders for the best rate before choosing one to move forward with.

Understanding how your mortgage works is crucial. It empowers you to make payments with confidence. Do you have a mortgage? Drop a comment below and let us know if this post was helpful! 🏡

07/17/2024

Let’s talk about a two key terms that every homeowner should be knowledgable on.

🏡 Market value: The estimated amount a home would sell for on the open market. It is determined by various factors, including the property's location, condition, size, and the current real estate market conditions.

👀 Underwater: The principal of your mortgage is higher than the market value of your home. Having a “seriously underwater” mortgage means that the principal you owe is higher than the market value of the home by at least 25%.

According to a new report from real estate data company ATTOM, around 2.7% of homeowners nationwide are seriously underwater. Many of these homeowners are location in the South, where there are high unemployment rates, population declines, and a lack of adequate incomes.

So, how will this affect the rest of the nation’s real estate market? We will have to wait and see.

Follow along for more news and head to http://www.equityhorizon.info/ for foreclosure and financial support and resources!

07/15/2024

Does money feel tight for your family? Feeling like each dollar does not stretch as far as it used to? Let’s talk about the reality behind the current economic climate many Americans are facing.

At the forefront of discussion is inflation. In simple terms, inflation is the rate at which the general level of prices for goods and services rises, leading to a decrease in the purchasing power of money. Almost everything has been touched by inflation in the current economy - car insurance is up 20.3%, medical care is up 3.1%, gas is up 5.2%, rent is up by around 5%, and the list goes on.

The rise in cost of basic needs adds up quickly, significantly impacting American households. Another contributing factor is that wages are not keeping up with the inflation.

Inflation can erode your purchasing power and affect your financial well-being. Incorporate a strict budget, invest wisely, reduce your debt, and don’t turn a blind eye to your finances. If you are struggling to make your mortgage payment, find resources at www.equityhorizon.info!

Follow along for more tips and information. ✔️

07/11/2024

Homeownership is more than just having a place to live; it represents a significant milestone in achieving financial stability and building wealth. The power of owning a home extends beyond the personal satisfaction of having your own space. It offers a range of financial benefits that can have a profound impact on your life. 🏡

- Ability to build equity
- Real estate appreciation
- Tax benefits
- Stable housing costs
- Financial stability, home equity leverage, and retirement security

If you are determined to purchase a home, keep working towards your goal! It will pay off.

07/09/2024

Facing the possibility of losing your home due to financial distress or circumstances beyond your control can be one of life's most stressful experiences.

At EquityHorizon Services, we understand the challenges and complexities that come with the threat of foreclosure. Our mission is to provide you with the knowledge, guidance, and support you need to navigate through these difficult times and explore viable options to protect your home and your financial future.

Our team of experienced professionals is dedicated to helping you understand your rights and options, and to providing the tools and resources necessary to make informed decisions about your property and financial well-being!

Follow along for real estate and financial tips and news and connect with us at www.equityhorizon.info.

07/05/2024

The typical U.S. renter now has to work 62.6 hours to afford the average U.S. rent of $2,040. 🏡

A recent report from Zillow showcases the stark disparity in affordability across the nation. Since the pandemic, rents have astronomically increased; there is an average increase of 17.2% since Feb. 2022. With the stagnation of wages and builders unable to keep up with growth, many individuals are in a sticky situation. In addition, many Americans are spending way more than the recommended 30% of their income on housing.

Without rent cap regulations, buying a home is one of the best measures to protect yourself or your family against rentflation. Although interest rates are high, securing a fixed rate will protect you from further inflation in years to come.

Are you a renter or homeowner? Comment below.👇

07/03/2024

Home equity is the portion of a property's value that the homeowner truly owns. It is calculated by subtracting the outstanding balance of any mortgages or loans secured against the property from its current market value. Home equity can increase over time as the homeowner pays down the mortgage and as the property's market value appreciates.

Home equity is a powerful financial tool that can be leveraged in several ways:

Home equity loans
Cash-out refinances
Home improvement projects
Emergency fund
Large purchases (college, cars)
Use for investment strategies

Your equity can also help you during tough times. To understand your home equity, contact a local agent to see the current market value of your home. 🏡

07/02/2024

Did you guys know?

A recent report from Zillow highlights the U.S. affordability crisis creatively. Rather than just focusing on the rapid price growth in rents across

07/01/2024

Have you heard chatter about where the economy is heading? Wondering if we are up for another financial crisis or market crash?

Contrary to public opinion and conversation, our current economic situation is actually vastly different from the 2008 housing market crash. Here’s why: Today’s market fundamentals are relatively healthy.

In contrast, here is a quick overview of 2008.

👉 Banks readily extended cheap and easy credit to underqualified borrowers to finance risky and irresponsible subprime mortgages.
👉 The housing bubble left banks and investors holding trillions of dollars in worthless mortgages and mortgage-backed securities.
👉 Unemployment was at 10%, leaving many homeowners in trouble.
👉 Banks accumulated large amounts of toxic assets and the government failed to regulate large financial institutions, leading to bank bankruptcy.

Today, there are strict lending regulations in place that prevent predatory loans and unqualified buyers from entering the arena. While we may slowly head towards a recession, it’s highly unlikely we will experience a turbulent change like in 2008.

With that being said, it's always smart to prioritize your finances and limit your debt during uncertain times!

06/28/2024

Did you know: One of the biggest mistakes a homeowner can make is to ignore their financial challenges and avoid speaking with their lender.

Six out of ten borrowers said that they are not aware of what mortgage lenders can do to help them during difficult times or a financial crisis.

Knowledge is power. Here’s something all homeowners should be aware of! 👇

Lenders are required by federal law to work with a borrower who’s falling behind and provide options that help. Borrowers who have open communication with their lender make actually be able to keep their home or at least survive a foreclosure with minimal damage.

Don’t assume that your lender is your enemy during a financial crisis. Your mortgage is a partnership, and your lender may be able to provide assistance. Common options can include loan modification, term changes, repayment plans, and more.

Interested in exploring your options? Send us a message and let’s talk about your current financial situation.

06/27/2024

Last year 357,062 U.S. properties were foreclosed on. That is 1 foreclosure out of every 4,286 U.S. homes. 🏠

Foreclosures can be attributed to a few different factors. Debt.org cites the main reasons for foreclosures as:

- Job loss or reduction in income
- Credit card debt
- Medical emergency (resulting in debt)
- Divorce or loss of a spouse
- Moving without being able to sell previous home

This is one of the biggest financial crises a person can face in their lifetime. If you are struggling financially and want to learn more about the foreclosure process and find resources, visit www.equityhorizon.info.

06/11/2024

For all the landlords out there!

Are you asking the right questions when screening tenants? In this article, we'll go over the 10 most important questions to ask tenants before renting.