Amanda Petersen, Author - MoneyTips

Can You Refinance FHA to Conventional Mortgage?

Amanda Petersen — Mon, 19 Dec 2022 20:20:44 +0000

Did you finance your home with a Federal Housing Administration (FHA) loan? FHA loans are attractive to borrowers with less-than-ideal credit scores or lower amounts saved for down payments, unlocking the door to homeownership for many aspiring first-time home buyers. But your circumstances can change – and they can change for the better. If your...

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Interest Rate vs. House Price: Are They Related? Which Matters More?

Amanda Petersen — Mon, 19 Dec 2022 19:03:03 +0000

In life, few things are more exciting than buying your own home. The pride of homeownership is something most Americans strive for at some point in their lives. If you’re starting to explore houses on the market, there are two key factors you’ll want to keep in mind as a prospective home buyer: home prices...

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Fannie Mae vs. Freddie Mac: What’s the Difference?

Amanda Petersen — Tue, 08 Nov 2022 15:37:01 +0000

If you’re in the middle of shopping for a mortgage (or will be soon), you’ll probably come across two companies: Fannie Mae and Freddie Mac. Ring any bells? Fannie Mae and Freddie Mac are home mortgage companies created by Congress that play an important role in the U.S. mortgage industry. The two federally backed institutions...

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What Is the Federal Funds Rate and How Does It Affect Your Mortgage?

Amanda Petersen — Mon, 31 Oct 2022 19:47:03 +0000

For many of us, the American economy has felt like a rollercoaster lately. Interest rate hikes have become the new normal, and you can’t seem to escape inflation in stores or on the news. If you’re trying to buy a house, you’re probably wondering how interest rates and inflation will affect your home buying aspirations....

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5 Tips for Building Credit To Buy a House

Amanda Petersen — Thu, 20 Oct 2022 16:00:44 +0000

For many of us, buying a home is the pinnacle of adulting. There’s just something about owning property that makes most of us feel accomplished – and with good reason! It takes time, effort and preparation to finally get those keys in our hands. And speaking of preparation, one essential step to owning a home...

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When Should You Move Out of Your Parents’ Home?

Amanda Petersen — Fri, 14 Oct 2022 17:16:15 +0000

There’s a transition most young adults must face at some point in their lives: moving out of their parents’ home. And while you may end up back there for a stretch – if you fall on hard times or for another reason – it’s still generally not a great long-term arrangement. You may be wondering...

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2023 IRA Contribution Limits and Eligibility

Amanda Petersen — Fri, 14 Oct 2022 03:08:25 +0000

It’s never too early to start saving for retirement. Investing in an individual retirement account (IRA) is a great way to save for the future. However, there are limits to how much you can contribute to these accounts each year. Keep reading to learn more about how IRA contribution limits work. 2023 Roth IRA Contribution...

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Capital Gains on Investment Properties and How To Avoid Tax Hits

Amanda Petersen — Fri, 14 Oct 2022 01:12:38 +0000

Every investor wants to avoid being hit with a massive tax bill, and real estate investments are no exception. Investing in real estate has plenty of upsides. Steady cash flow, passive income, long-term asset appreciation and tax deductions are just a few of those benefits. It’s no wonder rental properties are such a popular type...

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What Is Sweat Equity in Real Estate?

Amanda Petersen — Fri, 07 Oct 2022 13:47:01 +0000

The term sweat equity is used to describe non-monetary contributions to a business or project resulting in increased equity in an asset. It’s a general and subjective measure of a person’s time, energy, and labor toward a particular effort. This term is frequently used when referring to entrepreneurs and startups since long and unpaid hours...

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Clear To Close: What To Expect and What Happens Next

Amanda Petersen — Fri, 23 Sep 2022 14:45:00 +0000

Buying a home can be pretty exciting. And while getting approved for a mortgage loan may rank lower on the excitement scale, it’s an essential step to purchasing a home. You’ll need to satisfy many of these steps with a loan officer before your mortgage application is approved and a lender declares you are clear...

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Assessed Value vs. Appraised Value: A Guide

Amanda Petersen — Wed, 21 Sep 2022 16:32:21 +0000

Whether you’re a new homeowner or first-time home buyer, you may have heard the terms “assessed value” and “appraised value” thrown around by your loan officer or real estate agent. Despite sounding similar, the two names serve very different purposes when it comes to home value. This can lead to significant differences in how the...

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Shadow Inventory: What Is It and How To Find Hidden Homes

Amanda Petersen — Tue, 20 Sep 2022 14:19:22 +0000

If you’re embarking on the search for a new home or considering buying soon, there’s a little-known option for finding homes beside what’s publicly listed – it’s called shadow inventory. Shadow inventory consists of houses that are unlisted and either bank-owned or in pre-foreclosure. For homebuyers, this “secret” inventory can mean excellent opportunities to snag...

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