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Since the housing market crash of 2008, analysts and lawmakers have been scrambling to diagnose what went wrong, as well as make provisions to avoid another economy-devastating event.
One of the most obvious downfalls of the market was a failure to follow strict screening policies for potential homeowners. Loans were frequently issued regardless of evidence of a person’s ability to repay, which, when coupled with dishonest lending practices, led to massive numbers of defaults and bankruptcy.
Introducing Dodd Frank
In answer to the need for reformation, lawmakers passed the Dodd Frank Wall Street Reform and Consumer Protection Act, which takes effect in mid-January.
This group of new mortgage laws will provide more protection for the housing market by requiring lenders to follow certain rules in order to receive legal protection. The laws also protect consumers by addressing questionable lending practices. This all leads to the assumption that the process to home ownership will become more secure, but it doesn’t guarantee that getting a loan will become any easier.
In fact, under the Dodd Frank laws, consumers’ allowable debt-to-income ratio has increased, and lenders’ terms are likely to become more difficult to account for increased expenses.
It’s nice to know your potential mortgage will be more fair and financially stable, but what if you don’t fall under the DTI ratio or can’t save enough for a down payment?
Thankfully, there are some ways to bridge the gap between your desire to own a home and your ability to make it happen — namely, home-buying credits at both the federal and state level.
I admit it: I get caught up in the whole New Year’s resolution thing.
When January 1st rolls around, I want to use the dawn of a fresh year as a breaking point for old habits, and the start of great and wonderful things to better myself and my life.
For many years, I resolved to do better with my finances. Unfortunately, I often found my resolution broken before the first month — or even the first week — came to a close.
The good news is that during my four and a half year journey to pay off my credit card debt, I learned the secrets to achieving any financial goal. You’d be surprised at how simple these three steps are: [ continue reading… ]
The start of the year means that many people — myself included — are vowing to spend more time on health and fitness.
Gym memberships are flying off the shelf, and the latest workout equipment is in high demand. While this is ultimately a good thing, it can also be quite costly. The reality is that you don’t have to break the bank to get in shape.
Here are five ways to save on health and fitness costs.
1. Watch workout videos on YouTube
I knew I was interested in some type of workout video, but I couldn’t pinpoint exactly what I wanted. I asked several friends which DVD I should purchase, and one of them suggested watching workout videos on YouTube instead. [ continue reading… ]
Now that we’re starting a new year, it’s time to pay attention to the tax updates that are coming in 2014. Your tax planning should take into account two main things.
First, be aware of changes for your 2013 taxes so you file appropriately by April 15, 2014; second, realize that changes taking place in 2014 will affect the way you plan your finances for the coming year.
As you sort through your taxes for the 2013 filing season, and as you plan for the 2014 tax year, the tax preparation company Jackson-Hewitt suggests you keep these four things in mind: [ continue reading… ]
The daisies dapple the fields with their vibrant colors. The robins are busy building their nests, preparing for the new additions to their family. The sun drips yellow gold across the landscape. The days are growing longer, and there’s a freshness and sense of rebirth in the air.
It’s springtime. And everything is bustling and busy.
When this time of year rolls around, we can’t help but get excited. Everything is thawing, changing, and growing. Nature, and even our own human body cycles, are resetting.
As are the housing markets.
Some people start scrambling to get their houses ready to be sold. Others begin the rush to see as many homes as possible, hoping to find their ideal place. Others fight for loans to close on the home of their dreams before the next guy steals it away from them.
Spring is lovely. But, it’s a difficult time to shop for a new home. The market is flooded with people shooting to do the same thing you are: get settled in their new abodes, so they can enjoy the coming summer.
There’s a better way: hit the market before everyone else does.
Holiday gift card sales have reached record highs this year, a trend that retailers are more than happy to accept.
Since the money placed on gift cards doesn’t count towards a company’s bottom line until it’s spent, retailers are focusing on encouraging shoppers to redeem them right away. This is especially true given the fact that many retailers have seen disappointing profits this holiday shopping season. Overall, most major businesses saw sales increase only at the expense of extra-deep discounts that hurt their profit margins.
Although you probably don’t care about helping retailers with their bottom line, you will be interested in getting the most out of your gift.
Here are a few reasons to spend that gift card now.
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