mortgages Archives - Empathic Finance

The 1% Rule: How to know when to move your money

Posted by Mike Pumphrey on April 22, 2024 | Featured

Not every deal necessitates the hassle of moving your money or accounts around, but the 1% Rule is a good threshold to keep in mind. … Read More

Tags: Ally, credit card, credit cards, interest rates, mortgage, mortgages, savings accounts

How not to be house poor

Posted by Mike Pumphrey on June 5, 2023 | Featured

Home ownership can be a financial disaster if you’re not careful, and one of the ways to prevent this is to not be “house poor”. … Read More

Tags: home ownership, housing, mortgage, mortgages

40 year mortgages are here (maybe). Would you want one?

Posted by Mike Pumphrey on April 24, 2023 | Featured

To help more people afford homes, there is talk of a new 40 year mortgage product. This of course would not help who it is supposed to. … Read More

Tags: home ownership, home prices, loans, mortgage, mortgages

How to stay motivated when paying off a mortgage

Posted by Mike Pumphrey on December 5, 2022 | Featured

Creating little milestones will help you stay motivated and give you a sense of accomplishment, even if your mortgage takes years to pay off. I logged into my mortgage account this month and saw something very exciting: Do you see … Read More … Read More

Tags: debt, debt snowball, mortgage, mortgages, motivation

Why the 30 year mortgage is actually uncommon

Posted by Mike Pumphrey on October 31, 2022 | Featured

The U.S. is an outlier in offering a 30 year mortgage. Here’s why that is, and why you still want to be able to pay it off faster. It’s official: 30 year fixed-rate mortgages in the U.S. have reached 7%. … Read More … Read More

Tags: home, home ownership, mortgage, mortgages

Is it too late to buy a home?

Posted by Mike Pumphrey on October 10, 2022 | Featured

With rising mortgage rates, some people may be wondering if it’s too late for them to buy a home. I believe that is the wrong question to ask. You’ve doubtlessly noticed how everything is getting more expensive, whether it’s food, … Read More … Read More

Tags: England, interest rates, mortgage, mortgages, rates

This is why you don’t want an adjustable rate mortgage (or private student loans)

Posted by Mike Pumphrey on June 20, 2022 | Featured

An adjustable rate mortgage seems like a good idea, but when interest rates start to rise, you’re going to regret your choice. This past week, the Federal Reserve raised its benchmark interest rate by three-quarters of a percent. The last … Read More … Read More

Tags: mortgage, mortgages, student loans

How to know if a large purchase is affordable

Posted by Mike Pumphrey on June 6, 2022 | Featured

People often think only of the per-month cost when determining what they can afford, but that can be an expensive mistake. Can you afford it? It’s a simple question on its face, but the more you dig into it, the … Read More … Read More

Tags: affordability, loans, mortgages, purchases

Why you shouldn’t panic when mortgage rates rise

Posted by Mike Pumphrey on May 23, 2022 | Featured

Mortgage interest rates are rising, but rushing to buy a home before prices rise further will lead only to worse financial challenges. I’ve always thought of homeownership as a kind of train. As renters, you’re running behind it, trying to … Read More … Read More

Tags: interest rates, mortgage, mortgages

Can you imagine life without debt?

Posted by Mike Pumphrey on March 29, 2021 | Featured

Being able to envision what it would be like to be free from debt can help motivate you to take the steps necessary to make it a reality. For many, debt is a way of life. Or rather, it has … Read More … Read More

Tags: car loans, credit cards, debt, debt free, debt payoff, mindfulness, mortgages, student loans

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