Buying a home is a long and complicated process, and scammers want to complicate things even more to capitalize on the confusion. Mortgage scams are growing increasingly prevalent and can be difficult to detect. Here’s what you need to know about these scams and how to prevent yourself from becoming a victim.
What’s a mortgage scam? Mortgage scams are designed to deceive individuals who are involved in the mortgage process, including homebuyers, lenders and existing homeowners as they seek refinancing. These scams exploit the complexity of mortgage transactions, possible inexperience and the emotional investment people tend to have in their homes. Types of mortgage scams and how they play out There are several variations of mortgage scams:
Follow these tips to avoid falling victim to a mortgage scam:
0 Comments
Q: I’m currently house-hunting, and aside from the obvious defects, what are some red flags I should be looking out for while checking out potential new homes?
A: When looking for a new home, it’s important to be familiar with potential signs of defects and disrepair. Here, we’ve compiled a list of 10 red flags to watch for in a new home. Doors that don’t close completelyIf the doors of the house you’re viewing don’t quite meet the jambs, you’re potentially looking at a sign of major structural damage. The house may have settled, which means there are problems with its foundation. If the door is made of wood, it can also mean the wood has warped, which likely indicates a moisture issue. In either case, these aren’t problems you want to endure. A musty smellThe nose knows. When a house has a distinctly musty smell, you can assume there is mold present. Inhaling any kind of mold spores can lead to respiratory problems, headaches, skin conditions and more. The house won’t fare too much better with mold. The wet spores can lead to destroyed drywall and ceilings and necessitate costly repairs. An up-and-coming neighborhoodDescribing a neighborhood as up-and-coming may seem like a positive way to sell a house, but it can also mean the neighborhood is still developing. Setting down roots in a newly formed community means risking the chance that it doesn’t quite turn out the way you expect or hope. It can also mean dealing with lots of construction in the neighborhood as new homes are built. A saggy ceiling When checking out a house, look up. If the ceiling sags, you may be looking at a leaky roof, an internal plumbing issue or an insect infestation. Overpowering air freshenersIf you’re hit by an overpowering scent of air fresheners or diffusers when you walk into a house, beware. The strong smells may be strategically placed to cover up for something else, like pet-stained carpets or mold. Ask to see the house again at another time, without any artificial scents being used so you can see what it really smells like. Selling “as is”If a home is listed “as is,” be prepared for issues. The seller is openly admitting they don’t want to fix any existing problems in their home. Look out for these defects, or ask the seller to point them out to you so you know what you’ll be dealing with before you decide to go ahead. Poor ventilationIf the house seems humid and stuffy, that’s a red flag. It likely indicates poor ventilation which does not allow the hot air to escape. This can lead to moisture issues, which in turn can lead to mold and decay. Substandard shinglesIf the shingles on the house you’re viewing are peeling, cracked or curling, the roof is probably nearing the end of its life. Replacing it can be incredibly expensive, and it’s not something you want to deal with right after moving into a new home. Sloping floorsIn many homes, the floors are slightly out of level due to normal settling. If you feel like you’re walking downhill in the living room, though, that’s a problem. Noticeable sloping can be indicative of a foundational problem, broken floor joists or rotted support beams. If you do notice extreme sloping in a home, walk away. If you love everything else about the home, you can have a structural engineer tell you why it’s sloping and how much it’ll cost to fix the underlying issue. Below market priceIf a house is priced well below market value, there’s likely a reason it’s so cheap. Houses priced below market value tend to have big structural issues the owner does not plan to fix before selling. If you fall in love with an underpriced house, be sure to have it thoroughly inspected and to get a general idea of what it’ll cost to make it livable. Finding your dream home isn’t easy. Look out for the red flags described here to be sure there are no big surprises after moving day. The ideal workplace provides a safe environment where employees can do their jobs without fear or intimidation. Unfortunately, though, this is not always the case. Mental health issues are becoming more prevalent in the workplace, with employees experiencing stress, anxiety, depression and burnout on a regular basis. Let’s take a closer look at mental health in the workplace. How mental health issues affect businesses and employees Mental health in the workplace is important for the ongoing success of the business and the employee. First, mental health affects productivity. When employees are experiencing mental health issues, their efficiency and output decreases. It’s hard to give it your all when you’re feeling anxious, depressed or stressed. This, in turn, can lead to a decrease in revenue for the business. Additionally, mental health issues can lead to absenteeism and presenteeism. Absenteeism, in which employees miss full or partial days at work, means they’re putting in less time in the office and they’re likely falling behind in their work. Presenteeism, in which employees show up but are not fully engaged in their work, can likewise lead to decreased productivity. Finally, mental health issues in the workplace can have a negative impact on employee morale. This can lead to a high turnover rate, which can be costly and inconvenient for the business. It can also cause friction between employees and their co-workers, as well as employees and their employers. On the flip side, workplaces that prioritize mental health create an environment where employees feel valued, supported and safe. This can lead to increased productivity and profits, improved job satisfaction, employee loyalty and a positive work culture. Tips for ensuring continued mental health in the workplace Here’s how to ensure your workplace is not neglecting the crucial need for strong mental health wellness:
Maintaining your mental health while in the workplace is crucial to your ongoing productivity and success. Use the tips outlined here to keep your emotional well-being in good shape at work. Q: My partner and I are preparing for our wedding, and due to financial constraints it will need to be planned on a strict budget. I’m glad we aren’t racking up huge bills, but I don’t want to compromise on the day of my dreams. Can a budget wedding still be beautiful?
A: Your desire for financial responsibility is commendable. Fortunately, a budget wedding can still be beautiful – even on a tight budget. Here’s how to plan the wedding of your dreams without breaking your budget. Set a budget The first step in planning a wedding on a budget is to actually set a budget. Determine how much money you can afford, and are willing to spend, on your wedding and allocate your funds accordingly. Jot down a list of all the wedding expenses you expect to incur, such as venue rental, catering, photography and decorations. Then, prioritize them based on their importance, attaching a higher dollar amount toward your top priorities. When setting your budget, be realistic about what you can afford. Don’t take on more debt than you can handle, as it can put a strain on your relationship in the long run. Consider cutting back in areas that aren’t as important to you. This might include having a smaller guest list or opting for a simpler, or secondhand, dress. On the flip side, remember that your budget does not need to be evenly balanced as long as the total does not exceed your maximum budget. For example, you can decide to spend a lot of your wedding money on an elaborate dessert table, and hire a no-frills caterer for the rest of the meal. Remember, a budget is an opportunity to get creative. Together with your partner, you can find unique ways to make your wedding special without spending a fortune. Choose a venue One of the biggest expenses of a wedding is the venue rental. The good news is, an out-of-the-box venue can save you boatloads of money without sacrificing on style and beauty. Consider having your wedding in a park or on a beach; many public spaces offer affordable or even free venue rentals. Alternatively, if you’re set on having a traditional venue, look for off-peak times or consider a weekday wedding, as these can often be more affordable. Another option for saving on the venue is to have your ceremony and reception in the same location. This can save on transportation costs and can be more convenient for your guests, too. Look for venues that offer both indoor and outdoor spaces so you have a built-in backup plan in case of inclement weather. When choosing a venue, be sure to keep your overall wedding theme in mind. For example, if you’re going for a rustic feel, look for venues with natural elements like wood and stone. If you’re going for a more modern look, go for venues with clean lines and minimal décor. The venue sets the tone for your entire wedding, so it’s important to choose one that reflects your personal style. DIY Decorations Another big-ticket item likely to be on your wedding budget is the décor. To save in this area, consider DIYing some, or all, of your wedding decorations. You can look up tutorials online to learn how to do a job that will bring professional results, and with the help of a few friends, and a minimal investment in materials, you can create beautiful, low-cost decorations for your wedding. This can include centerpieces, floral arrangements, favors and more. Another way to save on wedding décor is to repurpose items you already own. Mason jars, vintage books, old picture frames and unique vases can all serve as décor elements for your wedding. You can pick up more low-cost décor items in secondhand shops or borrow from friends. Finally, consider renting decorations instead of buying them. Many rental companies offer affordable options for wedding décor, such as tablecloths, chair covers and ceremony arches. This can shave lots of money off your budget wedding while also reducing waste. A beautiful budget wedding is more doable than you may think. Follow these tips to plan the budget wedding of your dreams. If you’re looking for a way to save on grocery bills while reducing your carbon footprint, growing your own vegetable garden can be a fabulous and rewarding endeavor. Follow these tips to learn how to successfully grow your own greens.
Choose the right greens First, you’ll need to choose which greens you’d like to grow. Vegetable salads have come a long way in the last decade, and you can choose from a wide variety of greens to grow, aside from the ubiquitous iceberg and romaine lettuces. These and other leafy greens, like kale, spinach, mustard and arugula, are fairly easy to grow and extra-tasty when fresh from the garden. Aside from choosing your favorite greens, be sure to take your hometown’s climate into account when selecting which plants to grow. Do some research to identify what kind of temperature and care each of your chosen plants will need (start with the USDA’s Hardizone Zone map for general climate info). Pay attention to how much shade, sunlight and watering each vegetable requires so you will be able to care for them properly. Once you’ve chosen your greens, you can pick up seedlings in a local nursery, farmer’s market or home improvement store. If you prefer to grow your greens from seeds, select packets that include instructions for good germination. Plant your garden If you’re working with seeds, follow the instructions on the packet to bring the seeds to germination. Depending on the veggie type, you’ll likely need to plant the seeds inside, in a small pot or shallow container, and then transfer them to the outdoors after they sprout. Tools like rockwool cubes, grow lights and a small fan, can help you provide the ideal conditions for your seeds. If you’re working with seedlings, prepare a garden bed or pot with fertilized, moist soil for planting. Dig just a bit to plant the seedling, allowing space to cover the seedling with approximately ¼ inch of soil. Working gently, tamp down the soil around the seedling so there’s strong contact between the seedling’s roots and the soil. Your greens are ready to grow! Let your garden grow Now that you have planted your greens, it’s important to take good care of them to ensure that they grow healthy and strong. The most important factors to consider when caring for your greens are water, sunlight and soil. Most greens prefer consistently moist soil, so be sure to water your plants regularly. However, be careful not to overwater, as this can lead to root rot. Additionally, make sure your greens are getting enough sunlight. Most greens prefer at least six hours of sunlight per day, but some varieties, like lettuce, prefer partial shade. Finally, make sure your greens are growing in good soil that is nutrient-rich. If you’re planting in pots, use a high-quality potting mix. If you’ve planted in the ground, upgrade your soil with compost or other organic matter to improve its quality. Harvesting your greens The best part of growing your own greens is getting to enjoy the fruits of your labor. Most greens can be harvested once they’ve reached their desired size, usually around 4-6 weeks after planting. Don’t wait for the plants to bolt (send up flower stalks), or you’ll be left with bitter greens. To harvest your greens, use a pair of scissors to snip off the leaves at the base of the plant. Be sure to leave some leaves on the plant so it can continue to produce new growth. When harvesting your greens, it’s important to do so in the morning when they are at their freshest. Store your greens in the refrigerator in an air-tight plastic bag or container to keep them fresh for up to a week. Alternatively, you can use your greens immediately for a perfectly fresh garden salad. Growing your own greens is a uniquely rewarding experience, and it’s great for the environment, too. Follow these tips to successfully grow your own greens. Q: I’ve been thinking about debt, and I’ve been wondering: Is all debt bad? Does good debt actually exist?
A: Despite its bad rap, not all debt is bad debt. Some debts are actually beneficial for the debtor and can be considered “good debt.” Let’s take a look at the factors defining good debt, the various types of good debt and how to keep this debt from going bad. What is good debt? Good debt is a term used to describe types of debt that help you build wealth or increase your net worth. Unlike bad debt, which includes long-term credit card debt and other forms of high-interest debt that don’t add value to your financial situation, good debt is an investment that can ultimately pay off and benefit you. Types of good debt Now that we’ve established what defines good debt, let’s explore several kinds: Mortgages A mortgage is generally considered good debt because it allows you to buy a home, which can appreciate in value over time. Each monthly payment you make on your mortgage builds equity in your home, which can be used as collateral for future loans or as a source of funding for retirement. Home equity loans and lines of credit Another option for accessing the equity in your home is through a home equity loan (HEL) or line of credit (HELOC). These loans, which are secured by your home, can be used for a variety of purposes, such as home renovations or debt consolidation. In many instances, the rates of these loans make for a much lower cost than carrying it on higher interest credit cards. Student loans Student loans are generally considered good debt because they can lead to higher-paying jobs and increased earning potential. By investing in your education, you can improve your chances of achieving financial stability and your long-term goals. In addition, some student loans only begin accruing interest following a grace period after you leave school. Auto loans An auto loan can be good debt if it enables you to purchase reliable transportation that you need to get to work or to run a business. Business loans A business loan can fall into the category of good debt if it allows you to start or grow a business that generates income and increases your overall financial health. Can good debt turn into bad debt? While good debt can help you build wealth and improve your overall financial wellness, it can quickly turn into bad debt if you miss a few payments or the investment does not quite turn out as planned. For example, if you take on too much mortgage debt or buy a car you can’t really afford, you may struggle to make the payments and risk foreclosure. Similarly, if you invest in a business that doesn’t generate income, you may struggle to repay the loan and risk bankruptcy. Finally, defaulting on a student loan can have serious consequences, like hurting your credit score and having your wages garnished. Be sure to carefully consider the risks and rewards of taking out a loan and to have a solid plan in place for repaying the debt before applying for any loan. How can I keep my good debt from going bad? If you have one or more good debts that you don’t want to turn into bad debts, we can help! Follow these tips to keep your debts from going bad.
|
Archives
January 2024
Categories
All
|