Mortgage-calculator

Mortgage calculator

  A mortgage calculator is a very helpful tool that makes estimating your monthly mortgage payment easy. The user-friendly design will give Just what you need to know before jumping into buying your dream home. 

An online mortgage calculator can help with your monthly mortgage payment estimation with little details. In addition, it can highlight the total amount of interest over the lifetime of the mortgage.

Takeaways

Why do you need a mortgage calculator?

Often time people just jump into buying a house without doing the necessary due diligence. Also some mortgage companies do not have the best interest of their clients in mind. This tool provides an extra layer of comfort for those looking to have a clear picture of the evolution of the total cost of their property

What is it for ?

A mortgage calculator is a simple calculator with empty fields. Those fields are typically used to estimate your monthly home mortgage such as home value, down payment, type of mortgage, interest rate. In the end, you should an idea of how much your home is going to cost you. It would help you compare different mortgage types and calculate your down payment.

How it works ?

Just input the requested information in the appropriate fields such as the home value, your down payment amount, the type of mortgage, interest term and the interest rate. See how much house you can afford!


Mortgage terminologies

Down Payment:

The initial cash payment, usually represented as a percentage of the total purchase price, a home buyer makes when purchasing a home. For example, a 20% down payment on a $200,000 house is $40,000. A 20% down payment typically allows you to avoid private mortgage insurance (PMI). The higher your down payment, the less interest you pay over the life of your home loan. The best way to pay for a home is with a 100% down payment in cash! Not only does it set you up for building wealth, but it also streamlines the real estate process. 

Home Price:

The dollar amount you expect to pay for a home. According to the US census, Over the past 50 years, the average price of a new home in the U.S. rose from $19,300 in 1963 to $76,400 in 1980 and skyrocketed to $394,000 in October of 2017.

Interest Rate:

The cost of financing a home purchase. This is generally shown as an annual percentage of the outstanding loan.

Homeowner’s Insurance:

Generally a requirement for any home mortgage. The premium is usually included with the monthly mortgage payment. Costs and coverage vary by state and the value of the home.

Private Mortgage Insurance (PMI):

Calculated annually as a percentage of your original mortgage amount based on your credit rating and down payment. PMI protects the lender in the event you do not pay your mortgage, and it generally costs 0.5% of your loan each month

Monthly Payment:

The amount you pay each month for your mortgage, homeowner’s insurance, and HOA fees. This payment should be no more than 25% of your monthly take-home pay.

Homeowner’s Association (HOA) Fees:

Fees due in exchange for being part of a homeowner’s association. A homeowner’s association is an organization in a planned community that maintains and reinforces rules for the properties in its jurisdiction

Property Taxes:

Taxes levied based on the government’s appraisal of your property. These are usually included as part of your monthly mortgage payment. Property taxes vary greatly depending on location and home price. National state averages range from 0.32% to 2.31%

Mortgage Types:

15-Year Fixed-Rate Mortgage

A home loan designed to be paid over a term of 15 years. The interest rate remains the same for the life of the loan.

30-Year Fixed-Rate Mortgage

A home loan designed to be paid over a term of 30 years. The interest rate remains the same for the life of the loan.

5/1 Adjustable-Rate Mortgage (ARM)

A home loan designed to be paid over a term of 30 years. The interest rate does not change for the first five years of the loan.

Conclusion

In conclusion, it is important to always ask yourself one single question before you take the train and buy your dream home. You need to ask yourself if you can afford the home in a very honest and transparent way. Nevertheless, you shouldn’t always think about buying a house as an individual pursuit. You can always explore alternatives like co-buying a house.

3 Reasons Why Most Black Don’t Become Wealthy By Valerie Love

Why black families struggle to build wealth?. The answer is not so simple. Even though historical reasons certainly play a bigger role in generational wealth. Yet evidence has also pointed out different reasons.

In the video 03 main reasons identify are “Flossing or Ballin”, the lack of money understanding and the everything now attitude. Nevertheless, the goal is not to condemn black culture. But, the ultimate argument is to encourage more African American to be more money conscious and long term focus.

Takeaways:

Just by adjusting their lifestyle and community interaction. The African American community could easily be one of the most powerful. Yet it is worth noticing elements such as educational level, low investment in black communities and racial segregation.

Go deeper why most black struggle to build wealth nowadays?

This 2017 article from Huffpost, shed more about this topic with illustrative details. For example, the well-documented paper revealed statistics and empirical explanation about the real truth surrounding the limitation of black wealth.

Way forward

These simple tips if applied can help the black community build more wealth.

a. Pragmatism

Often time more African American don’t accept some hard fact evidence. As an illustration, if you live with the minimum wage why will you buy an iPhone? Why will you rent a $900 apartment if you earn $2000 a month? In essence, live either below your means or at par with your means.

b. Stronger community, stronger people

Across the country, most communities where the majority are black are invested with all sort of crime, decay, and destructions. Even though low public investments don’t help. Yet, some simple step could be taken to improve the situation.

  • Firstly, spreading more love within the community by supporting each other, organizing community cleaning up campaigns and
  • Also, team up to promote crime-free business opportunities.
  • Moreover, build solid black business networks and associations.
  • Finally, shop and buy black to encourage the community.

c. Behavior

African American need to be more optimistic and appreciate the opportunity of being American. In addition, this includes hard work and always thinking ahead. Also, the feeling of resentment and aggressivity only path the way for more social and racial clustering.

d. Education

More educated people equal more community elevation. By education, I don’t mean a college degree. I mean knowledge sharing, mentoring, and coaching. They are more important than a college degree.

 

 

 

 

Behavioral Money Coaching Magazine explores the many facets of money. Moreover, It stretches from the deeply personal to the practical. In addition, its publications foster our money management habits. Also, it is free and on issuu. The author Deborah Price, runs beside the money coaching institute.

Takeaways:

It takes just a couple of minutes to elevate your thoughts and mind with valuable contents. That is why this is probably one of the best content available out there related to the topic. Probably because the author is an expert with numerous years of experience in the field. Those years of experience give her a unique perspective and she was able to convey that in this magazine.

Advantage:

Here are some benefits draw out from reading the magazine

  • Educate yourself
  • Improve your habits
  • Understand the why, the what and the how of the concept
  • Learn how to work with a budget

Learn: Behavioral Money Coaching Magazine

[pdf-embedder url=”https://edulers.co/wp-content/uploads/2019/04/BehavioralMoneyCoachingMagazine.pdf”]

Conclusion:

This magazine is really good at helping people build very good money habits in the spirit of community. Moreover, by reading this magazine you will get acquaintance with financial terms and expression. Furthermore, it would set you on track to meet your goal and unraveled any doubts you have accumulated when it comes to setting you on financial freedom.

Why are Community-Oriented Businesses so successful?

Community business is booming. Also, platform businesses because they create value by bringing together two or more interdependent groups. As illustrated by some of the most illustrious ambassadors Airbnb, Uber, Etsy, TaskRabbit, Wework, and Amazon. The model has been disrupting traditional businesses for decades and there is no sign of slowing. They dominate the economic landscape like never before. Due to strong competition, legacy companies are embracing the model or they will face dark days.

Takeaways:

platform businesses can scale rapidly by leveraging the power of their community. That is certainly, the reason why investors love platforms so much. Consequently, They are more valuable than linear businesses. They have been growing rapidly both on the local stage and globally. The graph below illustrates how platform businesses in the S& P 500 grew over the past decades. In addition, the graph also portrays a forthcoming reality they will overtake all major traditional linear businesses by 2020.

Platform businesses in the S& P 500 over the last forty years.

More interesting globally, nearly 60% of today’s billion-dollar “unicorn” startups are platform businesses. For that reason, entrepreneurs need to shift from building products to build platforms. If you are looking to invest, platform businesses or community-oriented businesses are the way to go.

Advantages of community-oriented businesses :

  • Rapid growth: platform businesses leverage the power of their community to scale fast after validation of the concept.
  • Shared value: The most important impact of a community-oriented business model is the shared value created for all its community. It provides the opportunity for users to interchange role from consumers to producers of goods or services.
  • Investor love platforms: Investing in platform businesses can yield great returns.
  • Community impact: Platform businesses create an enormous impact on the communities they served. Just think of Uber,lyft, and Airbnb.

Wanna learn more: The process, the business model, the impact and how they create value check this excellent piece: https://www.applicoinc.com/blog/what-is-a-platform-business-model/

 

Why you Need Roommates?

Roommates are from a personal standpoint important depending on the stage of life where you find yourself at. Even if you are married, your spouse, husband or partner is still technically your roommate some could argue. Humans are simply not meant to live alone. That is why “We need human contact to feel human”. Even though, it could be challenging to share your space, privacy or intimacy with someone. However, those obstacles could be easily overcome through communication, trust, and mutual respect. As an example Just watch friends the tv show.

Takeaways:

Roommates can be annoying especially when the values are not aligned with yours. But they can prove to be extremely valuable, you just need to find the right roommate. That is a reason why before jumping in you have to vet them carefully.

Advantages of having roommates :

  • Sharing all expenses (with roommates you can envision to leave a better life with low-budget expenses.)
  • Building a strong relationship and leveraging each other network
  • You won’t be lonely (Having a person to talk with, share your doubts, or just having fun with)
  • You will always have help (One day, I left for work coming back I realized I forgot my keys in my room, it was a very cold winter day in New England. I couldn’t imagine what would have happened if I didn’t have any roommates.)

The math:

You want to live in a good and safe neighborhood. Trendy with social activities and positive vibes.

  1. Cost:
  • Rent approximately $3000 per month
  • Utilities: $350 per month
  • Cable & internet: $200
  1. Savings: a conservative approach
  • Shared bills

Total savings: 50%

The golden rule you rent should never be more than 30% of your monthly total income.

You can find an apartment or a house that has double access, at least two bathrooms to strengthen the intimacy. Usually, the first floor.

Learn more about roommates:

Read this excellent article to learn how to get along with your roommates: https://www.ef.edu/blog/language/12-tips-to-get-along-with-your-roommates.

If you are looking for a roommate check this app: https://www.roommates.com

The Mindset Shift Require To Build a Strong Community

Building a community can yield enormous opportunities for its members. Because at its core logic the success of the community = sum total of individual successes. We have numerous examples that serve as a testimonial of the ability of people to achieve collective greatness.

When people come together nothing is impossible.

Across cultures and history, we have acknowledged the effect of team prowess. Accordingly, we can highlight some:

  • Africa, Ubuntu, I am because of you. The concept does not only represent a philosophy but also a set of social norms that put humanity, collaboration at the center of everything.
  • In Israel, the Kibbutz movement embodies those values of collaboration, teamwork, collective success, and community achievements. As a result of a group of people sharing common interests and goals.
  • Furthermore, the concept of microfinance and microcredit pioneered by  Nobel Prize winner, Muhammad Yunus has dramatically improved people’s lives by leveraging the power of the community.

Takeaways:

An African old proverb says: “If you want to go fast, go alone. If you want to go far, go together“. Finding ways and opportunities to collaborate with your neighbor, roommate, colleague, family members, friends will make the community stronger. Consequently, community structures have been proven to be a strong catalyst contrary to general belief to individual progress. assessing the way we envision life from “I” to “We” will only make us happier, productive, and stronger.

Advantages of shifting mindset from “I” to “We” :

  • Makes us more likable, friendly and easily approachable
  • Connecting with like-minded people helps unlock opportunities
  • Valuable and genuine support from people strengthened communities, reduced violence and alleviate poverty

 

 

 

 

What is an Employee-Owned Companies?

Employee-Owned companies are companies that shared considerable and broad-based ownership stake with their employees. In essence, employees typical own at least 30% of the business. Because it is a partnership, the level of motivation and sense of ownership among employees are extremely strong.

Takeaways:

There is a very small number of Employee-Owned companies conversely to employee ownership. Even though the structure can be rigid in management with little room for flexibility, it certainly provides some major advantages.

Advantages:

  • EOCs are more stable and better managed
  • They usually perform better than their peers
  • Revenues sharing with employees
  • EOCs are better integrated into the community
  • Tax benefits

Looking to join an employee-owned company:

Check this list of employees owned companies https://en.wikipedia.org/wiki/List_of_employee-owned_companies

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