by Matthew on September 2, 2010
Nationwide, metropolitan areas that include or have nearby military bases are thriving, according to an analysis by USA Today.
Based on the newspaper’s findings, 80 percent of metro areas that are climbing the per-capita income rankings the fastest are near or include a military base. More than any other part of the economy, military pay and benefits increased the most since 2000.
USA Today reported that on average, a military member earned almost $122,300 in 2009. That figure is more than double the average in 2000. Military members’ relatively high earnings in cheaper housing markets pose opportunities to real estate agents and lenders. Service members have a higher rate of homeownership than civilians, and thousands of active-duty service members are expected to return from their oversea duties in the near future.
Home buying benefits are widespread for those who come home. Eligible military personnel can capitalize on the first- and repeat-homebuyer tax credit. The program gives them until April 30, 2011 to buy a home and until June 30, 2011 to close the deal. These extended deadlines do not apply to civilians.
Couple the tax credit with the VA Home Loan program, and military homebuyers find it more affordable to purchase their dream house in a booming metro area. Among these growing metropolitan areas, military borrowers are more likely to fulfill terms of conventional and government-backed loans.
Targeting these communities and cooperating with VA loan borrowers is certain to give real estate agents an edge. Investors may see prospects in developments off the military base or temporary housing.
As the military continues to grow, and service members return home, these flourishing communities will further boom. At this rate, these metros won’t have a demand shortage in the housing market for years to come.
by Matthew on July 31, 2010
Amortization Schedule & Chart – Use Amortization Calculator
Amortization chart is a table which provides details about all payments of an amortization loan in chronological order. It gives information about your interest, principal and balance amount at once.
Amortization is the process of paying off a debt raised out of a loan or a mortgage over a period of time through making regular monthly or annual payments. Amortization chart also known as an amortization schedule which is basically a table which gives you detailed information about your monthly payments on an amortization loan. Every loan includes two parts, one is your principal amount and other is your interest. So amortization amount shows how much of your monthly payment will go to interest and how much towards your principal amount.
Amortization Calculator is Available Free Online
There are many websites which provide free amortization calculator to draw your amortization schedule with full details about each periodic payment on an amortizing loan. The amortization schedule provides all payments information in chronological order and payments period starts after the loan was taken out. The first payment shown by the amortization schedule is assumed to take place at the start of payment period and the last payment in the amortization schedule at the closing of your payment period which completely pays of the reminder of the loan. It may be different from your all earlier payments.
Initially, a large portion of each payment is devoted to interest. As the loan matures, larger portions go towards paying down the principal, monthly payment is fixed and the amount of money paid to interest varies each month. It is important to note that all calculations done by heloc calculator do not include any additional costs such as closing costs, property taxes, or mortgage insurance.
