|By Marketwired .||
|June 2, 2014 12:48 PM EDT||
WASHINGTON, DC -- (Marketwired) -- 06/02/14 -- Successful homeownership begins with knowing 'your numbers' according to Marietta Rodriguez, vice president of homeownership programs and lending at NeighborWorks America. Just as with managing health requires keeping an eye on key physical indicators, the path to successful homeownership begins with knowing the four most important financial numbers that lead to sustainable homeownership.
"Homeownership is what the vast majority of Americans want to achieve and as National Homeownership Month starts we're urging consumers to gain the knowledge to succeed in this very tough housing environment," said Rodriguez.
The four key homeownership numbers are:
1. How much mortgage could you comfortably afford
2. What are current mortgage rates
3. What is your credit score
4. How much do you have for a down payment and closing costs
How much home could you comfortably afford is an important first number because it's the one number that probably won't change during the home buying process. How much home a homebuyer could afford is based on their income at the time of purchase.
"The rule of thumb for housing expense is that it should be no more than 30 percent of gross income," said Rodriguez. "So if your annual income is $60,000, then a homeowner's total annual housing costs shouldn't be more than $18,000 per year or about $1,500 per month. Going above that payment amount could lead to budget troubles down the road."
Basically, keeping an eye on the monthly payment limit means that a buyer could purchase more home if the mortgage rate falls or if the price of the home falls, and less home if either one increases.
That leads to the next number: the level of mortgage rates. Higher mortgage rates mean higher mortgage payment amounts, whether the price of the home a person wants to purchase goes up or not.
"Mortgage rates are still lower than they were for most of the past 20 years, creating an opportunity for more affordable mortgage payments," Rodriguez added. "According to forecasts by economists and statements by the Federal Reserve Board, it's not likely that 30-year fixed-rate mortgage rates will go much higher in the next 12 months."
NeighborWorks believes that homebuyers should work with a housing counselor to identify several mortgage lenders and then lock in the best mortgage rate for as long as possible at the lowest cost, allowing time to search for the right home.
Although the foreclosure crisis has dropped off the front pages, home foreclosure is still affecting hundreds of thousands of families. Research for NeighborWorks America found that working with a NeighborWorks housing counselor could help reduce the chance of mortgage default and foreclosure.
Knowing the credit score number affects the mortgage rate. Lenders are slowly moving their credit score targets to levels where more homebuyers could access a low-rate mortgage. However, if the homebuyer's credit score is below the threshold, the mortgage will cost more, if a mortgage is available at all.
"That's why NeighborWorks organizations around the country are here to help consumers, not just homebuyers, understand what helps and hurts a credit score," said Rodriguez "If a person can't come in to see a NeighborWorks organization, we recommend caution when thinking about paying for credit repair services. There are no quick fixes to credit issues."
Another number that doesn't usually change overnight is a buyer's savings or money available for down payment. A survey by NeighborWorks America, a national nonprofit housing and community development corporation based in Washington, DC found that saving for a down payment is second only to saving for retirement. Even so, saving the thousands of dollars usually needed for a minimal down payment takes time.
"To help homebuyers close the time gap, we encourage them to seek out down payment assistance programs that may be available from us or other sources, as well as to retain a Realtor who will negotiate for closing costs assistance from the seller if possible," explained Rodriguez. "Closing costs are not the down payment, but having help here means less money from savings has to be used for the overall financing."
About NeighborWorks America
NeighborWorks America creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. In the last five years, NeighborWorks organizations have generated more than $19.5 billion in reinvestment in these communities. NeighborWorks America is the nation's leading trainer of community development and affordable housing professionals.
PDF Attachment Available: http://media.marketwire.com/attachments/201406/75905_homeownership-handout.pdf
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2607212
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Jan. 17, 2017 10:30 PM EST Reads: 626
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal ...
Jan. 17, 2017 10:30 PM EST Reads: 2,312
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software securi...
Jan. 17, 2017 09:30 PM EST Reads: 1,728
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Jan. 17, 2017 09:15 PM EST Reads: 7,504
"There is a huge interest in Kubernetes. People are now starting to use Kubernetes and implement it," stated Sebastian Scheele, co-founder of Loodse, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 17, 2017 08:45 PM EST Reads: 1,912
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
Jan. 17, 2017 08:00 PM EST Reads: 455
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Jan. 17, 2017 08:00 PM EST Reads: 11,585
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Jan. 17, 2017 06:45 PM EST Reads: 6,209
Providing secure, mobile access to sensitive data sets is a critical element in realizing the full potential of cloud computing. However, large data caches remain inaccessible to edge devices for reasons of security, size, format or limited viewing capabilities. Medical imaging, computer aided design and seismic interpretation are just a few examples of industries facing this challenge. Rather than fighting for incremental gains by pulling these datasets to edge devices, we need to embrace the i...
Jan. 17, 2017 05:15 PM EST Reads: 3,561
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Jan. 17, 2017 04:45 PM EST Reads: 3,049
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Jan. 17, 2017 04:45 PM EST Reads: 867
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
Jan. 17, 2017 04:30 PM EST Reads: 9,616
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walked through how Octob...
Jan. 17, 2017 04:30 PM EST Reads: 2,904
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Jan. 17, 2017 04:15 PM EST Reads: 1,978
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 17, 2017 03:30 PM EST Reads: 5,325