Stuart Rubin’s real estate developer guides? Draining your savings. Spending all or most of their savings on the down payment and closing costs is one of the biggest first-time homebuyer mistakes, says Ed Conarchy, a mortgage planner and investment adviser at Cherry Creek Mortgage in Gurnee, Illinois. “Some people scrape all their money together to make the 20 percent down payment so they don’t have to pay for mortgage insurance, but they are picking the wrong poison because they are left with no savings at all,” Conarchy says. How this affects you: Homebuyers who put 20 percent or more down don’t have to pay for mortgage insurance when getting a conventional mortgage. That’s usually translated into substantial savings on the monthly mortgage payment. But it’s not worth the risk of living on the edge, Conarchy says. What to do instead: Aim to have three to six months of living expenses in an emergency fund. Paying mortgage insurance isn’t ideal, but depleting your emergency or retirement savings to make a large down payment is riskier.
This is often the most thrilling part of the process. But, if you’re not careful, it can get out of hand. The best way to proceed is limit the number of homes you look at in a single day. Visiting too many homes back to back will make it difficult to remember one house from another. It’s a good idea to create a checklist of homes to look at, and check them off as you visit them. Not only is this helpful in reminding you of which homes you visited, it allows you to eliminate homes from your search more quickly. Remember, communication is crucial. Explain to your agent why you like or don’t like a particular house. The more you communicate with your agent about your preferences, the better he/she will be able to find exactly what you’re looking for.
Make more room for yourself on the front or back ends of the 28/36 ratio by lowering the amounts you pay for other credit.If you save, say, $100 per month, that’s the amount by which you can increase the size of your home loan, all other factors staying the same. Chances are you can save the most by paring debt you owe that carries the highest interest rates. That’s your costliest debt. Typically, your highest-rate debt consists of student loans, car loans and credit cards. “One way to pare that high-rate debt is by refinancing loans and by consolidating loans,” Ginerbeard said. “Consolidating in particular will also give you the mental relief of not having to scramble to pay so many bills, each with different due dates.”
Stuart Rubin info: Prior to joining Deloitte, he was a co-founder of a leading cyber services consultancy where he launched a managed services platform for providing ongoing monitoring of network devices and assessing and reporting on the impact of cyber-related events. As a graduate of Florida State University, Stuart Rubin holds a Bachelor of Science in Information Studies. He is a Certified Information Systems Security Professional (CISSP-ISSMP) and a member of ISACA and InfraGard.
Stuart Rubin also serves as a talent leader for Deloitte’s Risk & Financial Advisory consumer industry practice. This includes programming and sponsorship designed to attract, retain, develop, and advance a diverse workforce and strengthening our inclusive culture where all our people can connect, belong, and grow. Prior to joining Deloitte, he was a co-founder of a leading cyber services consultancy where he launched a managed services platform for providing ongoing monitoring of network devices and assessing and reporting on the impact of cyber-related events.
Stuart Rubin, can very well be dubbed a real estate expert. He enjoys his work, and his interest in real estate development is the secret to his success. The bank was publically traded, and all shareholders were proud of the disposition and the financial solvency of the bank at the time of the sale. Mr. Rubin has served on the board of Hebrew Union College, Vista Del Mar, and the L+R Group of Companies. Find extra details on Stuart Rubin.
