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Bangor's July 4 festivities to be postponed to Labor Day weekend
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Annual event to be renamed COVID Independence Day to honor Mainers
BANGOR – The Greater Bangor 4th of July Corporation, the non-profit group that organizes the Independence Day festivities for the greater Bangor region, has been monitoring the latest news and meeting with state and local officials for guidance regarding Gov. Janet Mills’ four-phase plan to reopen the state and the Maine Center for Disease Control and Prevention’s current recommendations.
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US Internet well-equipped to handle work from home
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BOSTON — The U.S. internet won’t get overloaded by spikes in traffic from the millions of Americans now working from home to discourage the spread of the new coronavirus, experts say. But connections could stumble for many if too many family members try to videoconference at the same time.
Some may have to settle for audio, which is much less demanding of bandwidth.
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Maine caught fewer lobsters in ’19, but haul still strong
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ROCKPORT (AP) — Maine’s lobster catch dipped in volume in 2019, but remained above historic levels as the industry dealt with numerous challenges and a slow start to the season.
Fishermen from the state caught 100.7 million pounds of lobster last year, the Maine Department of Marine Resources announced Friday at the annual Maine Fishermen’s Forum in Rockport. The catch was worth more than $485 million, the fourth highest in history.
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No, you don’t need a 20% down payment to buy a home
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Many Americans may be unnecessarily talking themselves out of homeownership. Thirty-seven percent of non-homeowners say not having enough saved for a down payment is holding them back from homeownership, but 62% of Americans incorrectly believe you have to have at least 20% of a home’s purchase price to buy, according to NerdWallet’s 2020 Home Buyer Report.
The truth is: You don’t need 20% of a home’s price to buy it. Some lenders offer mortgages with as little as 3% down. So, how do you know just how much you need to save up based on your specific goals? It requires a little strategizing.
Before you can zero in on a down payment target, determine how much home you can afford and when you’d like to start home shopping. First, set your homebuying budget with a home affordability calculator to get estimated monthly payments based on various home prices, down payment amounts and locations.
Then, set an approximate timeline. Maybe you’re planning a wedding and know you won’t be ready to purchase for at least two years, or you’re just starting a graduate program and want to give yourself five years to find employment and settle down after graduation. Be realistic and account for your life circumstances.
With a homebuying budget and estimated timeline, you can start running numbers to set a down payment savings goal.
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