Posts with tag 'Getting a Mortgage'

When it comes to buying a house, most people know what they prefer: a bungalow or a condo, a hot neighborhood or a sleepy street.

Mortgages, too, come in many styles — and recognizing which type you should choose is just slightly more involved than, say, knowing that you prefer hardwood floors over wall-to-wall carpeting.

First things first: To pick the best loan for your situation, you need to know what your situation is, exactly. Will you be staying in this home for years? Decades? Are you feeling financially comfortable? Are you anxious about changing loan rates? Consider these questions and your answers before you start talking to lenders. (And before you choose a lender, 

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If you can afford it, it might be simple to pay off your mortgage earlier. But should you? That's a complicated question.

Homeowners with low mortgage rates may be better off putting extra money in a Roth IRA or 401(k), both of which might offer a higher return than paying off the mortgage.

Then there's the college aid factor. If you're applying for need-based aid for your kids, that home equity could count against you with some colleges because some institutions view equity as money in the bank.

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It's one thing to dream of buying a home, but it's another thing to actually do it. Buying a home is a complex process and if you aren't at least somewhat familiar with how it works, the experience could be confusing, and in some cases even frustrating, right from the start.

The reality is, buyer confusion is one of the main reasons why people get into trouble with their home loans, and it was just one of many factors that caused the housing market to go south a few years ago. That's why it's so important to have a basic understanding of the terms used throughout the home buying process. This guide will help y...

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Finding your dream home can be difficult for many reasons, one of which is that your budget often restricts your choices. Keeping a healthy budget coupled with strategic house-hunting practices can yield the best possible property that not only fits your personal budget but also meets your lifestyle needs. Here are four things to keep in mind during your search.

Determine Your Budget

You can't make a budget if you don't know how much you make and spend every month. Sit down and write the hard numbers. Are you mortgaging a ho...

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Congratulations! After years of renting, you feel ready to buy your first home. But the home-buying process can be a terrifying edge-of-your-seat endeavor, especially for first-timers. But the whole thing will seem a whole lot less scary if you arm yourself with a few facts.

Here's what every first-time home buyer needs to know to dive into house hunting with confidence—and with as few curveballs as possible.

1. Figure out how much home you can afford

Homes cost a bundle, so od...

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