In many areas of the country you can purchase a home and pay less for your monthly mortgage than you might pay for rent – however, when looking at mortgage calculators online, be careful that the monthly mortgage payment you’re looking at is the complete picture of all required homeownership costs and not just the amount you’ll need to reimburse your lender each month for your mortgage loan. In some cases, property taxes can be 50% (or more) of a monthly mortgage payment amount, taking the true price of home ownership much higher than originally anticipated. When you’re looking to become a home owner, make sure that you understand the full financial commitment you’re entering into. There are many advantages of home ownership, but you also want to ensure…
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As you start to search for a mortgage loan, you will probably receive a lot of advice from friends and relatives about the loans they think are best. While personal recommendations can be helpful, you should keep in mind that, while your friend's mortgage worked for them, it may not be as practical for you.
With this guide, you will understand how different loan terms affect your monthly payments and long-term investment. That way, you can balance your budgetary concerns in the short-term with your long-term goals as you search for homes.
To determine how a mortgage may work for your specific situation, first speak with your lender or financial advisor.
What Types of Mortgages Are Available?
Although there is a great deal in the news…
Days on market (DOM) is a crucial number in any real estate transaction. Defined as the number of days that it takes a home to progress from listing date through closing date, this number is one that sellers need to take seriously.
When real estate markets are relatively stable, homes that can compete well with their competition might reasonably be expected to successfully sell within the time frame of the average DOM figure for their area and their particular segment of the market. In some cases, however, sellers may want or need their homes to not linger on the market or sell more quickly than average.
If you are preparing your home for sale and want or need it to sell as quickly as possible, here are six things you can do to help make…
As the housing market across the country continues to rebound, many areas have become “seller’s markets” – a market in which there are more buyers than there are homes for sale and where sellers are more likely to have their choice of buyer and to be able to dictate more attractive options for themselves, rather than buyers being able to dictate terms that are beneficial. In many of these markets, buyers have to content with and go up against offers of “all cash”, where the other buyer won’t be taking out a mortgage and will instead be handing the seller a lump sum of cash for the purchase of their home. How can you combat an all-cash offer? It is possible to submit an offer that’s more attractive than an all-cash offer, one that will get you into the…
There are many mortgage products available on the market today, which is great for buyers who now have more than one option for purchasing a home. There are your traditional 15-year or 30-year fixed rate mortgage loans (which are often just called conventional mortgages), adjustable rate mortgage loans, balloon payment loans, jumbo loans, variable term mortgage loans - - what do they all mean?!?! And of course most importantly: which one is the right choice for you and your family?
One popular mortgage loan product is adjustable rate mortgages, or ARMs. ARMs generally are advertised as 5, 7 or 10 year (or 5/1, 7/1, and 10/1) ARMs, although some mortgage lenders may offer other loan terms. When you see an ARM advertised as a “5/1” or “10/1”, the first…
Watching a child graduate from high school is a joyous occasion for many parents. However, if they are planning on going to college, you may be worrying about the college bills that will soon be arriving as your high school graduate enters the next, and most expensive, phase of their education.
College expenses can be especially worrisome when a student will be attending school far away, making it impossible for them to commute from home. If you or someone you know has someone that may be college bound - or you are interested in an investment rental property, you may be surprised to discover that buying a home in a college or university town might be a way to cut college costs while having an investment property after they graduate.
Choosing the right home as a first time buyer can be an emotional roller coaster ride, especially when these new buyers realize they may be making mortgage payments for decades to come on the home they eventually choose. In an effort to minimize the amount of that monthly mortgage payment, buyers sometimes make the mistake of choosing their first home based solely on price.
While it is important to make sure the mortgage payment is affordable, first time home buyers should also strive to find a home that offers other important values on top of an affordable cost that will ensure that they will actually enjoy living there for years to come.
Look for the Value of Convenience
Time is a critical issue in the lives of most people, especially…
Buying a home can be overwhelming, nerve-wracking and downright intimidating, especially for first-time home buyers. There are typically hundreds of thousands of dollars involved and it will likely be one of the largest purchases you’ll ever make. Scared yet? Don’t be. Here are some helpful tips and information to help guide you.
“Real Estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” - Franklin D. Roosevelt
When you’re through reading the tips in this article you should feel far more comfortable about taking on your first home purchase. Let’s dive in: here are 7 Tips for First-Time Home Buyers.
Is there anything more frustrating than spending hours tossing and turning in your bed, obsessively checking the clock only to find that every time you do so reveals that your available hours of sleep are dwindling beyond all hope?
If you're looking to improve your sleep, give your bedroom a sleep makeover. Try these quick home improvement projects to make your bedroom a more optimal place to catch your Zs.
Install a Dimmer Switch
You don't have to be an electrician to get this done as long as you have a screwdriver.
Turn off the power at your circuit breaker, then use your screwdriver to remove the switchplate and loosen the poles on the switch box itself. Remove the old switch and wrap the metal ends of the wires around the new one,…
If you are looking to buy a home in the near future, you know that credit matters. While you can get approved for a mortgage with a credit score below 600, the best terms and lowest interest rates are likely to go to those home buyers with scores above 700. So if you’re in the low 600 range now and hoping to bump up your score in order to buy a home this year, you may still have time to do so. We’ve collected 3 tips below on how to increase your credit score quickly.
Pay down any existing credit card debt to below 30% of your available credit limit.
A large portion of your credit score is based on your utilization of your available debt. The more you use, the lower your score. Aim to keep balances on your credit cards which are less than 30% of…