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loan,home,equity,loans,home,loans |
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loan,home,equity,loans,home,loans |
| Loan, Home equity loans |
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Home Loans
1. From fixer-upper to dream home with a 203(k)
If you can't afford to either buy or build the home of your dreams, you might be able to afford to buy a house that you can turn into your dream home. And you could probably do it with a Federal Housing Administration, or FHA 203(k) renovation loan -- a single loan that allows you to both buy the home and pay for the upgrades it will need.
2. Let your debts tell you how big a mortgage to get
While it is a good idea to be a well-informed house and mortgage shopper, in many cases what you know is not nearly as important as what you owe. Not only that, but when it comes time to get a mortgage, how much you owe can even be more important than how much you make.
3. Short-term mortgages build equity faster
No matter what type of fixed-rate mortgage you are looking at, the same principle applies: The longer you take to pay it back, the lower your monthly payment will be. But since you will make more monthly payments for a longer period of time, you will pay more interest over the life of the loan -- a lot more.
4. It's easier to shed a spouse than a mortgage
Many people think when their divorce decree is final their problems are over. But when it comes to the mortgage on the house that the two of you once shared, the problems could be just beginning. Don't worry, though, there are some steps you can take to save your home -- and your sanity.
5. No-cost mortgages can be costly
When you deal with mortgages, it always pays to double-check the math. Sometimes, however, you have to double-check the English as well, especially when lenders use the term no-cost loan.
6. Energy efficient mortgages help you buy and sell
The gas pumps are not the only places where energy prices are climbing. Look at what it costs to keep your home running. Check your monthly bills for the heating and cooling systems and for everything else powered by electricity, heating oil or natural gas. Then compare those figures to what you spent last year and the year before that.
7. Beware of too good to be true mortgage
With all the current speculation and uncertainty about exactly how high interest rates are heading, there's both good news and bad news about getting a mortgage.
8. Your FICO determines your mortgage rate
When you and I read mortgage papers, we look at the words. When lenders and others of their ilk do so, they look at the numbers. That's because while the words explain how the loan works, the numbers explain why it is structured the way it is -- at least to those who understand them.
9. Do you know how much your ARM can stretch?
When most people get an adjustable-rate mortgage, or ARM, their primary concerns are the interest rate and just how far their ARM will stretch before adjusting. If you are considering an ARM, you should also consider how fast and how far those rates could reach. That is determined by the economy, the fine print in your mortgage contract and the financial index your rate is tied to.
10. Shop for a mortgage before you shop for a home
You don't play in traffic, you don't jump out of an airplane without a parachute, and you don't shop for a home until you've made sure you have a good loan to pay for it. If you don't have your loan lined up first, you could face delays during the home-buying process and someone else could buy the home you want. You could also end up with a higher interest rate on the mortgage you do get -- one that could cost you thousands of dollars more over the life of the loan.
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