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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. Falling home prices: Don't be dejected
If you suspect homes in your neighborhood arent selling for as much as they were last summer, you are probably right.
2. Should I rent or buy?
Even if you have the money and the credit rating to purchase a home, it doesn't make sense to do so if you plan to sell it in a month or two. Nor does it make sense to rent a home for 10 years. Where, then, is the saw-off point? When does it pay to buy, and when are you better off renting? In other words, how long is long enough to live somewhere before buying?
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.
9. 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.
10. 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.
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