Choosing your mortgage is almost as hard as choosing the house you want to buy. The mortgage, just like your home, is something you will have for many years, especially if this is your forever home. In addition, your mortgage is like an investment. You want to have the lowest interest rate to minimize the cost of borrowing the money, but you also want to make sure you have the … [Read more...] about What Type of Mortgage Should You Choose?
In a perfect world, you would not spend more than 28% of your gross monthly income on your housing payment. Just what does that mean and how much money do you need to actually buy the home? Compare Offers from Several Mortgage Lenders. We help you understand the calculations below. Stick With What You Can Afford First, we start you off with a tip. When a lender … [Read more...] about How to Figure Out How Much Money You Need to Buy a Home Comfortably
Mortgage data firm ClosingCorp determined the top states in the US where closing costs are most affordable. What does this mean for many of the country's cash-strapped buyers? More than guts, it takes serious money to buy a home. If you’re like most Americans who just don’t have that liquidity or financial strength to pay for the home in cash, the most common way is to get a … [Read more...] about Top 10 States with the Lowest Mortgage Closing Costs
A recent survey commissioned by a lender revealed that 53% of its respondents prefer a 10% down payment on a home, not 15%, 20% or 30%. What’s more interesting is that 25% of the respondents professed not understanding how mortgage rates generally work. This confusion is understandable because mortgages can be difficult subjects themselves. But in the interest of home buying … [Read more...] about How Well Do You Know Mortgage Rates and Why They Matter to You
Down payment is an ever-present issue in any home buying scenario. And a working paper in August by members of the Board of Governors of the Federal Reserve System proposes to improve the 30-year fixed-rate mortgage and take note, with no down payment. Sure, there are no down payment mortgages available in the market such as VA and USDA loans. But what makes the Fed’s idea … [Read more...] about Is This Mortgage the Fed’s Answer to the Down Payment Problem?