Home Buying

You’re finally starting to gain your footing after a slippery financial recession, and now is a great time to take advantage of interest rates on home loans. However, before you seize the economic opportunity to own your own home, there are a few things you should know about mortgage rates first. Stay ahead of the game with these tips on how to find the best home loan for your financial situation. 1. Clean up your credit. You should begin doing this before you even step foot in a lender’s office. Paying your bills on time is essential to building a good credit score, as well as making sure not to open up any new accounts for credit cards in the months prior to applying for a loan (this could drive your credit score down). If you haven’t checked your credit report in a while, it is time to do so. Dispute discrepancies on it as soon as possible, since these can impact your overall score. In order to qualify for a great mortgage rate, you should have a score of at least 700. 2. Save up! Everyone knows that saving money is a critical step to home ownership. But did you know that you can actually keep more of it

Read more »

A few days back I was invited to a colleague’s housewarming party. My head has been spinning ever since I visited his house. The guy started his career around the same time I did. He bought a 4-bedroom house in (still expensive) south Florida with a yard large enough for a mini soccer match, as well as space for a butterfly area (I saw a few butterflies, too). I am living in a rental condo apartment. I do have enough savings for the down payment required for a similar home, so I started thinking about buying one. I spoke to my wife in the evening about it, and she agreed that this is a good time to buy a home. I still wasn’t convinced, as homeownership has various other costs associated with it. Insurance, housing society fees, property taxes, water, and increased electricity costs would cost $800 per month in addition to the mortgage payment. If I buy a new home I calculated my expected cost and total payout amount at the end of the loan term for both a 15-year mortgage and a 30-year mortgage. 30-year mortgage A decent 3 bed, 2 bath single family home in our area

Read more »