Archives For Mortgage

True Cost of Buying Home – Other Hidden Expenses

January 14, 2013 — 4 Comments

Last year I first put serious thoughts on buying home. We have been to this country since last 7 years and have been renting ever since. I studied our Buy vs Rent situation and decided to hold off buying home, till we save more money or, perhaps till we save enough money to buy without mortgage. But, apart from home value, taxes and closing costs, there are other hidden costs associated with a home. In this article we will talk about these associated costs that you should also consider while buying your new home.

Buying home

One of my colleagues is looking for a home and we had a discussion on the expenses he should pay, how much should he budget for? As far as timing goes, would it be worth it for him to wait and save a few more grands to cover the not-so-talked-about costs?

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In Home Buying, Mortgage, Real Estate , ,
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Assess your Borrowing Power First Before Mortgage

December 21, 2012 — 3 Comments

The following is a guest post by Betsy Falwell, a good followup after last week’s post 6 financial must do’s for first time home buyer.

Mortgage Loan

“…and it will only cost us $750 a month!” exclaimed the too-loud woman in front of me at Starbucks. We were both waiting for our beverages – me a non-fat, no-water chai tea latte; her some frothy type of seasonal drink – and it was impossible for me not to overhear the conversation she was having about her new home loan with the person on the other end of her cell phone.

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In Guest Post, Home Buying, Mortgage , ,
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When, How and Should You Walk Out of a Bad Mortgage?

July 12, 2012 — 12 Comments

Numerous articles were published and billions of lines were written since the sub prime crisis. Millions of homeowners upside down on their homes, some even having mortgages for more than twice the value of their home.

Then, you compound the problem with the poor job market (June 2012 job report), and people are running into trouble.  Maybe they are forced to cut back, or get laid off.  Now, not only is income tight, but they have a huge mortgage they can’t pay.  And they also can’t refinance their mortgage loans because they have no job and their house doesn’t appraise.

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In Financial tips, Mortgage
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How to Shop for a Mortgage Loan?

June 30, 2012 — 10 Comments

Continuing from yesterday’s rental property investment post, this is second of the two post series on real estate investment/ownership. If you are shopping for a home loan, it is only natural that you want to find a low interest rate mortgage loan. The surest ways to find the best deal are to:

  • Be a prepared borrower
  • Shop around

How to Be a Prepared Borrower

It takes time and effort to find and qualify for a low interest rate mortgage loan. Being prepared is important whether you are looking to buy a home or refinance your current mortgage, but it is even more important when you are buying a home. If you aren’t prepared in advance, you may see the home you want to buy disappears, because you couldn’t secure financing in time.

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In Home Buying, Mortgage ,
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Investing in Real Estate to Create Wealth

June 29, 2012 — 23 Comments

Many of you must have read my post on home buying vs. renting calculation. We are renting and I always have this aspiration to become a rental property owner. This post is a part of that preparation. Nothing is firm yet, just about to start tasting waters aka looking around.

We rent with an aim to reduce loan amount when we eventually buy. Perhaps we can buy with full down payment if we wait for a few more years. But, owning a rental property is a different ball game, where an investor looks for covering mortgage and other costs with rental income. A positive or break even cash flow is what we look for.

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In Financial tips, Home Buying, Investment, Mortgage, Real Estate , ,
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