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Buying a House or a Home?
A house is just that, a house, until someone lives in it.
That's when it becomes a Home. There's a big difference. At our
house, we always say our home is "well lived in." And, with a
family of six, four of them being between the ages of 9 and 15,
this house has no choice! Our house, being in the family for over
65 years, is a well seasoned "home."
Who wouldn't love to live in a luxurious home with all the
newest gadgets and high tech inventions? Well, I would venture to
guess that most of us have thought of it. But, what's really
important when you consider buying a home?
If you're a seasoned home shopper you may already have learned
from experience what type, location, and price of home is good
for your family. Setting some guidelines and priorities is a good
way to start the hunt. First, make a wish list. This is a great
starting point for anyone and will help get your priorities in
order! Knowing what you want or need is half the battle.
This will include some essential questions you need to ask
yourself also like, what you can afford?, are you willing to do
renovations and how much?, and lists specific needs for your
family.
Location, Location, Location...
Location can be flexible for some families, but must be
specific for other families. Work, disabilities, and children are
just a few factors that can influence location necessities or
desires. For instance, if you don't want to commute long distance
to work you will need to consider travel time to work. If you or
a family member have disabilities that require special treatments
or services, you will need to consider travel time to current
providers, or consider availability of services in the new
location. Local schools, and their reputations, will play an
important role in location for those families with children, as
well as neighborhood safety.
Affordability
There's no satisfaction in qualifying for a loan that you
can't afford! Consider your other obligations and how the new
payment will affect your budget.
Sometimes, scrupulous mortgage brokers and lenders don't
really consider if you can actually "afford" the loan for your
home. They boast that they can get "anybody" a loan. That's easy
when you don't really care about the final results. Besides, it's
a secured loan, which means, your commitment is secured by your
property. They'll simply take your home if you don't meet your
commitment. So, be careful. Always use a reputable company for
your mortgage needs. They may not tell you what you want to hear,
but they'll look out for your best interests.
GinnieMae.gov has a calculator to help give you some idea how
much you can afford. Always live within your means to prevent
self-created financial disasters.
When you know what you can afford, shop and compare. Hud
offers a great home buying booklet at
http://www.hud.gov/buying/booklet.pdf, Looking for the Best
Mortgage, that answers questions and prepares homeowners for the
mortgage shopping experience. There is even a form for you to
keep track of home loan comparisons.
Don't be a Victim of Loan Fraud
The Federal Citizen Information Center warns consumers to
protect themselves from predatory lenders! Before you make a
final decision, take the time to review the 11 Tips on Being a
Smart Consumer at
http://www.pueblo.gsa.gov/cic_text/housing/loanfraud/loanfraud.htm
When looking for a mortgage, don't forget to ask about
specialty loans. You may qualify for specialty loans if:
- You're a Teacher
- You are purchasing a home that needs remodeling.
- You are a first time buyer
HUD answers 'Common Questions from First Time Home Buyers" at
http://www.hud.gov/buying/index.cfm
Whether you're buying your first home or growing into a new
home, you'll be successful if you take your time, know your
priorities, and research all your options!
Happy Hunting. May the "House" you choose become a happy
"Home!"
Cheryl Johnson is a mother of four helping herself and others
become and remain debt free. Publisher of Simple Debt Free Living
the Personal Budgeting and Debt Management site at http://www.simpledebtfreeliving.com
- A self-help plan, ideas, and resources for budgeting, debt
management, frugal living, and extra income opportunities. Money
saving tips For groceries, clothing, gifts, home decorating, and
buying a home.
 MORE RESOURCES updated Thu. February / 09 / 2012
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Mortgage-refinance bill a dangerous dealArizona Republicby Robert Robb, columnist - Feb. 10, 2012 12:00 AM State Sen. Michele Reagan wants to help out underwater homeowners in the worst way. And she has succeeded with SB 1451 -- it's hard to imagine a worse bill. Reagan proposes to establish a state agency ... |
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AgedLeadStore.com to Add 1100000 Aged Mortgage Refinance LeadsMiddle East North Africa Financial NetworkCOM, January 26, 2012 ) Baltimore, MD AgedLeadStore.com is increasing its value for its customers by adding 1.1 million aged Mortgage Refinance Leads in February. This is important as many people depend upon their ability to refinance to make progress ... |
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When you go to the bank to get a mortgage, you'll
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With escrow accounts the money for your home insurance and
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is paid out each year. With that said, you may think that
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shoulders because the bank will make the payment for you
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Lesser Known Facts About
Home Equity Loans
Refinancing your debt via a home equity loan shifts your
debts loan to your home. The flip side to such a move is
that your home is on the line.
VA Loans, A Gift from
Uncle Sam
Uncle Sam has a gift for the men and women who serve our
country. It is the VA loan.
Mortgage Broker or
Assassin? A Banker Who Offers You This Loan May be Trying
to Kill You!
What if a banker or mortgage broker told you he's loan you
25 percent above the value of your home? You might think it
sounds great, but I sure hope you'd say no. This is a loan
only the most money-hungry and unscrupulous loan officers
will sell.
Adjustable vs. Fixed Rate
Mortgages
Mortgage rates can either be fixed for the duration of your
loan or can be adjustable. An adjustable rate mortgage is a
loan that is set up with an interest rate that changes
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federal interest rate.
Reverse Mortgages:
Information You Need to Know
Reverse Mortgages are exploding in popularity and as the
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You have been paying on your mortgage for quite sometime
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The Facts First!
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What Are Home Equity
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A home equity loan is simply borrowing on the difference of
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If you think you have good credit, think again. Chances are
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Tips On New York
Mortgage Refinance Loan
Many homeowners want to know if it worth taking a New York
mortgage refinance. How do you know if New York mortgage
refinancing makes sense in your case? Read on to understand
when you should refinance and how to go about doing it.
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