Mortgage and Refinancing Information Channel:
We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
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.
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:
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 Fri. August / 14 / 2020
Is Now the Time To Refinance Your Mortgage? The New York Times
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
Low rates drive surge in mortgage, refinance activity in Spokane Spokane Journal of Business
FHFA Drops a Bomb; Your Refi Just Got Much More Expensive! Mortgage News Daily
6 Ways to Negotiate Home Closing Costs Credible News
Refi Rates Today, August 10, 2020 | Rates drop Bankrate.com
How Regulators Might Kill 2020 Mortgage Refinance Boom Yahoo Finance
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
Is It Already Time To Refinance Again? Mortgage News Daily
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
What Is A No-Closing-Cost Mortgage? Bankrate.com
How to Refinance a Jumbo Loan Credible News
Friday's business headlines WISHTV.com
How the right questions yield smart mortgage... Kent Reporter
Hotels lobby for big bailout from Congress Orlando Sentinel
Mortgage refinance: Everything you need to know Fox Business
How to refinance your mortgage Fox Business
How to get the best mortgage refinance rates Fox Business
How to Decide Whether Refinancing is Right for You? Communal News
Is now the best time to refinance your mortgage? Fox Business
10 things to know before refinancing your mortgage Fox Business
5 unexpected sources of retirement income Fox Business
When should you refinance your mortgage? Fox Business
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
How does mortgage refinancing work? Bankrate.com
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
The impact of the coronavirus on mortgage refinancings Brookings Institution
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY
The basics of no-closing cost mortgage refinancing Fox Business
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years - CNBC
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years CNBC
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For - Forbes
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For Forbes
Compare Today's Mortgage Refinance Rates: Aug 13 Credible News
Should you join the rush and refinance your mortgage now? Washington Post
Money Roundup: South Florida GDP plunge worse than national average; Local billionaires made billions in first months of pandemic and more - South Florida - South Florida Business Journal
Money Roundup: South Florida GDP plunge worse than national average; Local billionaires made billions in first months of pandemic and more - South Florida South Florida Business Journal
What to Know in Washington: Trump, Pelosi Make Opposing Bets Bloomberg Government
Sell Rocket Companies: It Is REKT Seeking Alpha