Buying a Home

Articles

• Mistake to Avoid: Not Understanding the Income Tax Implications of Home Ownership - Owning a home can provide financial and income tax benefits as well as emotional satisfaction.
• Buying Your First House - The pride of home ownership and the financial rewards are attractive.
• What to Look For in a Homeowners or Renters Insurance Policy - In case disaster strikes, it pays to know the details of your homoweners or renters policy in advance.

Podcast

• Buying Your First House

Calculators

• Rent vs. Buy - Are you better off buying your home, or should you continue to rent?

Financial Tips

• The Smart Approach to Low Balling an Offer - Here are some ways to approach a seller and make a low ball offer without blowing the deal.
• Get Your Financial House in Order Before House Hunting - Getting your financial house in order is the first critical step for buying a house.
• Buyer's Agents - Buyer's agent works on your behalf and still, most likely, get compensated by the seller.
• Pre-Approval Can Put You in the Driver's Seat - Want to be considered a more serious buyer? Instead of getting pre-qualified for a mortgage, consider getting pre-approved.

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Articles

• Accumulating a Down Payment on a Home - Here are some ideas on accumulating a down payment before you buy a home.
• Evaluating Mortgage Types - Information on different mortgage types.
• The Importance of Fannie Mae and Freddie Mac - These two government sponsored entities hold or guarantee over $5 trillion in mortgages.
• Reduce Your Monthly Mortgage Payments By Increasing Your Down Payment - See how much of a down payment you need to reduce your mortgage depending on price of home and example interest rate.

Calculators

• ARM vs. Fixed Rate Mortgage - Use this calculator to compare a fixed rate mortgage to a Fully Amortizing ARM.
• FHA Mortgage Loan Calculator - Use this calculator to determine your maximum FHA mortgage and cash needed for closing.
• Mortgage Comparison: 15 Years vs. 30 Years - Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you.
• Mortgage Loan Calculator (PITI) - Use this calculator to determine your monthly mortgage principal, interest, taxes and insurance payment (PITI) and amortization schedule.

Financial Tips

• Assistance for Military Service Members - The Servicemembers Civil Relief Act is designed to help military personnel reduce debt and keep their homes.
• Age May Have its Privileges - Homeowners 55 or older may qualify for insurance discounts based on the logic that they are more likely to detect problems before disaster strikes.
• In Terms of Loan Term, Don’t Just Think Payment Amount - Considering your age and stage in life is as important as the monthly payments when deciding how long a loan term should be.
• Eliminate PMI - If you apply for PMI elimination, you will need a new appraisal and a solid mortgage payment history.
• Should You Finance Closing Costs? - It can be attractive to consider financing closing costs as part of the mortgage.
• Points or Rate Which is the Right Choice? - When you qualify for a mortgage, you'll generally be offered different terms.

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Financial Tips

• What If Your Home Doesn't Appreciate in Value? - While it is true that sometimes a home does not appreciate due to the volatility of the real estate market, there are still many benefits to home ownership.
• Winter is A Great Time to Purchase a Vacation Home - Winter can be a great time to find a great deal on a second home in a vacation destination.
• Check out Fannie Mae and Freddie Mac Properties - Purchasing from Fannie Mae or Freddie Mac can help lower the costs of buying a house, from lower down payments to additional financing for repairs.
• Check for Falling Prices - When house prices fall you may be able to get an even better deal.

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Financial Tips

• Don’t Spend Until You’re In - Tempted as you may be to start furnishing your new home, it’s better to wait until you’ve closed and the house is truly yours.
• Don't Buy Home Warranty Plans - Accepting a home warranty plan that was purchased by the homeowner makes sense and could provide a small amount of peace of mind.
• You Need to Inspect What You Expect in Your New Home - Having your home inspected prior to its purchase is probably the most important step to take in the process.

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