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Mortgage

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Home sweet home – buying a home is a dream for everybody and you are no different. If you still stay in a rented house, you must think about having your own home. Buy your own home and make your dream true. Why should you buy a home? First of all, buying a home is the wisest investment of your life. Staying in a rented house denotes that you are spending hundreds of dollars every…

When you are ready to buy a home, you need to figure out how much you can borrow. Many sellers like to see that you have already been considered by a lender, and that you have been approved for an amount that will allow you to buy the home. Part of the process to qualify for a mortgage can include a pre-qualification or a pre-approval. Both of these actions can help you when it comes…

One of the the things I’ve learned about personal finances is that there is a big difference between what you can do and what you should do. When my husband and I were shopping for a home, we were approved for more than twice what we ended up paying for our mortgage. According to the mortgage lender, our credit situation, and our income, qualified us for a home — and a loan — twice as…

One of the biggest questions people ask about finances is what the 30% rule means for housing. Does it mean net or gross income? Is it just the mortgage plus interest, or does it include other expenses? You might get several different answers. The most generous answer, of course, is that you can “afford” to pay 30% of your gross income on mortgage and interest payments. While you might feel good about this plan, it…

One of the most common concerns for many consumers is whether or not they can afford a mortgage. Figuring out whether or not you can afford a mortgage should be more about simply figuring out what your mortgage payment should be. You should also realize that once you buy a home, there are other costs involved. Better Safe Than Sorry Many personal finance experts will tell you to keep your mortgage payment to 1/3 of…

[ad#Content 300×250]One of the ways that you can reduce the interest rate on your home mortgage loan is to pay points. A point is equal to 1% of the cost of your loan principal. If you get a mortgage for $180,000, each point is $1,800. You can usually get a reduction in your interest rate by up to 1/4 of a percent. (Some lenders will not offer such a discount, though.) So if you pay…

If you are in the market for a home mortgage, you might be in luck. Mortgage rates appear to be going down – again. Indeed, Freddie Mac reports that the average 30-year fixed rate mortgage is going for 3.25%. [ad#Content 300×250] But will mortgage rates fall even further? This is a question that many are asking. Not too long ago, it seemed as though mortgage rates hovering around 5% would be the bottom, and that…

Retirement is one of those big milestones we mark in life. However, getting there is more of a journey than an event. On your way to retirement, it is a good idea to have small goals that can help you along to a successful retirement. While there are a number of mini-milestones you should attempt to reach on your way to retirement, here are 3 goals that can be especially helpful as you set up…

You’ve probably heard that we’re in a buyer’s market. Home prices are low, and mortgage rates are low. And, since the home buyer tax credit has expired, there is speculation that home prices could remain low (or head even lower) during the rest of the year. So, even those who think they missed the boat, might find that they didn’t. For many people, this is a great time to buy. It is possible to get…