Tips & Advice


As Rents Increase, Buying May Be Better

Although home prices have been increasing, so too have rent prices. So with interest rates as low as they are, it may be better, financially, to purchase a home than to continue to rent. Even former HUD secretary Shaun Donovan has spoken out on the issue and said that the rate at which rents are rising is the worst the country has ever ... More

When Looking to Buy, Know Your Income

It likely comes as no surprise that when an underwriter is reviewing an individual’s mortgage application, income plays a huge factor. “We want to see a history of income that’s documented and has a likelihood to continue,” says Arlene Allert Maloney, Senior VP of Wells Fargo Home Mortgage. And for individuals with lower incomes, ... More

Signing Your Mortgage Docs: Don’t Be Afraid to Ask Questions

Filling out loan documents is a long and complicated process, and you'll be asked to sign lots of documents that you may not fully understand. If this happens to you, don't be afraid to ask questions. The complexity of the process is "not necessarily a bad thing," says LearnVest's Ellen Derick. "But you should know what it [all] means."... More

Budgeting for your Mortgage

  When budgeting for your mortgage, consider spending no more than 30 percent of your monthly income on your housing costs. Spending more than that makes for a cost-burdened household, making it difficult to afford other everyday living expenses. According to the Harvard Joint Center for Housing Studies, approximately 40.9 billion ... More

How Much First-Time Buyers Should Save

"Singles, couples, families -- at some point almost everyone turns their financial attention to buying a home. But how much do we really need to save the first time out? How much is enough to handle the typically steep curve of down payments and closing costs? When it comes to saving for a home, there are some helpful rules of thumb. But ... More

Considerations For Renting Property

"Many beginner or speculator-type real estate investors think that the crux of real estate investing is finding a distressed property, fixing it up, and selling for top profit. Keeping it as a rental ends up being a mistake, a backup plan, or a last resort for many people. But is keeping a property as a rental always a bad thing? Regard... More

Using Your Home To Avoid Debt

"I have plenty of experience going into debt. I've spent over half my life paying down a mortgage. I've taken out more than one home equity loan and have made more than my share of car payments. Have I ever been debt-free? Yes, for the first 18 years of my life. But now that I'm approaching retirement, I am nearing that state of equanim... More

A Reverse Mortgage Could Help In The Long-Run

"Interest has increased in recent years about whether reverse mortgages are a practical way to supplement retirement income. In a reverse mortgage, a lender makes payments to you based on a percentage of your home's appraised value..." Continue to original source Image via Wikimedia Commons. More

Why You Can Be Patient In Buying A Home

"While 30-year mortgage rates are not quite as low as they were during the first half of 2013, the current average rate of 4.14% is still very low on a historic level. In fact, before the mortgage crisis hit, we had never seen rates this low. Despite the attractive rates, you don't need to be in too much of a rush to buy right now. ... More

Important Statistics To Know When Searching For A House

"Buying a new home can be quite the undertaking, and in many ways, it's a numbers game. Here are five stats, numbers and percentages you'll need to be familiar with - to give you that winning edge..." Continue to original source Image by Infrogmation of New Orleans via Wikimedia Commons. More