Tag: budgeting for a new home
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How Much Mortgage Can I Afford?
Read more: How Much Mortgage Can I Afford?One of the first—and most important—steps you can take when buying a new home is determining your budget. Figuring out how much mortgage you can afford can save you valuable time and energy during your new home search. Following are some simple steps to help you establish your homebuying budget: Determine your annual household income…
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Should I Lock in My Interest Rate?
Read more: Should I Lock in My Interest Rate?Should I lock in my interest rate today? Many people ask their loan officers, “When should I lock in my rate?” There’s no easy answer. It’s a little like asking when you should sell your stock or which mutual fund will perform better. It all depends on the market and your individual situation. Are you…
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What is a PITI Payment?
Read more: What is a PITI Payment?Buying your first home? Be prepared to learn a list of delightful new acronyms—APR, PMI, FICO, FHA, LTV and DTI, just to name a few. When it comes to establishing your home buying budget, PITI is the first term you should tackle. What is PITI? PITI stands for Principal, Interest, Taxes and Insurance, and calculating…
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5 Signs You’re Ready to Buy a New Home Now
Read more: 5 Signs You’re Ready to Buy a New Home NowThink you may be ready to write your last rent check or upgrade to that larger home you’ve had your eye on? Following are five signs that could indicate that now is the right time for you to buy a new home. You have good credit. Your credit score can affect your ability to get…
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Frequently Asked Questions: Using Gift Funds to Buy a Home
Read more: Frequently Asked Questions: Using Gift Funds to Buy a HomeWhether you’re buying your first home or your tenth, you may find you need a little help coming up with a down payment or closing costs. If you’re fortunate enough to have someone who’d like to contribute to your homeownership goals, this FAQ is for you! What kinds of loans allow you to use gift…
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Making the Most of a Mortgage Calculator
Read more: Making the Most of a Mortgage CalculatorA mortgage calculator can be very helpful when you’re deciding how to approach the financial side of buying a home. It can give you a ballpark figure of what your monthly mortgage payment may be so you can estimate expenses. It can also help you decide if you might prefer a fixed-rate or an adjustable-rate…
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TrendWatch: Down Payment Contributions as Wedding Gifts
Read more: TrendWatch: Down Payment Contributions as Wedding GiftsYou’re not imagining it. American couples are waiting longer and longer to get married. These delayed “I do’s” pose a very serious question: Just what do you get a couple that set up house—either independently or together—years ago? Some of these happy couples may still register for traditional home goods as gifts. After all, it’s…
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3 Reasons to Buy vs. Rent a Home in 2015
Read more: 3 Reasons to Buy vs. Rent a Home in 2015The long-awaited dream of owning your own home entails one of the most important purchases of your life. Is it any wonder it could also be the most exciting? Moving from renting to homeownership brings a range of benefits, from a sense of community and stability to never having to worry about yearly rental increases.…
