Today’s Mortgage Rates
Buying a home is a big deal.
Too often, I think people rush into home ownership because it’s seen as a sign of adulthood and financial responsibility.
But owning a home is a big commitment, it’s not a guaranteed good investment, and it’s a truckload of work. (I’ve been a homeowner for only two years and I already have a growing list of things to do and contractors to call…it’s not always the creative paradise remodeling shows make it out to be).
And last but not least, believe me, lots of people own homes and yet their finances are a mess! Home ownership can be a smart long-term move, but you want to know what you’re getting into.
With that said, I know that if you’re reading this, you’re probably going to buy a house anyway. That’s fine; I did too. So here I’ve put together a first time home buying guide to wrap up our best advice over the last few years in once place. Enjoy!
Preparing to Buy a Home
Don’t buy a home just because everybody’s doing it (they’re not) or because your Uncle Joe told you that it’s stupid to “throw money away” on rent (he’s wrong, too). Don’t buy a home because it’s a buyer’s market (which it is) or just because mortgage rates are so good (they are). Buy a home because you want to be a homeowner. Buy a home because you’re settling down. And only buy a home if you’re financially ready.
- How to Prepare to Buy Your First Home
- How to Know You’re Ready To Buy
- Are You Really Ready? 5 Reasons Not to Buy a Home
- How Much House Can You Afford?
- Understanding the Tax Benefits of Home Ownership
- Why You Should Create a New Home Expense Fund
Paying for Your First Home
For most of us, our home is the most expensive thing we’ll ever buy. And for most of us, we need one big loan to do it. It’s called a mortgage, and as all the recent foreclosures should tell us, it’s not something to take lightly. To pay for our first home, we’ll need good credit, a steady job, and a sizable chunk of cash for a down payment. Navigating the waters of home financing isn’t always easy, but these articles can help guide you.
- What You Need to Get Approved for a Mortgage
- First Time Home Buyer’s Mortgage Checklist
- Your First Mortgage: How to Apply and Get Approved
- Types of Home Loans
- Mortgage Rates Explained
- What Percentage of Your Income can You Afford for Mortgage Payments?
- Finding The Best Mortgage
- About FHA Loans
- How to Qualify for an FHA Loan
- FHA Loan Fees and Credit Requirements
- Buying a Home When His Credit’s Good, But Hers is Bad…
- Your Down Payment: Sources of Cash to Buy Your First Home
- How to Shop for a Mortgage: 7 Steps to Finding the Perfect Home Loan
- Pre-Approval vs Pre-Qualification
Shopping for Your First Home
In a perfect world, you would commit to buying a home and get mortgage pre-approval before stepping foot into your first open house. Obviously, it may be you didn’t realize you wanted to own a home until you see your dream home. Either way, shopping for a home can be a long and taxing experience.
- Your Home Buying Checklist
- 10 Tips for Hassle-Free House Hunting
- How to Find a Good Realtor
- Why to Get Mortgage Pre-Qualification Before House Shopping
- Online Home Searches: Convenient, But Not Always Accurate
- House-Hunting Secrets: Three Ways to Make the Most of Open Houses
- What Buyers Need to Know About Short Sales
- Should You Buy a Foreclosure?
Sealing the Deal
- The Secrets to Winning a Bidding War
- What Buyer’s Need to Know About Earnest Money
- The High Cost(s) of Buying a Home
- What Happens at a Closing?
- Moving Time? Some Tips To Make It Easier
And, that’s a wrap! Our first time home buying guide. Hope it’s useful. Do let us know what you think and if there are any topics you’d like to see us cover in the future! Happy home buying!
Latest Posts on Real Estate
Think your student loans will keep you from getting a mortgage? Maybe not. SoFi is a new kind of lender for successful college grads. If you’re a financially responsible young professional, SoFi offers a mortgage with lower down payments and more flexible debt to income limits.
It’s reasonable to assume that a city with higher-than-average wages would also have high housing costs. But that’s not always the case. Here are 10 U.S. cities with affordable housing costs that are also home to well-paying jobs.
Getting approved for a mortgage isn’t easy, especially if you work for yourself. But you can qualify for a mortgage when you’re self employed. Here’s how.
We all know that your credit scores affect mortgage rates. But your credit history can also affect how much you have to put down and the price you pay for private mortgage insurance (PMI). It’s not impossible to buy a home with damaged credit; it’s just much more expensive. Here’s why.
Shop for your new home the smart way! Learn how to calculate how much house you can afford before hitting that open house or applying for a mortgage.
If there were just one rule of successful investing it would be “start as young as you can.” Although we frequently hear this advice as it pertains to the stock market, there are a lot of reasons to consider real estate investing in your twenties, too.
At 31, Fermin Saucedo doesn’t let being the father of two young kids stop him from pursuing real estate investing on the side.
Buying a new home? From shoddy construction to prior pest guests, there’s a lot you need to check (and double check) before you sign on the dotted line.
Buying a home still makes sense, but becoming a homeowner before you’re ready can have costly consequences. How much you have saved and how long you’ll stay in one place are the biggest factors in deciding whether you should rent or buy.
New apps for iPhone and Android help homeowners keep track of home improvement to-do lists, mortgage payments, even your kitchen’s inventory.