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Weekly Links: Mortgages

By David Weliver

I know the whole subject of buying a home and mortgages doesn’t apply to everybody under 30 out there…certainly if you’re still in school you’re probably not thinking about owning your own home just yet, but you might be. But given that this year’s tax credit opportunities along with depressed home prices makes it a good time to buy a home…especially for first timers (who may well be in their twenties), I decided to find some great articles about home buying and mortgages this week.

The Dough Roller (@doughroller) posted 7 Lessons Learned from a Failed Attempt to Refinance. Great reading if you’re thinking about refinancing to take advantage of ridiculously low mortgage rates.

The Debt Kid (@debtkid) talks about how “you can save literally tens of thousands of dollars in interest payments over the life of the loan by [making extra mortgage payments]” in Paying Down Your Mortgage Faster Reaps Big Benefits. Once you’ve got a mortgage, there’s no reason why you have to take a full 30 years to pay it off! In fact, you’ll grow much richer if you can do it faster!

Get Rich Slowly (@JDRoth) presents an extremely helpful look at comparing 15- and 30-year mortgages in Pros and Cons: 30-Year Mortgage vs. 15-Year Mortgage. This article is a good companion to the one on prepaying your mortgage, as a lot of people ask “why take a 15-year mortgage instead of taking a 30-year home loan and prepaying it?”

Personal Dividends has another look at What You Need to Qualify for a Home Mortgage Loan. It’s a topic I’ve written about a bit, but definitely an important one to understand before you jump into the mortgage market!

Finally, thanks to Studenomist for hosting this week’s Carnival of Personal Finance. Happy weekend! (And a long one if you’re lucky!)

David @DavidWeliver

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Published on October 9th, 2009.

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