A house is just that, a house, until someone lives in it. That's when it becomes a Home. There's a big difference. At our house, we always say our home is "well lived in." And, with a family of six, four of them being between the ages of 9 and 15, this house has no choice! Our house, being in the family for over 65 years, is a well seasoned "home."
Who wouldn't love to live in a luxurious home with all the newest gadgets and high tech inventions? Well, I would venture to guess that most of us have thought of it. But, what's really important when you consider buying a home?
If you're a seasoned home shopper you may already have learned from experience what type, location, and price of home is good for your family. Setting some guidelines and priorities is a good way to start the hunt. First, make a wish list. This is a great starting point for anyone and will help get your priorities in order! Knowing what you want or need is half the battle.
This will include some essential questions you need to ask yourself also like, what you can afford?, are you willing to do renovations and how much?, and lists specific needs for your family.
Location, Location, Location...
Location can be flexible for some families, but must be specific for other families. Work, disabilities, and children are just a few factors that can influence location necessities or desires. For instance, if you don't want to commute long distance to work you will need to consider travel time to work. If you or a family member have disabilities that require special treatments or services, you will need to consider travel time to current providers, or consider availability of services in the new location. Local schools, and their reputations, will play an important role in location for those families with children, as well as neighborhood safety.
Affordability
There's no satisfaction in qualifying for a loan that you can't afford! Consider your other obligations and how the new payment will affect your budget.
Sometimes, scrupulous mortgage brokers and lenders don't really consider if you can actually "afford" the loan for your home. They boast that they can get "anybody" a loan. That's easy when you don't really care about the final results. Besides, it's a secured loan, which means, your commitment is secured by your property. They'll simply take your home if you don't meet your commitment. So, be careful. Always use a reputable company for your mortgage needs. They may not tell you what you want to hear, but they'll look out for your best interests.
GinnieMae.gov has a calculator to help give you some idea how much you can afford. Always live within your means to prevent self-created financial disasters.
When you know what you can afford, shop and compare. Hud offers a great home buying booklet at http://www.hud.gov/buying/booklet.pdf, Looking for the Best Mortgage, that answers questions and prepares homeowners for the mortgage shopping experience. There is even a form for you to keep track of home loan comparisons.
Don't be a Victim of Loan Fraud
The Federal Citizen Information Center warns consumers to protect themselves from predatory lenders! Before you make a final decision, take the time to review the 11 Tips on Being a Smart Consumer at http://www.pueblo.gsa.gov/cic_text/housing/loanfraud/loanfraud.htm
When looking for a mortgage, don't forget to ask about specialty loans. You may qualify for specialty loans if:
HUD answers 'Common Questions from First Time Home Buyers" at http://www.hud.gov/buying/index.cfm
Whether you're buying your first home or growing into a new home, you'll be successful if you take your time, know your priorities, and research all your options!
Happy Hunting. May the "House" you choose become a happy "Home!"
Cheryl Johnson is a mother of four helping herself and others become and remain debt free. Publisher of Simple Debt Free Living the Personal Budgeting and Debt Management site at http://www.simpledebtfreeliving.com - A self-help plan, ideas, and resources for budgeting, debt management, frugal living, and extra income opportunities. Money saving tips For groceries, clothing, gifts, home decorating, and buying a home.
During the last five years, home prices have increased nationwide.... Read More
There are many reasons to use the internet to take... Read More
Refinance mortgage rate is the best rate available to qualified... Read More
One of the biggest reasons homeowners refinance their mortgage is... Read More
A fixed-rate mortgage is a mortgage on which the interest... Read More
The housing market has been buoyant over the past few... Read More
Here are some of the benefits to doing your home... Read More
In many ways a commercial mortgage is just like a... Read More
A home equity loan is simply borrowing on the difference... Read More
If you in the process of looking for your first... Read More
Reverse mortgages used to be considered the last resort of... Read More
When trying to obtain the best mortgage rate compare offers... Read More
Getting on top of your mortgage so you can pay... Read More
Home prices have reached record levels, and in many parts... Read More
Most home owners know that the lower the interest rate,... Read More
Finding the right buy to let mortgage is crucial to... Read More
A mortgage is a loan that is guaranteed by a... Read More
If you are considering a new home loan anytime soon,... Read More
With mortgage rates continuing on a downward trend, the competition... Read More
If you are considering buying a home, then you may... Read More
Unlike other investors, my venture into real estate was a... Read More
Have your home's appreciation grow twice as fast.For Seniors over... Read More
Applying online for a mortgage is very fast and easy.... Read More
"Own your home free and clear in 3 to 4... Read More
Commercial mortgages are similar to residential mortgages. Usually taken by... Read More
Here are some mortgage tips that can help you obtain... Read More
If you're looking for the best home improvement loan for... Read More
Are you one of the millions of Americans who will... Read More
Mortgage Debt Elimination shows that most home loan debts will... Read More
Saving money through a mortgage refi is more than just... Read More
Refinancing your mortgage is one way to rebuild your credit,... Read More
Before you go looking at houses, you'll need to find... Read More
Mortgage rates typically are based off the current rates of... Read More
Before you apply for a hard money loan, try applying... Read More
If you are looking to refinance in New York, it... Read More
Property website Rightmove has released its latest house price index... Read More
You bought a house and you were promoted to the... Read More
In previous decades, when a borrower missed a payment on... Read More
By refinancing your property online you can take advantage of... Read More
What's the most efficient way to secure a US Commercial... Read More
A Home equity loan has become an easy way to... Read More
A few notes of importance: This only applies to... Read More
Asking yourself, "Is a home equity loan right for me?"... Read More
Every individual needs a home and every home needs an... Read More
If you're actively looking for cheap homeowner loans, there are... Read More
If you have seen all the advertisements regarding refinancing your... Read More
What is a mortgage? Here's what The New Merriam ?... Read More
Although any loan used for buying real estate is strictly... Read More
A home equity loan is a loan based on the... Read More
I don't know what the mortgage situation is around the... Read More
A jumbo mortgage is different than a conforming loan. A... Read More
From time to time, we hear a story about a... Read More
Refinancing your home is a major decision not to be... Read More
If you are a homeowner, it couldn't be easier to... Read More
Raising capital is integral for growth and expansion of an... Read More
Searching for a mortgage can sometimes be a hassle. Where... Read More
A brief list of some of the most common Mortgage... Read More
If you are currently looking for a new home, chances... Read More
Availability of Home loans is in full bloom. They are... Read More
Whether you need some extra cash to pay off some... Read More
Your search for a mortgage isn't leading results.Check for any... Read More
In the US today more households have mortgages than ever... Read More
Faced with the threat of a foreclosure on their home,... Read More
Financing and buying a home can help improve your financial... Read More
Home equity loans and lines of credit are useful tools... Read More
Bridging finance is a short-term loan that is used as... Read More
Mortgage Refinance |