Posted by Elizabeth Dennis on January 7, 2010 | No Comments
An insightful look at 10 tips for homebuyers in today’s housing market. Â Learn how lender rules have become stricter and with that home buyers must be more crafty. Â See when you should consider an adjustable-rate mortgage, what will happen to interest rates when the Federal Reserve stops buying mortgage-backed securities and how high credit scores are back in fashion. Â Learn to compare loan scenarios, refinance for the remaining term, know what you can afford, and more.
From the resource about knowing your credit: “As the mortgage world goes back to basics, good deals require high credit scores. Until recently, it took a credit score of 720 or higher to get the best combination of fees and points. Now the best homebuying deals go to borrowers with credit scores of 740 or higher.”
Source: Bankrate
See more mortgage news at Newbuyer.com.
Posted by NewBuyer on January 7, 2010 | No Comments
An essential guide and a real-life example about the true costs of owning a home. In addition to mortgage payments, additional homeowner costs are detailed: insurance, property taxes, utilities, appliances, furniture, house repair, home maintenance, yard care, pest control, remodeling and more.
From the resource: “I just wish someone would have told me before I bought my home how expensive it really was going to be.”
Source: Kiplinger.com
Read More About Home Affordability at Newbuyer.com
Posted by NewBuyer on January 5, 2010 | No Comments
A quick-read presenting six hidden costs of owning a home. In addition to a mortgage payment, first time homebuyers should prepare for property taxes, homeowners insurance property maintance, utilities, ancillary expenses and homeowner fees.
An example from the resource about the increased cost of utilities: “Of course, renters generally also pay their own heating and electricity bills. But in buildings with common walls such as townhouses and condominiums, heating costs tend to be much cheaper than in a single-family home of the same square footage.
Source: RateMarketplace
Read More About Home Buying at Newbuyer.com
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