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QUESTIONS TO ASK When Considering a Condo or HOA Condominiums, townhomes, and properties located within a homeowner association offer certain perks, but it’s important to consider them in your decision process. How much storage is available? Some properties include storage lockers, but there may not be attics or basements to hold extra belongings. How’s the […]

QUESTIONS TO ASK About the Neighborhood Where you live should reflect your lifestyle. These questions will help you find the best community for you. Is it close to my favorite spots? Make a list of activities you engage in and stores you visit frequently. See how far you would have to travel from each neighborhood […]

WORKSHEET Define Your Dream Home Write in your preferences and rate them:   3 = Vital,   2 = Very Important,   1 = Neutral,   0 = Not important LOCATION PREFERENCES RATE Neighborhood School district Near public transportation Near airport Near expressway Near shopping Great views TYPE Single-family / condo / townhome Minimum / maximum property age Willingness […]

HOW TO Finance a Home, Creatively Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, Getdownpayment Visit Website.com, and the American Dream Down Payment Fund from the Department of Housing and […]

QUESTIONS TO ASK When Choosing a Lender Loan terms, rates, and products can vary significantly from one company to the next. When shopping around, these are a few things you should ask about. General questions: What are the most popular mortgages you offer? Why are they so popular? Are your rates, terms, fees, and closing […]

VOCABULARY Loans & Lending Terms Term. Mortgages are generally available at 15-, 20-, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, shorter terms mean you pay less interest over the life of the loan. Fixed vs. adjustable interest rates. A fixed rate allows you to lock in a […]

HOW TO Prepare to Finance a Home Develop a budget: Use receipts and your banking transaction history to create a budget that reflects your actual habits over the last several months. This approach will better factor in unexpected expenses alongside more predictable costs such as utility bills and groceries. You’ll probably spot ways to save, whether […]

WHAT TO KNOW The Tax Benefits of Owning The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of home ownership. Let’s work through a hypothetical situation to see how it works. For a married couple filing jointly earning $112,400 in gross income, here’s how those homeownership […]

HOW TO Improve Your Credit Credit scores play a big role in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following: Check for errors in your credit report. Thanks to an act of Congress, you can download one free credit […]