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Making it Official

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How Can I Buy a New Home Before Selling the Old One?

How Can I Buy a New Home Before Selling the Old One?How Can I Buy a New Home Before Selling the Old One? Ten years ago, you and your spouse took the plunge and bought your first home. You set a five-year game plan for yourself, during which time you planned to renovate the place and resell it for a profit. Your proceeds would provide the down payment for a bigger home that would satisfy...

 

Sat Oct 12 2002
Views: 108


How Can I Expand My Purchasing Power?

How Can I Expand My Purchasing Power?How Can I Expand My Purchasing Power? Suppose you can't afford to buy a home in a neighborhood where you want to live. One remedy is to pool resources and buy with someone else. While this can be an excellent home buying strategy, carefully consider the ramifications before you buy. Equity sharing is a fancy term for the kind...

 

Sat Oct 12 2002
Views: 104


How Can I Overcome the Down Payment Hurdle?

How Can I Overcome the Down Payment Hurdle?How Can I Overcome the Down Payment Hurdle? First-time buyers often have plenty of income to qualify for a home mortgage. Their biggest problem is usually amassing enough cash for a down payment. Although there are many low-down loan programs (such as Freddie Mac, Fannie Mae, VA and FHA, as well as state and local first-time buyer...

 

Sat Oct 12 2002
Views: 112


How Can I Tell If Home Prices Are Rising or Falling?

How Can I Tell If Home Prices Are Rising or Falling?How Can I Tell If Home Prices Are Rising or Falling? Anyone buying a home wants to make a good investment. For most buyers, this means buying a home in a neighborhood where property values are stable, or better yet, one where home prices are moving up. How can you tell which direction prices are moving, or if they're moving at all? Often...

 

Sat Oct 12 2002
Views: 107


How Can Parents Help Their Children Buy a Home?

How Can Parents Help Their Children Buy a Home?a Home? First-time buyers often have enough income to qualify for a mortgage but lack the cash they need for a down payment and closing costs. A gift from parents is one way to make up this short-fall. When parents give their children money to buy a home, the lender will require a gift letter from...

 

Sat Oct 12 2002
Views: 109


How Do You Buy a New Home Before Selling the Old One?

How Do You Buy a New Home Before Selling the Old One?How Do You Buy a New Home Before Selling the Old One? It's risky to buy a new home before you sell your old one. But, for some repeat home buyers the benefits of buying first may out-weigh the risks. Before proceeding, carefully consider the pros and cons. Suppose it takes longer to sell your current home than you anticipate. Also, your...

 

Sat Oct 12 2002
Views: 110


How Much Does Mortgage Insurance Cost?

How Much Does Mortgage Insurance Cost?How Much Does Mortgage Insurance Cost? Lenders usually require mortgage insurance if the mortgage amount exceeds 80 percent of the purchase price. Mortgage insurance (also called private mortgage insurance, or PMI) protects the lender from a default, which occurs when the borrower stops making mortgage payments. The borrower pays for the...

 

Sat Oct 12 2002
Views: 101


Is It Better to Remodel Your Existing Home or Buy a New One?

Is It Better to Remodel Your Existing Home or Buy a New One?Is It Better to Remodel Your Existing Home or Buy a New One? The quest for more space eventually drives most first-timers out of their starter homes. But if you like your current home, and you're happy with the neighborhood, you may want to see if it's possible to remodel your existing home to make it better suit your needs. It could be...

 

Sat Oct 12 2002
Views: 97


Is it Possible to Trade Up Without Equity?

Is it Possible to Trade Up Without Equity?Is it Possible to Trade Up Without Equity? In times of steadily rising home prices, it's possible to use the equity accrued in an existing home for a down payment on a larger, more expensive home. Let's say you bought a home for $200,000 with a 20 percent cash down payment of $40,000. Ten years later, the home is worth $275,000. Your...

 

Sat Oct 12 2002
Views: 84


Should I Buy Now or Wait to Save a Larger Down Payment?

Should I Buy Now or Wait to Save a Larger Down Payment?Should I Buy Now or Wait to Save a Larger Down Payment? Coming up with enough cash for a down payment and closing costs can be a hurdle for many buyers, particularly first-time home buyers. But, there are ways you can buy a home without much cash on hand. For example, there is a new first-time home buyer 95 percent loan program. It's...

 

Sat Oct 12 2002
Views: 79


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