Find Your Home Value
Home Appraisal Tips & Advice
California Home Values and Property Taxes: Are the Laws What They Should Be?December 22, 2008
California is once again rethinking Proposition 13, the law that bases home property taxes on the purchase price of a house. Will a new property tax law pass? California Home Values Are Falling: Can There Be an Upside?
September 30, 2008
Home sale prices are down and most people have seen a loss of home value in their neighborhood. Can there be a hidden benefit? Selling Your Home Successfully in Today's Market
September 8, 2008
Yes, the home selling market has slowed in the past year; however, houses are still being purchased on a daily basis. What is the secret to successful home selling? Finding the Right Fit: Shopping for a Home Loan
By Karen LawsonHome Worth Columnist
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If you've ever bought a pair of shoes on impulse that were a little too big or too small, you know the consequences of ignoring good fit in favor of getting what you want immediately. Mortgage lenders offer home loans that suit many circumstances, but finding a mortgage that comfortably fits your finances is essential to successful homeownership.
Home Value is Key to Affordability
Before you start shopping for a new home, it's important to determine how much you can afford to spend. You can estimate the amount you can afford using an online home value calculator tool. A variety of mortgage related calculator tools are available to help you determine how much you can afford based on your income and home value estimates in your area. Ideally, you should look for a new home loan before you find the home you want to buy. That way, you know how much you can pay for a home and can avoid considering those that cost too much.
For the Long Run: Know Your Mortgage Terms
A typical mortgage loan has a term between 15 and 30 years. Although your primary objective when you buy a home is to finance that home, you also want to choose a mortgage that you can live with for the long term. There are exceptions, but unless you're only planning to keep your new home for a couple of years, it's a good idea to think about how your payments can increase if you have an adjustable rate mortgage. Ask potential lenders about all of the terms for each loan type you're considering. It's better to know ahead of time how and when rates and payments can change and avoid unpleasant surprises later.
About the Author
Karen Lawson is a freelance writer with extensive experience in mortgage banking. She holds BA and MA degrees in English from the University of Nevada, Reno.