Find Your Home Value
Home Appraisal Tips & Advice
Home Renters Beware: The Foreclosure Crisis Affects You as WellAugust 11, 2008
Home foreclosures have created an overlooked victim: what happens when the home you rent goes into foreclosure? The vicious circle of declining home values and rising foreclosures.
July 11, 2008
Home values drop when foreclosures rise creating a vicious circle. Is there help in sight or a way to take advantage of a declining market? Home Selling Success: What You Need to Know
July 11, 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.