How to Finance

Figure Out Your Financial Strategy

Start by asking yourself: How long do I plan to live in the house I buy?

Types of Mortgages

Do you know the difference between an FRM and an ARM? Get a crash course on mortgage products.

More on Finance

  • Q: How do I come up with a post-homeownership financial strategy? A: Create a list of your monthly bills and due dates, and pay them on time each month. Budget the money you have leftover for…   Read the Article

  • If you sell your home this year and profit big, you could be exempt from capital gains tax. Married couples filing jointly can claim up to $500,000 dollars in profit tax-free, while single sellers…   Read the Article

  • If you refinanced your mortgage, the points you paid are not deductible in the year you paid them, unlike the points you paid when you first took out your mortgage. For refinanced mortgages, you have…   Read the Article

  • Running around from lender to lender in search of the best terms for your mortgage loan can be confusing and time-consuming. Plus, there are deals out there that you, a finance-industry outsider,…   Read the Article

  • These misuses are so common that you need to know them in order to know what the people around you are talking about! I'm in foreclosure. Lenders don't foreclose on people, they foreclose on homes.…   Read the Article

  • For each point you agree to pay at closing, the lender agrees to reduce the interest rate on your loan by a set amount, generally an eighth to a quarter of a percent. This is why paying points is…   Read the Article

  • Reading your average good faith estimate from a lender can feel like bleeding to death through a thousand tiny pinholes. Where on earth did all these closing costs come from, and do you really have…   Read the Article

  • Loan shopping is as intricate a process as house shopping, and the terminology is often confusing. The terms "pre-qualification" and "pre-approval" sound like the same thing, but they're not. And in…   Read the Article

  • It's hard enough reconciling yourself to the reality of paying the monthly principal and interest on a new home mortgage. When you realize all the expenses that will be added to that price tag, it…   Read the Article

  • No one wants to hear the F word, but in today's market, everyone is talking about it. What exactly is foreclosure and how does it affect you? We break down what you need to know about the…   Read the Article

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