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

  • Whether or not to pay points is really just a matter of figuring out (a) whether you can afford to pay one-percent of the mortgage amount in addition to the rest of your closing costs, and (b)…   Read the Article

  • Let the mortgage professional know what sorts of programs you are interested in or leaning towards. They'll ask you to complete the 1003 form and will almost universally ask you to give them the…   Read the Article

  • Disparage the Property, Its Location, Condition, etc. -- Don't even bother trying to justify a lowball offer. (Believe me, the seller and their agent were well aware that there's an electric tower in…   Read the Article

  • Price isn't the only way to win over the seller. Non-price terms -- like a quick close or an all-cash transaction -- can be appealing for sellers, particularly if they are motivated or your offer…   Read the Article

  • Homes appreciate as a function of how much they are worth. If homes in your area appreciate nine percent annually, then a $300,000 home will appreciate about $27,000 per year, but a $500,000 home…   Read the Article

  • Two Ways Mortgages are Like Life Partners No matter how many are out there, you only have to find one. (Or two, or realistically three -- max -- for mortgage loans and partners.) Your commitment is…   Read the Article

  • Most mortgage brokers work under the auspices of a brokerage company, with which they share their commissions in exchange for access to lenders, office space, etc. If your mortgage broker works for…   Read the Article

  • The goal of your mini-makeover is just to spend a month or so making sure that your personal stats paint as pretty a picture of your financial resources -- FICO scores, debt-to-income (DTI) ratios,…   Read the Article

  • You can deal with a mortgage broker, or you can deal with the lender directly. A mortgage broker is the liaison between you and the lender. Because they deal on the wholesale level, brokers can…   Read the Article

  • You’ve been pre-approved. With your monthly expense chart in hand, decide whether you want a mortgage with a fixed rate, an adjustable rate, or a hybrid. A fixed rate mortgage is a no-brainer -- the…   Read the Article

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