FHA loans come with Mortgage Insurance Premiums that are built in over the course of the loan. When you close, there’s also a one-time upfront Mortgage Insurance Premium due at closing. FHA is now increasing this upfront cost by 0.50% from 1.75% to 2.25%.
CNN Money recently published an article on America’s most overvalued cities, which included a list of both over and under valued cities. While this may not mean much initially for those of us who don’t live in them, it may actually still apply to you. If you already own your dream home, and don’t plan on moving anytime soon, now may be a good time to start thinking about an investment property or vacation home.
Fannie Mae is now offering qualified buyers 3.5% off the final sales price to be used toward closing costs or their choice of appliances. The announcement came today in the form of a press release. This incentive applies to any HomePath purchase that closes before May 1, 2010. Not sure if the home you want is a HomePath property? Just check on HomePath.com, and if it’s on the list – you would qualify for this offer.
While buying a home may often seem costlier than renting, this is often not true. What many people forget is the list of tax deductions you get as a homeowner. Beyond the money you save from a fixed mortgage that never adjusts with inflation – you also pay less in taxes.
For many first time home buyers shopping around, the goal is often to buy the most reasonably priced home – and still have it suit their needs. And for the first time, the housing market is complete with short sales, foreclosures, estate sales and the traditional home sales. The question is: what type of home is best, and how are they different?
So you realize the best time to buy a home is now, and you’ve looked around at different houses you’d like to buy, but the question is – where do you begin and how do you get a loan?
While this certainly isn’t the traditional way to display your love and commitment, couples are now choosing to wait on their engagement in order to buy a home first. New York Times Real Estate recently reported that couples ready to be married, but rent in some of the most expensive cities are now waiting on their vows to buy that home first.
According to a recent MSN article, property values are close to bottoming out in most areas. The reason for the slowed but still current drop in housing prices is the backlog of foreclosures and short sales. With greater inventory on the market, housing prices cannot recover until the large inventory is purchased.
Buying a new home is exciting, and also a bit overwhelming. As you move into the new place, ideas of customization, home improvement, and repairs are flooding the to-do lists. So what are some good steps to begin with?
With the beginning of a new year, we are all trying to get our finances in order and budget in that extra cash for emergencies. In the process of changing our spending habits and finding more ways to save money, there’s actually one method that most people overlook: their mortgage.