I once had a conversation with my father about his experience buying his first house in the 1960s. When he told me that his mortgage interest rate was 4% I nearly fell on the floor. Why? Because, while mortgage rates are at record lows right now, at the time of the conversation in 1981 mortgage rates…
Did you know that your mortgage payment can change each year? Although your principal and interest (on a fixed rate mortgage) are locked in, your actual mortgage payment can possibly fluctuate up or down based on two variables; taxes and insurance. Each year your tax assessment is likely to adjust to the market, but it’s…
When you’re in the market to buy a home there are several expenses to consider. Often times, potential buyers will focus on the purchase price and upfront costs. While it’s important to consider both of those expenses, it’s also necessary to consider the monthly costs of owning a home. Some of the costs will be…
College graduates this year are the most indebted class of students yet. According to a recent article in the Wall Street Journal, the average student will graduate with just over $35,000 of student loan debt. Just ten years ago it was approximately $20,000. Additionally, starting wages have increased, but if you adjust for inflation it’s…
Believe it or not, home buying does not generally begin with attending open houses and finding the perfect home. Often times, it starts with getting pre-approved for a mortgage. Pre-approval or pre-qualifying for a mortgage helps guide you through the process of knowing what price range you can afford and what your monthly payments will…
If you want to purchase a home and you need to finance the purchase, one of the most important factors in obtaining a mortgage is your credit score. The home buying process actually begins a long time before you’ve picked the home of your dreams. It starts with getting pre-approved by a lender and that…