Do you know the difference between a conventional mortgage and a government-backed home loan such as an FHA loan, VA mortgage, or USDA home loan? There are two big areas some are concerned with; those areas are down payments and mortgage insurance. We’re looking at the differences between conventional and government-backed home loans with this in mind since a home loan down payment and the insurance you’ll need over the course of the loan are … [Read more...]
Down Payment Facts For Home Buyers
Down payment facts for home buyers are incredibly important; these aspects of buying and paying for a home may be glossed over in the planning stages during the initial excitement over potentially owning a home. But once a first-time home buyer starts running the numbers and figuring out how much down might be required on a conventional or FHA mortgage, it’s a sure bet that if down payment help is available it will be used. Do you know what … [Read more...]
Should I Refinance My Home Loan?
Should I refinance my home loan? That is a question many homeowners ask. And it's a question that is especially relevant when news headlines at CNN Money and elsewhere reflect a trend toward lower mortgage loan interest rates. When rates go down, the ability to refinance into a lower mortgage interest rate is very attractive, but who should consider making the jump? The United States Federal Reserve Board weighs in on this question on its’ … [Read more...]
Do You Have to Buy a House?
In the personal finance world, it seems like people are always talking about two things - how to buy a house and retirement. You read a lot of tips about how to save enough for a down payment, how to build an emergency fund for repairs, and how to continually improve the value of your house. But what if you don't want to own a home? The Pros of Home Ownership As with most big decisions, there are definitely pros and cons to home ownership. … [Read more...]
Should I Turn Off My Heat When I Leave?
Like a lot of people, I leave the house in the morning and don't come back after work. In general, I try to keep the heat in my house set on the lower end to save money. My house is usually set around 66-68 degrees when I'm at home, and I knock that down to 64 when I leave the house. But am I leaving money on the table by not turning the heat down more? Is it more expensive to have to re-heat the home? One common statement that I've heard … [Read more...]