Mortgages
Finding the right mortgage is as important as finding the right house. Both of them can have a considerable impact on how comfortably you live. Before you start looking for a home or a mortgage, you'll need to figure out how much you can afford.
The two main considerations in this equation are:
• How much money you have for the down payment
• How much you'll need to borrow
To figure out how much you can afford, take a careful look at your current assets (including income, savings, investments, life insurance, pensions, corporate thrift plans, and equity in other real estate, etc.) and your liabilities (including outstanding loans, credit card balances, etc.).
Next, think about how your income—or household income if there are two wage earners in the family—might change over the next several years. Use this information to decide on the best mortgage for you. Although there are no hard and fast rules, generally speaking, if you anticipate a fairly constant income level, you may prefer a fixed-rate mortgage. If, however, you expect annual income increases (i.e., greater than cost-of-living increases) you may want to maximize your buying power with an adjustable-rate mortgage.
For more detailed information, go to "Resource Room" on the main page and scroll down to "Mortgage Information"
Return to Main Article Listing
|
If you are interested in buying or selling a home or would like any other information.
Please fill out the form below.
|
Printable version
E-mail this article
Request More Information