As the events of the last few years in the real estate industry show, people forget about the tremendous financial responsibility of purchasing a home at their peril.
Here are a few tips for dealing with the dollar signs so that you can take down that “for sale” sign on your new home.
Choose your mortgage carefully
Used to be the emphasis when it came to mortgages was on paying them off as soon as possible. Today, the debt the average person will accumulate due to credit cards, student loans, etc. means it’s better to opt for the 30-
Before you make an offer on a home, do some research on the sales trends of similar homes in the neighborhood with sites like Zillow. Consider especially sales of similar homes in the last three months. For instance, if homes have recently sold for 5 percent less than the asking price, your opening bid should probably be about 8 to 10 percent lower than what the seller is asking.
Calculate your Mortgage
Price of Home $
Down Payment %
Mortgage Term yrs
Interest Rate %
Monthly Payment $
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