Decide how much house you can afford. Our simple rules will make sure you don't spend more than you have and wind up regretting it. Take advantage of higher loan limits. If you live in an area where home prices are higher than average, you may be able to get a break a jumbo loan. The new limit is as much as $729,750 in 224 counties.
5 smart moves to get the best rate. Here are five things you can do to get the best mortgage rate available rate.
Get preapproved for a mortgage. This is something everyone should do before looking for a home. We'll tell you why and show you how.
Find the perfect mortgage. A great rate. Affordable monthly payments. No surprises. You can have it all.
Avoid the 7 biggest mortgage mistakes. This is the biggest financial decision most of us will make. Avoid these pitfalls and you'll save time, money and trouble.
Determine whether an FHA-backed loan is right for you. If you have little or no money for a down payment, iffy credit and too many bills, this government program could be the help you need to buy a home.
State and local programs offer lots of help, too. First-time buyers can also qualify for special mortgages and cash for down payments and closing costs.
Ace a mortgage application. We know all the questions you'll be asked.
Get your paperwork ready. Our checklist will make sure you remember everything.
Buy a foreclosure. They typically cost 10% to 20% less than comparable homes if you get a good deal and avoid all the costly problems.
Save on closing costs. Our 5 smart moves will help you spot and reduce unnecessary fees, making your settlement less costly and aggravating.
Find the best mortgages for subprime borrowers. It's hard to buy or refinance a home with bad credit. But here's where to look for safe loans with little or no down payment.
Option ARMs were always a bad option. Buyers are lucky these dangerous subprime loans have virtually disappeared because they're causing tens of thousands of defaults.
Don't let anyone sell you 2/28 and 3/27. They were the most popular type of subprime loans. But borrowers are defaulting by the boatload.
The 7 reasons you should pass on interest-only mortgages. If you need one of these loans to lower the payments, it's a sign you're spending too much.
Use a no-doc or low-doc loan if your financial life doesn't fit the mold. Don't misuse one to inflate your income and buy a home you can't really afford.
Rent-to-buy is a marketing gimmick. It's a way to lease hard-to-sell houses. There's little benefit to renters and little chance the house will ever be theirs.
40- and 50-year loans won't reduce your monthly payments that much. But they make it much harder to build equity. And that's a big part of homeownership.
Figure out the insurance you'll need. Here's what you've got to have, what you might want, and what you can do without.
Turn down the optional life insurance. The specialized policies lenders push are not the best way to have the mortgage paid off if you die. We have a cheaper, better idea.
Find the best real estate agent. When you're ready to look for your dream home, hire a buyer's real estate agent who will work for you -- not the seller.
