Applying for and understanding mortgage loans can be a very confusing process for anyone. The terms, the lingo, and the paperwork can become very overwhelming very quickly, and the confusion often leads to misunderstanding important terms in the application process. There are two terms in particular that are used and referred to throughout the entire process, from the loan application review to the closing, and those terms are Interest Rate and Annual Percentage Rate (APR). Since these two words refer to the amount of money you will be responsible for paying, it is extremely important to know the difference between the two and how they relate to your mortgage payments.
There is a common misconception that those who receive Social Security Disability Insurance (SSDI) do not qualify for home ownership. Fortunately for them, this notion is just not true. While there might be more steps involved and more paperwork to complete, those on SSDI often have the same chances at becoming a homeowner as anyone else. Below we will highlight what people on SSDI need to be aware of and what is available to them.
A staggering number of college graduates are saddled with student loans. Often times, these young adults believe home ownership is not possible and they continue to rent, assuming it is their only option. But in reality, this does not have to be the case. Buying a home while still paying on student loans can be a reality for many with the proper preparation and expectations.
Moving is probably one of the most dreaded life events that you are faced with. Whether your moving down the street or across the country, there are always things you need to be aware of and plan for, and the more prepared you are, the smoother the move will be.
When a person or a couple make the decision to become a homeowner, they determine the amount of money they are willing to pay for a new home. Unfortunately, not everyone considers all of the hidden and unexpected costs that go along with not just the actual purchase, but also the expenses that go with actually owning a home. This is where some new home buyers get in over their heads and become house poor before they’ve even moved it. Take the time to consider the costs and expenses we outline below before you determine how much your willing to pay for your new home.