Whenever you make a large purchase, such as a house or a car, you will likely need to make a down payment. How much down payment do you need? It depends on the purchase and who is giving you the loan. What happens if you change your mind on your purchase? Will you lose your down payment? Learn the ins and outs of down payments here.
Student Loan Debt Over Mortgage Debt
Should a student who wants to buy a house pay for graduate school with savings or take out a student loan? While interest rates for mortgages are extremely low, interest rates on student loans are even lower. Not only that, but you can defer repayment on your student loans until six months after graduation, and some of the interest is deductible on your federal income taxes.
Buying Your First Home
When you apply for a loan that exceeds 80 percent of the value of the home, you will have to pay private mortgage insurance (PMI). PMI protects the lender from the increased risk associated with low-down payment loans. So should you use your saved cash to put down on a home to avoid paying PMI?
Borrowing From 401(K) To Buy A House
A prospective home buyer is saving to buy a house, but has a large amount of credit card debt. Money in a savings account might be better off paying down high-interest credit card debt. When the credit card debt is paid down, this home buyer can focus on saving for a down payment.
Pay Off Debt Before Purchasing Home
If you're serious about buying a house anytime soon, it's important to know whether you will qualify for a home loan. If you're saving money for a down payment, but paying credit card debt, you won't get yourself anywhere. Pay down those cards so you're debt-free when it's time to buy your home.
Becoming A Real Estate Investor
There are a few basic steps involved with real estate investment you only need to know basic math. Avoid paying middle-of-the-night infomercials that promise to make you a real estate investor and use that money towards a down payment. Buying your first real estate investment property is the hardest.
Down Payment And Mortgage Assistance For First Time Home Buyers
A listing of first-time home buyer programs around the country that offer low-cost mortgages and down payment matching funds. You can call these phone numbers or check out these websites to find out what these cities offer as low cost mortgages or down payment help to first-time home buyers.
Homeowners Boost Kids School Performance and Other Money News
Being a homeowner can boost your child's performance in school. Children of homeowners score higher on achievement tests and are more likely to finish high school. In other money news, an Illinois Appeals Court upheld the lemon law rights of consumers who lease their vehicles, and the house of representatives approved $400 million dollars in grants to help low-income first time home buyers with down payments and closing costs.