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"People are living longer than ever before, a phenomenon undoubtedly made necessary by the 30-year mortgage. " ~Doug Larson
Buying a Home
Thinking about buying a home? HUD has information that can help! Got questions? Talk to one of their housing counselors!
Thinking about buying a home? HUD has information that can help! Got questions? Talk to one of their housing counselors!
1. Figure out how much you can afford
What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate.
2. Know your rights
Fair Housing: Equal Opportunity for All - brochure
3. Shop for a loan
4. Learn about homebuying programs
Let FHA help you (FHA loan programs offer lower downpayments and are a good option for first-time homebuyers!)
HUD's special homebuying programs
Good Neighbor Next Door (formerly known as Teacher/Officer/Firefighter Next Door)
Indian Home Loan Guarantee Program (Section 184)
5. Shop for a home
Wish list - what features do you want?
Home-shopping checklist? take this list with you when comparing homes
Homes for sale (including HUD homes)
6. Make an offer
7. Get a home inspection
8. Shop for homeowners insurance
9. Sign papers
You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!
Climate Risk Report for Homes and Real Estate - Fire, Flood, Storm, Heat / ClimateCheck Inbox: ClimateCheck® ratings reflect hazard risk at a property relative to the rest of the contiguous United States. Ratings are based on projected 2050 risk and the change from historical risk. A rating of 1 represents the lowest risk; 100 is the highest. NOTE: latest trend is for insurance agents to refuse to insure or highly increase the insurance of homes in high risk areas. Before buying inquire with the Insurance company about price and/or insurability of the home you are thinking of buying.
Making the decision to buy or rent is tough and can stir up all sorts of emotions. To help get you on the right track to determining what will work best for you, we’ve put together a homeownership checklist that you can use to start the decision-making process.
This checklist will guide you through making a list of the pros and cons of each one, creating a spending and savings plan, and checking your credit to see if it needs attention. If you decide “Yes – I’m doing this!” and look to buy, the checklist will also walk you through preparing your finances, saving for a down payment, and finding a real estate agent and lender.
Buying a Disaster-Resilient Home - Earth911
How To Find a Good Moving Company
Map | National Risk Index: The National Risk Index is a dataset and online tool to help illustrate the United States communities most at risk for 18 natural hazards. It was designed and built by FEMA in close collaboration with various stakeholders and partners in academia; local, state and federal government; and private industry.
Home Mortgage calculators: (extra payments, refinance, bi-weekly payments, HELOC, etc.)
Use These Tips To Pay Off Your Mortgage Early
The Proper Geoarbitrage Strategy: City, Country, World
5 Ways To Save on Your Mortgage
How To Set Up Your Own Biweekly Mortgage Plan Without Paying Any Fees
A Home Within Walking Distance of Everything Might Not Be Ideal
This disaster-proof Florida neighborhood kept the lights on
How to spot scams that offer to lower your interest rate
Tiny home for less than $20K available on Amazon.
Avoid scams when you hire a moving company
Why Clark Just Changed His Long-Standing Home Buying Rule
What Does Clark Think About the New Real Estate Rules?
Top 6 Websites for Researching a City
Government-backed home loans and mortgage assistance
5 Ways To Save on Your Mortgage
Arched Cabins - Affordable Kit Homes
What to Do When You Can't Afford Your Housing Market
Mortgage Recasting: What It Is And How It Works | Bankrate
Where to Buy a Vacation Home Safe From Climate Risks | Kiplinger
Climate Risk Report for Homes and Real Estate - Fire, Flood, Storm, Heat / ClimateCheck: check before you buy, where you buy may affect your ability to get home insurance or the affordability of this insurance
This Company Will Ship Just About Anything
Ready to buy a home? Here is everything you need to know.
I Co-Signed My Daughter’s Mortgage and She Missed Payments. What Do I Do?
Buying a Disaster-Resilient Home
Where to Buy a Vacation Home Safe From Climate Risks
Housing Loans: Which One is Right for You?
5 Ways To Save on Your Mortgage
When the Cost of a Mortgage is a Multiple of the Original Loan
How to Make an Offer on a House
Is It Safe To Buy a Home Out of Foreclosure?
12 Questions To Ask Before Making an Offer on a Home
Buying a house: Tools and resources for homebuyers
Why It’s the Best Time of Year To Buy a Home
Things To Consider Before Deciding To Buy a Bigger House
How Much Does It Cost to Build a House?
How We Saved $34k in Interest on Our Mortgage Before Closing
Are Floating Neighborhoods a Solution for Rising Sea Levels?
Podcast: The Best Places in America to Build Wealth (By Age)
How Much Downsizing Can Save You Right Now
Buying a Home | HUD.gov / U.S. Department of Housing and Urban Development (HUD)
Learn about housing help by HUD:
Rental Assistance, Mortgages, Housing for Seniors, and More: The Department of Housing and Urban Development (HUD) offers various housing programs and resources to ensure people have access to quality housing that is inclusive and affordable. With these available resources, you may be able to:
Get help with rental payments.
Find affordable housing.
Avoid foreclosure on your home.
Explore housing options for seniors and people with disabilities.
Support home repairs and modifications.
Search for loans, helpful checklists, and certified counselors.
Find the best rates and start saving by using the Money Talks News mortgage refinance comparison tool. It only takes a few seconds, and it could definitely make you richer!
Neighborhood Scout is a website that helps people decide where they should move. The site boasts that it publishes "comprehensive reports (that) cover exclusive real estate trends & forecasts, crime data, real estate investment index, demographic trends, job access, school ratings. In other words, Neightborhood Scout lays out real data that can help you find a hometown and the best neighborhoods for you and your family.
The Good Neighbor Next Door Program provides homeownership opportunities to professionals who serve their communities, such as law enforcement officers, teachers, firefighters, and emergency medical technicians. The program offers eligible participants the chance to purchase a home located in a HUD-designated revitalization area at a 50% discount from the HUD inventory list price. As participants become neighbors and invested members of their communities, the program's ripple effects extend far beyond the benefits of individual homeownership.
Neighborhood Assistance Corporation of America: Their goal is to make home ownership an affordable reality for low- and moderate-income earners. Some of the major benefits are: no down payment, no closing costs, and a below market interest rate.
Mortgage Calculator - Free House Payment Estimate | Zillow: Use Zillow's home loan calculator to quickly estimate your total mortgage payment including principal and interest, plus estimates for PMI, property taxes, home insurance and HOA fees. Enter the price of a home and down payment amount to calculate your estimated mortgage payment with an itemized breakdown and schedule.
How and Why To Refinance Your Mortgage: A Step-By-Step Guide
Assumable Mortgage: What It Is, How It Works, Types, Pros & Cons
The Best Time of Year To Buy a Home
Mortgage-Free Living in a Hand-Built Tiny Home
Financial Benefits of Living in a Mobile or Manufactured Home
Finding Loans for Buying and Repairing Your Home
Transferring Benefits Across States
Downsizing Your Stuff When Moving to a Smaller House
Buy Good Investments, Not Trophy Houses
How Much House Can You Afford?
When can I remove private mortgage insurance (PMI) from my loan?
The 3 Most Important Aspects of Any Home Search
US Patriot Steel – America’s Top Dealer Of Prefab Metal Building Kits (to include homes
Prepare to buy your first home
Expert Interview: When You Shouldn’t Pay Off Your Mortgage Early and When You Should
Can I Avoid Default Risk if I Co-Sign My Daughter’s Mortgage?
The housing solution ‘hidden in plain sight’ that Maryland and Mississippi are embracing: When you think of a manufactured home, you might picture an outdated trailer park. That’s no longer the reality.
How to Get a Mortgage in 8 Steps
Building Codes in the Tiny Housing Boom
How to Write a Letter of Employment
How to Determine How Much House You Can Really Afford
How Much House Can You Afford?
10 Things They Don't Tell You About Home Ownership
How to Choose a Mortgage Broker
The 7 Best Home Buying Apps for First-Time Buyers
When You Should Pay Off Your Mortgage Instead of Investing
12 Questions to Ask Before Making an Offer on a Home
Imperfect Credit? Choose the Right Mortgage
5 Ways to Calculate How Much House You Can Afford
What Are the Financial Advantages of Home Ownership?
How Much House Can I Afford? Here’s How to Do the Math
Putting a Down Payment on a House: How Much You Need and Other Facts
Let’s Make a Deal… on Your Dream House
Tips for Making Your Best Home Offer
Tips for Choosing the Best Mortgage Type for You
5 Ways to Calculate How Much House You Can Afford
How Much House Can I Afford | 5 Ways to Calculate Your Number
Why your house is a terrible investment
Renting vs. Buying: The True Cost of Home Ownership
7 Important legal Considerations for Every Prospective Home Buyer
DIY Moving Truck vs. Professional Movers
How to Buy a Home With Imperfect Credit
The "Real" Cost of Buying a Home
13 Tax Breaks for Homeowners and Home Buyers
What Is the Best Way To Keep Track of My Mortgage Payments?
Strategies to Pay off Your Mortgage Early
7 Questions to Ask Before You Buy a Home With an HOA (homeowner's association)
The Biggest Reason Why It May Be Smarter to Rent Than ‘Own’ a Home
When is the Best Time to Buy a House?
You Bought a Fixer-Upper to Save Money—Here Are the Projects to Prioritize
8 Tips for Saving a Down Payment for a Home
Use These Tips To Pay Off Your Mortgage Early
How To Buy Your First Home: A Complete Guide for Beginners
How Much House Can You Really Afford?
How Much House Can I Afford | 5 Ways to Calculate Your Number
Financial Benefits of Living in a Mobile or Manufactured Home
Are You Ready To Buy Your Own Home?
15 Best Foreclosure Sites for Finding Properties
The Ideal House Size And Layout To Raise A Family
Incorrect background reports can deny you a home
4 Money-Saving Tips for First-Time Homeowners
20 years of home price changes in cities across the U.S
Becoming Mortgage-Free Changed My Life
What to consider when deciding whether to buy or rent a home
How much it costs to live in every state for 30 years, ranked
How Much Money Do You Need To Buy A House?
Why We Don’t Like Our Underground House
Clark Howard's Special Rule for Refinancing Your Mortgage
How and Why to Refinance Your Mortgage: A Step-By-Step Guide
Prefab cabins that can be shipped to your door
This Amish Log Cabin Kit Can Be Yours for $16,350 here: https://smartnews.link/news/RBoU
67 Best Tiny Houses 2020 - Small House Pictures & Plans
No, you do not want to live in a tiny house
Managing Your Mortgage to Build Wealth |
Urban vs Suburban vs Rural Living – Differences to Consider for Where to Live
How Much of a Down Payment Do You Need When Buying a House?
How We Saved $34k in Interest on Our Mortgage Before Closing
Listen to What You Need to Know Before Refinancing Your Mortgage from Money Guy Show on Apple Podcasts. https://podcasts.apple.com/us/podcast/money-guy-show/id121362031?i=1000473987265
How to Spot Expensive Problems During Your Search for a New Home
When Renting Is Smarter Than Buying
Should You Rent a Home or Buy One?
8 Things You Should Rent Instead of Buying
Advantages of Renting: Why I Rent Instead of Buy
I realized I simply couldn’t afford the sort of house I wanted
Small Is Beautiful: the benefits of a small home - HumbleDollar The important thing to remember when purchasing a home: Buy one that you can afford, so you won’t have to mortgage your financial future. That’s exactly what I did—and I’m thankful for it.
Find Your Dream Home — Step by Step
8 Steps to Buying a Home You Can Afford
Closing On A Home: What To Expect
Go Green with Low-Budget Housing - Green Homes - MOTHER EARTH NEWS
Why You Should Ask for a CLUE Report Before Buying a Home
How to Buy a House in 9 Steps - Clark Howard
When is the Best Age to Buy Your First Home?
Thinking About Buying? Think Twice! How Renting Makes You Richer
Considering a Fixer-Upper? 15 Ways to Avoid a Money Pit
6 Ways To Slash Mortgage Costs
4 Ways to Buy a House Without a Mortgage
Things Every Home Buyer Should Do
Home Loan Tool Kit : This toolkit will help you make better choices along your path to owning a home.
When buying a house or refinancing you can as part of the purchase loan or refinance, you are able to borrow extra money for things that will lower your utility bill by making an ultra efficient house .. you can add a Fannie Mae loan product called home style mortgage that can be used to purchase solar panels, extra insulation, solar farm, water saving devices. The loan will be at the same percent as the mortgage or refinance. In addition you should be able to get rebates that can cover 30% of the cost.
Check out "Owning a Home" by consumer finance.gov : find tools with the goal of helping homebuyers and homeowners like you feel more confident, become more informed, and make smarter decisions about mortgages.
TIP: You will pay less if you look for a lower cost mortgage loans by using mortgage brokers, mortgage bankers, credit unions and small local banks instead of using big banks. If you need to refinance in addition to the above use online lenders like SoFi.com - The Bankless World Begins.
www.fanniemae.com helps low to middle income families buy homes.
Home Path.com makes it easy to buy homes that are foreclosed. It is a one stop shop where you can see the inventory available, make it easy to negotiate the purchase price and tie you with an easy to get mortgage with low down payment with no appraisal or need for PMI, no closing costs low cost home.
Your Mortgage Closing Checklist
Is It Better to Be Prequalified or Preapproved for a Mortgage?
Don't Borrow Trouble® is a national anti-predatory lending campaign that combines education and empowerment, teaching consumers to protect their homes and finances. It is an anti predatory lending site by Freddie Mac that has a lot of information on avoiding high priced loans. There are sites dedicated to each state and/main city. To find the campaign near you Google the name don’t borrow trouble and the name of the state’s main city. For example: for Massachusetts looks for don’t borrow trouble Boston, or don’t borrow trouble Philadelphia, etc.
5 Ways to Save on Your Mortgage
Hidden Housing Costs New Homeowners Don't Expect
Why a 30-Year Mortgage Is Better Than a 15-Year Home Loan – Len Penzo
You can save thousands by choosing a home that’s for sale by owner. A site to go to is www.forsalebyowner.com , www.fsbo.com or www.homesbyowner.com
Financial Benefits of Living in a Mobile Home or Manufactured Home
Check the latest mortgage rates with Credible, an online lending marketplace where qualified lenders compete for your business. Lenders will give you a free, no-obligation rate quote. Also call or e-mail your existing bank and see what they have to offer.
Buying a foreclosure:
Fannie Mae REO Homes For Sale - HomePath.com HomePath.com is the Official foreclosure website owned by Fannie Mae. Find Fannie Mae foreclosures exclusively on HomePath.com.
HomeSteps Freddie Mac has a similar website to advertise theiry foreclosures.
Tips for buying a foreclosure: go out and see the house in person, hire an inspector to find hidden problems that is certified and has experience in foreclosures (check American Society of Home Inspectors (ASHI.org), buy your own owner's title insurance to protect you from someone that claims they are the owners of the foreclosure.
Hire an agent that exclusively represents you when buying a house. An exclusive buyer’s agent will uncover builder-to-broker incentives that could be advantageous to you and save you time by sizing up the market especially if you are a first time buyer or new in the area. Contact the National Association of Exclusive Buyer Agents (www.naeba.org) for information and help in finding an agent.
Investigate the town you are planning on moving to make sure you are going to like the neighborhood. Check out the city at www.citytowninfo.com which has information about income levels, crime, sex offenders and more.
Log on to www.uhaul.com/boxexchange and the site will hook you up with new neighbors looking to unload their cardboard boxes instead of buying them if you are moving. You can also exchange moving supplies and rides.
The National Community Reinvestment Coalition is a nonprofit membership organization that helps under served communities at www.ncrc.org
The Mortgage Bankers Association offers consumers information and links to resources. Go to www.homeloanlearningcenter.com and click on “Foreclosure prevention Resource Center” HomeLoanLearningCenter.com provides step-by-step information on how to become financially literate. Armed with the facts, your next move could be into your own home. Learn about credit reports and scores; the true cost of owning a home; and how to compare the costs of owning versus renting a home. The site provides in-depth, easy-to-read home loan product information, including information on how to qualify for a loan, what the documents mean and what's in a mortgage payment, along with mortgage calculators to help you plan your payments.
Home Loan Learning Center, powered by the Mortgage Bankers Association, is committed to empowering you to make informed financial decisions through access to financial education. We encourage consumers visiting this site to continue their financial education by taking advantage of the comprehensive links to reach state, federal, non-profit and consumer group web sites.
Will Debt Consolidation Help You Get Approved for a Mortgage?
Why You Shouldn't Pay Off Your Mortgage Early
7 Benefits to Living in a Smaller Home
Building a smarter home: Learn about the upgrades that can be made to your home to decrease the amount of energy used in the home
How We Saved $34k in Interest on Our Mortgage Before Closing
Do a side by side comparison of crime statistics, climate and cost of living of different cities at www.bestplaces.net
What do you know about the condition of the community you plan to live in? Extend your home inspection to include a full environmental report of your area. Get a pollution report card by visiting www.scorecard.org . Search by zip code and within seconds receive a FREE, in depth pollution report covering air and water quality as well as toxic chemical levels in your neighborhood,
The retirement living information center has also taxes by state guide that lets you compare income, property, sales, estate and other taxes by state at www.retirementliving.com
How to hire the best moving company
If you or someone close to you is ready to buy a home, there may be government programs to help you.
Government-backed home loans and mortgage assistance programs - Browse your options like FHA loans or special programs for veterans and see which works best for you.
Vouchers for first time home buyers - this applies to people with lower incomes interested in purchasing a home. Learn more about this program to find if you qualify.
Real estate and federal lands for sale - the government acquires properties through foreclosure, forfeiture, or failed banks. Lands are sold by auction or offer. Interested in these sales?
QUOTES:
My Two Cents: Things To Consider Before Buying a Bigger House: We bought an older two story home back in 1998. Our kids moved out by 2004. By choice, we currently reside in the downstairs portion of our home. Here a few things we discovered about having a large house.
Keeping it clean is a big chore, especially as you get older or develop health issues. Even rooms that don’t get used still need to get cleaned.
The more square footage you have, the more your home insurance rates cost.
Moving furniture up and down stairs can be challenging, especially if the staircase has a turn or is narrow. Also, steep steps are tricky.
It's tempting to accumulate more "stuff" to fill the space.
Some big homes are built on big lots, which means more outside maintenance.
Sometimes, people ASSUME that your home is a great place to stay or have a large gathering, even though you don’t like to entertain.
So think "long term" when it comes to buying a big home.
Toni from Dollar Stretcher Tips
Steps when moving:
Hire and agency certified by the ProMmover's program (Find a ProMover - Moving.org) they agree to follow a code of ethics... it doesn't mean that some issues will arise or something will not break but it eliminates any scam
Ask for a binding estimate for interstate moving which means it cannot charge you more than this estimate
Insure it: buy your own coverage instead than from the mover, called replacement coverage in the event of a loss
Use UShip if moving smaller items
Beware of scams
Visit www.Moving.org for expert advice in making an informed decision on hiring a professional mover you can trust.
TIP: videotape everything before moving. Get replacement value insurance to replace what comes missing or broken.
Shipping with uShip Pick Your Provider and Price. uShip's transport marketplace gives you access to thousands of feedback-rated providers who compete for your business, so you can pick your price and ship with confidence.
QUOTES:
Home assumption: My partner and I recently purchased a home through a loan assumption. Because of this, we now have a 2.25% interest rate, instead of the 7.5% rate we were anticipating being stuck with. We had actually decided to give up on the house hunt and continue renting until rates went down. Then we saw the listing for our house and the small print at the bottom of the listing that said "2.25% loan assumption available". I had never heard of this so I did a lot of research and after a very long and complicated process, we closed on the house. The assumption process is challenging, but we pulled it off because we have followed ChooseFI for a few years now and live debt free with a high savings rate and excellent credit scores. Over the life of the loan we'll pay hundreds of thousands less thanks to the lessons we've learned in this podcast, and that money will go toward our early retirement instead. Thanks!! THE FI WEEKLY (from ChooseFi)
My Two Cents: More Considerations Before Buying a Larger Home
After reading the article Things to Consider Before Buying a Bigger House by Kimberly Danger, I wanted to share our experience. We bought our home back in 1998, but by 2004, both our kids had moved out. It's a two-story with three large bedrooms upstairs but only one bathroom downstairs. Here are a few things we discovered:
When you have a large house, people assume you have room to accommodate house guests. We're not into "entertaining," and prepping for company is a lot of work.
If you develop health problems, climbing up and down stairs can become an issue.
Once you move into a large home, it's easier to find things that need fixing or updating.
the rooms aren't being used, it's too tempting to fill them up with "stuff."
Having extra rooms that aren't being used still have to be maintained.
Property taxes are based on the size of the home.
Large homes usually sit on large lots, and the yard requires maintenance.
As you get older, cleaning becomes harder.
So when buying a home, think Long Term — Big Picture about the future and try to imagine 10 - 20 years down the road.
Toni B. from Dollar Stretcher Tips
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