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 Rent vs. buy
First, let's compare the cost of renting compared with the cost of buying a
home, when you consider everything.
What can you really afford?
Based on the highest monthly payment you can afford, including taxes, fees,
dues, and insurance.
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Mortgage
calculator
This will help you figure your monthly payments for a fixed rate loan (based on
a 30-year or 15-year payoff). You can also do some "what if" scenario's; higher
monthly payment, different interest rate, lump sum payment, etc. to see what
effect they will have on your mortgage.
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Adjustable rate loan
Your monthly payments would start lower with an adjustable rate loan, and level
out after 2-3-5 years usually.
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Your credit report
You can now get instant access to your
credit report for free. This information is very valuable in
determining the terms of your loan.
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The
Mortgage Professor
A great source for mortgage questions! This nationally syndicated columnist can
answer each and every question you may have.
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