If you rent your home or apartment, you’ve probably wondered if it would make more sense to buy a home of your own. One of the biggest advantages of renting is that your landlord is responsible for maintenance and repairs. If the water heater breaks down or the grass needs to be mowed, you don’t have to take care of it. You also don’t have to pay property taxes, because your landlord takes care of that, too. On the downside, though, is the fact that you usually can’t make a rental “your own” by painting and decorating it, or putting in different appliances. Continue reading
A decade ago, economic experts were bemoaning the emergence of a “boomerang generation.” Young people had left for college with bright eyes and exciting dreams of rewarding and fulfilling careers. Then, in 2000, the economy collapsed. These ambitious, well-educated folk found themselves with tons of debt and little opportunity. Many of them swallowed their pride and moved back home with Mom and Dad. Continue reading
Except for Veterans Administration loans, it still generally takes some cash up front to get into a home. How much cash you’ll be required to have up front depends on the type of mortgage (whether FHA or conventional) and your personal financial situation. The better your credit, though, the lower the down payment the lender will typically expect.
How much will you need to save? Continue reading