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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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Mortgages > FHA
New home? Don’t go overboard!
When it comes house projects, it’s not unusual for new homeowners to go overboard and end up with a mountain of debt. Here are a few tips to stay financially sound while fixing up the new digs.
• Before embarking on expensive projects, take at least six months to adapt to the financial realities of homeownership – having a mortgage, budgeting for property taxes, paying additional utility bills such as sewer and water, carrying homeowner’s insurance.
• Keep your overall home improvement budget updated, and compile a separate budget for each part of the house you want to tackle.
• Avoid the lure of additional credit card offers.
• Pay off no-interest furniture balances in the first year.
• Don’t neglect to build up long term savings and vacation funds.
• Be alert to potential holiday debt.
The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
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• Mortgages > Purchase Articles Archive
• Mortgage Loan Calculator Use this calculator to determine your monthly payment and amortization schedule.
• Mortgage Qualifier Can you buy your dream home? Find out just how much you can afford!.
• Refinance Breakeven Should you refinance your mortgage? Use this calculator to determine when you will breakeven!
• Rent vs. Buy Are you better off buying your home, or should you continue to rent?.
• Amortizing Loan Calculator Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
• ARM vs. Fixed Rate Mortgage Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
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