Buying a House is a very important decision in a person’s life and depends on many Factors.Knowing something about mortgage interest rates, average home prices and other home affordability data can help a lot.
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The Current State Of Home Affordability
1.
2. Can you afford to buy a today’s
market?
Buying a House is a very important decision in a
person’s life and depends on many Factors.
Knowing something about mortgage interest
rates, average home prices and other home
affordability data can help a lot.
4. Median house price over the years
New record median house price
$500,000.00
$400,000.00
$300,000.00
$200,000.00
$100,000.00
$0.00
1940 1950 1960 1970 1980 1990 2000 2010 2011 2012
5. Mortgage
Mortgage is a loan to finance the purchase of real Estate, with
specified payment periods and interest rates . The borrower gives
the lender a lien on the property as collateral for the loan.
At the conclusion of the home loan process , you should
carefully read all documents and get answers to all your
question if you have any questions.
6. Mortgage Rates are going down
Best Mortgage Rates as of Jan, 2013*
An Increasingly competitive
environment led lenders to lower
mortgage rates.
Source By: http://www.totalmortgage.com/mortgage-rates.asp
7. Foreclosure
You should be aware of the consequences
Foreclosure is legal, and often lengthy , process
with several possible outcomes , including that
Borrower sells the property or the lender
repossesses the home.
Delinquency
Delinquency is the failure of a borrower to meet
one or more scheduled monthly payments.
Default
Default occurs when a borrower is 90 or more days
delinquent. Foreclosure become a possibility.
9. Some Useful Tips
Before buying a house consider:
Picking a house you can afford
Consulting an experienced house inspector
Choosing the right mortgage
Getting professional advice
Source By: http://www.smartonmoney.com/wp-content/uploads/2010/11/homeaffordability.jpg
