Why I Want For Professional Guidance

Despite the importance of finance, accounting, and consumer intelligence, these topics are typically neglected in high schools. Unfortunately, personal finance is often learned by trial and error. The problem with this method of learning is that it only takes one costly financial mishap to set you back for years. This is why I created a basic personal finance book for total beginners. With these concepts you can use the other books in the Smart Money series to further build your knowledge of personal finance topics.

Most home buyers need to finance their purchase, especially first time buyers. So sit down and have a chat with a mortgage lender and find out exactly how much you can afford before you go house shopping.

To calculate it, they divide the amount of monthly debt payments you owe by the amount of money you make each month. This tells them what percentage of your income goes toward paying off your debt. Most lenders look for a DTI ratio of 36 percent or less, but you can get an FHA loan with a ratio as high as 50 percent in some cases. If your ratio isn't where it needs to be, you can improve it by increasing your income. You can try asking your boss for a raise or a promotion, but it probably won't prove that simple. Taking on a second job, however, can really help boost your earnings and your ratio. You'll need to give it a little time - your lender won't give you the nod the day after you start - but you won't have to keep the second job

Main Point # 2: It is very important to be aware of the housing market conditions, what is going on in the market in regards to interest rates and what mortgage products are available to you. All of these factors are significant in deciding your time frame for purchasing.

Another important thing a first-time homebuyer needs to know is the role that down payments when it comes to buying a house. The amount of down payment determines your mortgage payments. The higher

Finally, in addition to increasing the level of training required for loan officers, it would be beneficial for borrowers to demonstrate a certain level of understanding of what they are committing to. The costs of owning a home are more complicated than a mortgage alone; with the purchase of a mortgage comes the commitment to pay taxes, home owner’s association fees and other hidden costs, not to mention the fact that a person with a mortgage can get a home equity line of credit. Education programs that could be offered through lenders would be

As prices continue to rises, many lenders had to come up with ways for a purchaser to buy a home. In 2004, many first time home

No one really realizes the time and patience it takes to get a first time home buyers loan. The first and most critical step in homeownership is getting the right mindset. This principally involves

Brooklyn, NY – December 30, 2009 Foreclosures continue to rise drastically across the United States due to the recession, and have effected, and continue to affect thousands of families and individuals every day. One aspect we must take into consideration is that most people are not informed of what foreclosure means, or the process, even those who are homeowners. I believe that one step to preventing foreclosure is to educate first-time homebuyers. In addition, first-time homebuyer programs should not only assist potential buyers with financially preparing them to buy a home, but to keep the home once

You also need to know your current interest rate, your tax mileage rate and your private mortgage insurance rate. You need to know both your tax mileage rate and your private mortgage insurance rate because many mortgages are designed to pay your yearly property taxes and your mortgage insurance in addition to paying off your loan.. Additionally, you'll need to put in how many years you want to take to pay off the

As a consumer planning for a home purchase, one of the major decisions that you will have to make is deciding what type of mortgage will best meet your needs. In today's mortgage market, the types of mortgages available to you can be divided into two categories, adjustable and fixed interest rate mortgages.

Establish Credibility: According to US News, the great American dream of owning a home appears poised for a comeback. Real estate company Trulia reports that in many parts of the country, rents are rising while housing prices are falling, making buying a home more affordable. Trulia found that in 98 out of 100 major metropolitan areas, including Detroit, Atlanta, and Cleveland, buying has become more affordable than renting.” I think the mortgage catastrophe of 2001 left prospective home buyers afraid of buying a house without being extremely certain that is the right decision.

     After figuring out my price range I had to research how much I would have to take a loan out for, how long I want to take the loan out for, and what the interest rates are. I figure that I would, by the time I am going to buy a house, be able to

Owning a house has become more important than simply having a place to live, or making a sound real estate investment in our society. Buying a house has become an integral part of the American dream. No matter if you are male or female, young or old, rich or poor, what culture or country you are from, everyone has a dream about it; in other words, every one of us wants to own a place that we can live in and create memories in that will last a life time. For a first-time homebuyer, that dream can quickly turn into a nightmare. The whole home buying process can quickly overwhelm the average individual. You’re entering into what could be the biggest purchase of your life with no experience to fall back on. The good news is a little preparation can go a long way and help you approach this decision with confidence. Luckily for you, I have taken the liberty of putting together a guide for the first-time homebuyer. Throughout this guide I will take you step by step through the daunting process of buying a home.

Whether you are buying your first home or adding another investment property to your portfolio, deciding on which loan is a decision that could cost or save tens of thousands of dollars from your mortgage over the life of your loan.