Did you know that the average cost of money for a mortgage is $500/month for each $100,000 in balance? This means a $200,000 mortgage is about $1,000/mo and a $1,000,000 is $5,000/month.
Buying a home is not just a place to live, it is also an investment. The more you focus on the investment side of owning a home, the better off you may be when it comes time to sell!
Let’s get a quick view of Rent vs Own: in this video, we glance at mortgage interest deductions and what your downpayment means over home value appreciation.
The importance of getting PreApproved cannot be overstressed. Quickly put yourself in a position so that banks are eager to make a home loan. Remember getting a mortgage is a privilege, not a right.
Gross Mortgage Rates vs Net Effective Mortgage Rate: having a mortgage is like a forced savings plan and when you add that mortgage interest deduction back into your pocket each year in April from filing income taxes, that reduces the actual paid interest from January through December; this is your net cost for that mortgage, known as a net effective mortgage rate! Want tips on how to factor that net effective interest rate, click here.