Renting offers flexibility that owning doesn't, and vice versa. If you rent, you're often tied to a restrictive lease that prevents you from making changes to the property. You're living for the man, and ownership is something that you reserve for the contents of your apartment or rented house. ... » Learn More about Rent Or Buy?
Pay off all of your debt. Save up at least 3-6 months living expenses, factoring in the potential costs of the home, including deferred maintenance costs using the sunk costs method of budgeting (potential costs / number of months until that cost occurs). Apply for no more than a 15-year fixed ... » Learn More about 5 Simple Money Rules for Buying a Home
No doubt, if you found this article through an internet search, then you're probably one of the millions of people who short sold their home in the past 3 years and you're wondering when in the world you're going to be able to purchase a home again. Since the Arizona market bottomed out in 2011, ... » Learn More about When Can I Buy After a Short Sale?
When you buy a home by using financing, you need to bring money to the table to show that you have some semblance of financial stability. Granted, there are programs that allow you a very small amount of money down, but I don't recommend them because they cost you more in the long run. Before I ... » Learn More about Gifted Funds for Down Payments
I published an article back in April of 2011 outlining the process that I went through when I settled the 2nd mortgage on my personal residence. (Disclaimer: I am not an attorney. This is being provided for informational purposes only and should not be construed as legal advice. If you have a ... » Learn More about Settling a 2nd HELOC Mortgage for Less Than You Owe