Mortgage rates and home prices have fallen to all time lows. This maybe the perfect time to purchase or refinance your home. The pot is even sweeter for first time buyers per the stimulus package which offers first-time homebuyer an $8,000 tax credit for primary residences purchased between January 1, 2009 and November 30, 2009.
Last month I posted an article titled, “Is it Time to Refinance Your Mortgage?” It included a list of different reasons for refinancing your mortgage which included:
- Switching to a fixed rate or an adjustable rate mortgage
- Improving the features of your ARM
- Building your home equity faster
- Reducing your monthly payments
- Turning home equity into cash
However, when looking to purchase a home or refinancing your mortgage there are many questions to answer, which involves crunching some numbers and your comfort level.
Below is a list of questions linked to mortgage calculators to help answer your home financing questions? I hope you find the calculators very useful!
Preparing for Home Ownership
Considering Home Equity Financing