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Thursday, June 09, 2005


BUYING A HOME: CNN MONEY 101 

1) Top things to know

2) Are you ready?
Don't buy a house just because you can afford to do so. Let's start with lifestyle. Except in a roaring real estate market, it usually doesn't make sense to buy a home you'll own for less than three or four years. Reason: the high transaction cost of buying and selling property means you could lose money on the deal. If you do make money on the deal, you'll pay capital gains taxes if you're in the house less than two years.

3) Setting your budget
Your credit rating is the key to being able to get an attractive mortgage.

4) Picking a team
Start looking for a mortgage lender. Take your time, since you could be paying this loan for 30 years. Start on the Internet at places likeLendingTree.com and E-loan.com. You may also want to check out the rates at CNN/Money, Bankrate, or HSH Associates. These sites carry nationwide listings of mortgage interest rates and other related information.

5) The hunt

6) Closing the deal

7) For sellers only
Preparation and timing can help you get the best price. When you decide to sell, the first thing to do is investigate the local housing market.

Calculators - Home Affordability Calculator

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