Personal Finance #6-Housing: Purchase vs Renting

Explore practical steps for selecting a rental apartment, using online locator tools, weighing features, touring properties, and evaluating affordability and value to inform a balanced rental decision.

Compare renting versus buying by examining the lease contract and lessee responsibilities. Understand restrictions, required upkeep, deposits, and end-of-lease decisions.

Learn how to buy a home remotely by detailing steps from determining ownership need to securing financing, evaluating properties, and closing practices, including due diligence, earnest money, and e-signing.

Explore the importance of the home inspection contingency in the purchase process, enabling buyers to back out or negotiate repairs, credits, or price before closing based on inspector findings.

Explore the top home buying apps for 2022, including Zillow, Trulia, Realtor.com, Redfin, Home Snap, and auction platforms like Xome, to streamline online research, filtering, and agent connections.

Learn how to apply for a mortgage loan and secure financing from pre-approval to closing by compiling documents, assessing credit scores, and comparing loan types.

Learn how a mortgagee clause protects lenders by ensuring insurance payouts cover property damage during the mortgage, safeguarding the loan and collateral.

Learn how mortgage escrow accounts hold property taxes and homeowners insurance, how shortages occur, and how to fund or adjust escrow payments during the home purchase and after closing.

Compare loan officers and mortgage brokers to understand who they work for, how they secure home financing across lenders, and how fees and commissions affect your loan options.

Discover what sits in your escrow balance and how to track it; learn how mortgage payments split into principal, interest, taxes, and insurance, plus escrow analysis and amortization.

Explore when to lock your mortgage rate, comparing fixed and adjustable options, and how the Federal Reserve influences rates and home buying decisions.

Understand what a no closing cost mortgage is and how costs are absorbed into higher loan balance or interest rate; then run the numbers to decide on refinancing.

Understand home warranties as service contracts that cover appliances and systems, learn how coverage, costs, and limits work, and compare them with homeowners insurance and regulatory protections.

Explore how to evaluate starter homes with practical budgeting, mortgage options, and lifestyle fit, highlighting down payments, affordability, exit strategy, and choosing a home within means.

Learn what a clear title is and why title searches matter in real estate, including clean, just, and free and clear titles, liens, heirs, and fraud.

Explore FHA single family title two loans, insured by the FHA under the National Housing Act, and how they enable low down payments, mortgage insurance, and easier qualification for buyers.

Explore how mortgage points, origination and discount points, affect closing costs, monthly payments, taxes, applying time value of money and break-even analysis to decide if paying points is worth it.

Explore how reverse mortgages let seniors access home equity without monthly payments, with lump sum, monthly, or line of credit options, plus mortgage insurance details and costs.

Explore when refinancing a mortgage makes financial sense, weighing closing costs, rate changes, term length, equity, and private mortgage insurance (PMI) to determine break-even and long-term impact.

Explore the benefits and trade-offs of paying off your mortgage early. Understand how amortization, interest, and prepayment affect costs, and learn strategies like biweekly payments, refinancing, and choosing fixed-rate options.

Master the principal residence exclusion and the 24 out of 60 months ownership and use tests to reduce capital gains. Calculate adjusted basis and partial exclusions as needed.

Avoid costly renovations when selling; repainting provides limited ROI, so consult a real estate agent, stage with cleaning and decluttering, fix safety issues, and keep updates neutral for broader appeal.

Get pre-approved for a mortgage, study the market, and declutter and repair your home to boost appeal; then scout potential agents before calling a real estate agent.

Explore exclusive listing in real estate, comparing sole-agent exclusive listings with open listings, understanding commissions, agency issues, and the procuring cause behind selling a home.

Explore short sales, where distressed homeowners sell for less than the mortgage with lender approval, possibly facing a deficiency and credit or tax implications.