Monday May 22, 2017

Mortgage Tips

How Much House Can I Afford?

Once you decide that you’re in the market for a house, one of the first questions you’ll need to ask yourself is how much house you can afford to buy based on your current and probable future income.

Built into this question is also whether you can afford to buy a house at all (qualifying calculator) if the answer is no, that’s no reason to get too distraught—these days not a lot of people can.

How much house you can afford isn’t just a quantitative question, either—it’s also a qualitative one.  There are two ways to look at it.  One is how much money you can afford to spend on a house.

Mortgage Life Insurance vs. Mortgage Payment Protection Insurance

While shopping around for life insurance, you may have come across the term “Mortgage Protection” or “Mortgage Life Insurance.”  What is Mortgage Protection, and how is it different from life insurance?  Why might you need it?

When you purchase life insurance, what you’re essentially trying to do is make sure that if you die, your family will be protected.

If you’re the main breadwinner in your household (or the only one), when your income is cut off, your family will have to fend for themselves.  That means that your partner may need to find a job, and even your children may need to find jobs in order to survive.