Not only is owning a home an integral part of the American dream, but our home is likely the biggest purchase we will ever make and the biggest asset – or liability – we will ever have. Until about a year ago, of course, no one would have imagined that a home could be a liability. That’s when housing prices started to drop and relatively new homeowners realized that it was only a matter of time before their adjustable rate mortgages would skyrocket.
Experts agree that house values haven’t yet reached their nadir and that many homeowners are poised on the precipice. While some people might find it easier to stick their heads in the proverbial sand, smart homeowners and homebuyers see the current market as an opportunity to either take a second look at their existing mortgages or to shop around for new mortgages. Either way, it’s important to learn all that you can about different ways to finance a home before you take the plunge. Here are a few scenarios that illustrate some of the choices available today.
Nine years ago, Sam and Jenny Thompson bought a home that was ten years old. They were savvy enough to buy their house just before...
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