I don’t know about you but I am not independently wealth. Yes it is true I can’t retire just yet. One of the scariest and decisions you will probably run into is the decision to buy a home. Almost all of us will need to take out a Mortgage for our home purchase. There are a lot of cool things about Mortgages like the fact that the interest on them is tax deductible.
Although generally I think all kinds of debt are bad, most people make a distinction between good debut and bad debut. Mortgage debt is considered good debt while credit card debt is considered bad debt.
Ok so Mortgages are good things but it is very important to pick the right one. There are tons of different mortgage products out there. You are talking about something that you will be living with for the next 15-30 yrs and is generally financing 3-7 times your annual salary. Picking the wrong mortgage could cost you tens of thousands of dollars over the life of your loan. It is very important to do your research before you sign anything.
There is a great site out there that gives you mortgage rates and some very information articles. You can learn all about sub prime loans, or how to figure out how much of a mortgage you can afford. These are some great articles so do your self a favor and check them out if you are thinking of buying a home. Mortgagelowdown.com is a great resource. I just found out that mortgage insurance will be tax deductible in 2007 how cool is that.
I give it a Stephen rating of 7.