Couple Money

RMR – Mortgage Consumer Guides

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With interest rates so low, some people are considering buying a house. According to Bankrate, the national average for a 30 year fixed mortgage is 4.31%. Should you buy a house? How do you know if you're ready? What resources are available to those with limited incomes?

Mortgage Guides

Today I'm reviewing Refinance Mortgage Rates and their free mortgage guides.There are numerous guides offered, but I just want to highlight one in particular – Low Income Mortgage, Affordable Housing. I thought this was interesting because there seems ot be two extreme views that keep getting perpetuated-

I believe that everyone has to right to own property as long as they have the financial resources for it. The mortgage crisis showed, among other glaring problems, that not everyone can afford to buy and/or maintain a house.

Low Income Mortgage, Affordable Housing Overview

The topics covered include:

Right off the bat, the guide explains that sometimes affordable housing means renting an apartment versus buying a home. I agree with the thought – you have to look at your own family's financial circumstances before you decide to start the process of buying property.

Lenders are more stringent on buyers' income than they were in the past. One way lenders check is by combing through your household income. They request documentation such as W-2s, pay stubs, bank statements and previous tax returns.

I was impressed that the guide also listed resources and programs for housing (rentals included) for those with low incomes and even the homeless.

Final Thoughts

The guide seemed quite helpful for those considering whether or not  to own a house. The resources listed is a great starting point. I'm curious – how did you prepare your first home?

Note: Please read my guidelines about financial reviews.

Photo Credit: Steve-h

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