If you’re planning to buy a home, you may be worried if you’ll have enough money saved for a down payment. You’ve probably heard that you can use retirement funds to help, but it’s important to know the restrictions, or you could be stuck paying penalties and taxes. And even though a home can be a great investment, taking out retirement funds early could hurt your long-term security.
Here’s what you should know before you make any financial moves.
By Lynnette Khalfani-Cox, The Money Coach®
Getting a home loan can be a confusing process. You have to decide whether to get a fixed rate mortgage or an adjustable rate loan. You’ll want to shop around and qualify for the best loan rates and terms. And when you’re signing on the dotted line for one of the biggest purchases of your life, you naturally want to fully understand everything. So one way to make the home loan process easier is to understand some important lingo you might hear from experts in the mortgage industry.
Whether it’s a wildfire, earthquake or storm, make sure you have adequate insurance coverage and emergency savings to draw on if you need to.
You’re ready for change, but don’t want to break your budget or hurt your home’s value if you decide to sell. Consider these tips to help you plan and spend wisely.
Shopping for a home loan? An adjustable rate mortgage, or ARM, may be right for you. 
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Once the kids grow up and move out, you may be considering downsizing. Here are some upsides to making the move.
There’s plenty of reasons to think about upsizing: perhaps another child is on the way, you landed a job in another city or maybe you need a home office for your business.
Are you hoping to become a homeowner this year? Before you start your search, take the time to understand the mortgage landscape. Getting the right loan can be as important as the home itself. The last thing you want to do is pay unnecessary fees or take on loan terms that might hurt your finances.
Becoming a homeowner is an exciting yet challenging journey. Finding the right home at a price you can afford, along with snagging a mortgage loan that offers competitive interest rates and lower fees and closing costs will be the keys to your success.
