Gifted Down Payment Money: Yay or Nay?

Home buyers trying to scrape together enough money to cover the typical 20% down payment on a house frequently look to their parents and relatives for help. This is especially true with first time home buyers who, understandably, might not have had time to save all the cash necessary to put that 20% down, particularly in the Silicon Valley. When I bought my first home some thirty years ago, I borrowed money  for the down payment from my dad … [Read more...]

Changing Interest Rates and Monthly Payments

With interest rates still at an all-time low, it’s easy to forget how much of an impact they can have on a your monthly mortgage payment. At some point, things are bound to change so keep in mind the fact that interest rates and monthly payments are directly tied tied to one another. Here is a great visual that explains exactly how interest rate fluctuations can affect what your monthly mortgage payments look like. … [Read more...]