Financial InformationUseful CalculatorsCalculate Monthly Payments ReportsThe three major credit bureaus (Equifax, Experian and TransUnion) gather informaton on your loans, credit applications and bill payments. Order one free credit report a year from each bureau at annualcreditreport.com or by calling (877) 322-8228. Your credit score affects everything from loan rates to insurance premiums so check your report carefully. A recent federal study found that 70% of reports contain a mistake. Get a C.L.U.E. (Comprehensive Loss Underwriting Exchange) home seller's disclosure report. This is an independent source of information about insurance losses within the last five years. Mortgage InformationCompare current rates in the Syracuse area and at bankrate.com The Federal Housing Administration provides FHA Mortages at good rates. The State of New York Mortgage Agency (SONYMA) has NY State mortgage program information. The US Dept. of Agriculture has a mortgage program for first-time home buyers who meet certain lower income requirements - USDA homebuyers handbook. Also ask us about special programs for teachers and for first time home buyers, and consult your bank's mortgage officer or a loan specialist. Reverse mortgages allow cash-strapped older people to borrow against the equity in their home so they can afford to keep living there. This AARP website offers a comprehensive guide to lenders, fees, pitfalls and other specifics. Government Tax Incentive to Buy (until December 1, 2009)This is a wonderful incentive to buy if you are a first-time home buyer or haven't owned a home for 3 years. Single purchasers are now eligible for a $3,500 tax rebate; couples get $7,000. Starting the second year after purchase and continuing for up to 15 years, taxpapers then make pro-rata repayments at $500 a year, so it actually works like an interest free loan (more information). Other Costs to Consider When Buying:
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