Choosing a Mortgage Loan  

Choosing a mortgage loan is not as easy as simply finding the lowest interest rate. There are many other factors that will determine which mortgage is right for you. Your financial picture, including your income, savings, cash reserves, and debt-to-cash ratio will determine how much you can afford to pay in monthly mortgage payments.

Finding the "best" mortgage means balancing your mortgage options with your financial situation and your housing needs, now and in the future.   Since even the shortest mortgages typically last at least 15 years, you will need to project how your financial situation and your housing needs may change over the life of the mortgage.  

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New Homes Slump Worsens

More alarm bells for the stumbling housing market rang as a government report on new home sales showed a bigger-than-expected drop in sales, along with a continued rise in unsold homes and a further weakening of prices in the closely watched sector.

New homes sold at an annual pace of 1.07 million in July, according to the Census Bureau report, down from the 1.12 million pace in June, which was also revised slightly lower than the original reading.

The pace of new home sales is now down 21.6 percent from year-earlier levels, with every region of the country showing double-digit percentage declines compared to July 2005.

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