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Sure, you get a tax deduction for the interest you pay on your mortgage, but that doesn't mean you aren't heartsick about all that interest. That's why paying off a mortgage early -- and cutting out as much interest as possible -- will always appeal to some homeowners.

There are various options, some better than others, experts say.

Consider, for instance, biweekly payment plans through your lender. If you make half your mortgage payment every other week, that's 26 half-payments -- or 13 full payments rather than 12, eliminating mortgage debt more quickly. But don't sign on the dotted line if the lender charges you a fee to participate, says Bankrate.com's Greg McBride.

"You can achieve the very same objective on your own," he says.

Continue reading "How-to Monday: Paying off your mortgage early" »

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The more you hear about foreclosures piling up, the more you may be tempted to buy one. There's a lot to consider if you do -- but first things first: how to find them.

Continue reading "How-to Monday: Finding foreclosures" »

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If you're thinking of buying, it's useful to know what's in your price range. Once you have a clear idea which neighborhoods have homes you can afford -- or which homes you can afford in the neighborhoods you like -- then you can start seriously looking.

Have no idea what areas are in your price range? Here, let me help.

Continue reading "How-to Monday: Price ranges" »

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Applying for a mortgage? Don't be surprised if you get calls, emails or letters from competitors hoping to steal you away from the company you picked.

When your loan officer requests a copy of your credit report, the credit bureau can -- and often does -- sell that information to firms looking for would-be borrowers. People in the biz call it a "trigger lead."

Don't think that's died down as lenders have tightened their guidelines. A few months ago, Hunter Bloch was bombarded by calls after applying for a home equity line of credit with his bank. "It was at least 10 a day," said Bloch, who happens to be a mortgage broker. (He's vice president of Annapolis First Mortgage LLC in Hanover.)

Continue reading "How-to Monday: "Trigger leads"" »

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Photo by Lloyd Fox, Sun photographer

How much does it cost to rent a place around here? That depends entirely on what you mean by "here."

M/PF YieldStar, which tracks apartment buildings, says the average rent for a two-bedroom in downtown Baltimore is about $2,020 a month. Elsewhere in the city, it's just over $930. Big difference.

Costs range in the rest of the region, too:

Continue reading "How-to Monday: Rental costs" »

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Local property taxes range considerably in Maryland, as anyone who's moved to and from Baltimore knows. You might not want to make homebuying decisions based on taxes alone, but it doesn't hurt to understand the differences beforehand.

So I've broken it out for you. Here's what you'd be paying in county and state property taxes this fiscal year if you bought the median-priced home in various jurisdictions in 2007, and what you'd be paying for a $300,000 house.

Continue reading "How-to Monday: Property taxes" »

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Expecting a child? In the flurry of baby purchases and preparations, don't forget to childproof your house or apartment.

The U.S. Consumer Product Safety Commission says that home hazards kill or injure about 2.5 million children every year, a sobering statistic.

Here's what the commission and others suggest you do:

Continue reading "How-to Monday: Childproofing" »

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Few things in everyday life are as intimidating and overwhelming as first-time home buying can be. There's so much to consider, and you don't know what you don't know.

So here's a rough to-do list -- the steps buyers typically go through from start to finish.

Continue reading "How-to Monday: The buying timeline" »

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So help me out, kind readers: Tell me what topics you're most interested in. What would you like to see? (Click HERE for all the previous How-to posts, if you'd prefer to check there first.) 

How-to Monday isn't the time for exhaustive analyses or big investigations, of course. It has to be a how-to, for one, and it can't be too complicated or it'll never fit in the small space they give me when it gets printed in The Sun the following Friday. But that doesn't mean you can't suggest news stories for my (frightening long) queue.

So chime in, either in the comments or by email. What would you like to know? What do you think others should know?

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If good fences make good neighbors, then you'll want to know the extent of your property. How else can you figure out where to put the fence?

Problem is, the "location" or "mortgage" survey a buyer gets is conducted to assure the lender that the house is inside the property lines, said John V. Mettee III, vice president of Frederick Ward Associates, an engineering, architecture and surveying firm in Bel Air. It's not very useful for telling you if that tree that needs trimming belongs to you or the Joneses next door.

Continue reading "How-to Monday: Property lines (or, Whose tree is it anyway?)" »

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Photo of homesharers courtesy of St. Ambrose Housing Aid Center

For 20 years now, St. Ambrose Housing Aid Center in Baltimore has run a matchmaking service. Think empty rooms, not lonely hearts.

The nonprofit helps Baltimore and Baltimore County homeowners with space to spare find people looking for a room to rent, and vice versa. The program, launched by employee Mark Benson, was conceived as a way to get elderly residents some extra income and companionship but has proved to be popular with younger homeowners, too.

"It's one of the most creative things we do," says Vincent Quayle, executive director of St. Ambrose, which is best known for its housing counseling and foreclosure prevention work.

Continue reading "How-to Monday: Homesharing" »

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Looking to get a mortgage or refinance an existing one? If you have the credit score to make it work, you shouldn't have trouble finding people who really, really want your business. The trick is deciding who should get it.

Christopher Cruise, a mortgage trainer in Silver Spring and a board member of the National Association of Responsible Loan Officers, suggests that you look carefully at the fees the mortgage broker or lender plans to charge.

Continue reading "How-to Monday: Mortgage fees" »

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You can rent a house. You can buy a house.

Or you could do both.

Rent-to-own -- a contract that gives a renter the option to buy at a set price -- is a niche part of the housing market. But it's one that more would-be sellers might be pondering as they consider alternatives in these slow times.

Be aware that these deals offer a lot more complications (or, at least, issues to consider) than a straight rental or regular sale would.

Continue reading "How-to Monday: Rent-to-own" »

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Home improvement isn't immune from the housing downturn, but the decline in upkeep and major work is modest compared with the slump in buying, according to Harvard’s Joint Center for Housing Studies. 

If you're thinking of hiring a contractor, the Maryland Home Improvement Commission urges you to keep these tips in mind: 

Continue reading "How-to Monday: Home improvement" »

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Source: Sun photographer Barbara Haddock Taylor

To be forewarned is to be forearmed -- or to have something to look forward to, as the case may be. That's why people like to know what real estate developments are brewing in their community.

Once, there was little choice for the interested citizen but to visit the local planning department. Now -- well, that's still the main option, but more jurisdictions are offering some information online.

Continue reading "How-to Monday: Developments in your back yard" »

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What do you want to know about a neighborhood before you sign a sales contract or apartment lease? Lots of things, probably -- but safety and schools top the list if you're like most people.

You'll need to do your own research: The federal Fair Housing Act prevents real estate agents from giving you information about school quality or other factors that boil down to characterizing a neighborhood.

"Realtors refer anyone who is interested in what goes on in the schools to the Board of Education," said Debbie Hager, director of communications for the Maryland Association of Realtors. "The Realtor really needs to remain totally impartial."

The Internet makes it easier than ever to start your research, though it's not the end-all and be-all.

Continue reading "How-to Monday: Schools and neighborhood safety" »

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The mortgage mess hanging over the country offers many useful (if painful) lessons. First on the list: Don't borrow more than you can really afford to pay back.

Closely related to that is Lesson #2: Don't blindly rely on industry professionals to tell you what that amount is. Get down and dirty with the math yourself.

Here's a look at the debt-to-income levels you'll need to qualify for a loan nowadays, and some thoughts about how to get beyond that to true affordability.

Continue reading "How-to Monday: Affordable mortgages" »

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So you've bought a house -- now what?

A Wonk reader had the excellent suggestion that new homeowners could use a few pointers about, well, being new homeowners. It's one of those potentially never-ending lists, so please add your thoughts where I leave off.

First up on the list: Dotted lines awaiting your signature.

Continue reading "How-to Monday: What to do after you buy" »

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Would-be buyers in the market for a Realtor as well as a house should choose just as carefully as a seller looking for a listing agent. You want someone who will help you separate the good deals from the chaff, point out pitfalls and act in your best interests.

Never fear: Read on for tips galore. (Are you selling rather than buying? Then see last week's How-to post.)

Continue reading "How-to Monday: Choosing an agent, part II" »

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There's no law that says you must get a real estate agent if you're buying or selling a house, but many do. Like any profession (particularly one that's not hard to get into), you can find great Realtors, middling ones and some who are worse than none at all, so you'll want to choose well. 

I'll address agent-shopping for buyers next week in Part II. Here's what the Consumer Federation of America thinks sellers should keep in mind before making a choice:

Continue reading "How-to Monday: Choosing an agent, part I" »

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So much attention has been paid lately to the travails of short-term homeowners that longer-term homeowners probably feel a bit left out. "What do I care?" you grumble. "Why don't you cover something that affects me, dagnabbit?"

All right. How about getting that private mortgage insurance premium off your monthly mortgage bill?

Continue reading "How-to Monday: Mortgage insurance" »

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Baltimore Homeownership Preservation Coalition public-service ad 

More than 50,000 Marylanders were behind on their mortgage payments at last count in September. Homeownership advocates fear that even more will be this year, with thousands of adjustable-rate mortgages scheduled for their first resets to higher payments.

If you're worried that foreclosure could be in your future, you're not alone -- and you do have places to turn for help.

Continue reading "How-to Monday: Foreclosure help" »

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Associated Press photo

If you're looking for a house to buy or checking out your competition because you're selling, you've probably started seeing these words: "Short sale." It sounds like a wish to sell quickly -- and in essence, it is -- but more importantly, it means the seller is trying to get rid of the house for less than he or she owes on it.

When they work out, short sales can be a deal for buyers and a relief for sellers in danger of foreclosure. But they're complex. Short sales require the lender's OK, and there's no incentive for the lender to approve an offer if it thinks it can do better by foreclosing and selling the house itself.

Continue reading "How-to Monday: Short sales" »

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All right, fine, it's not your only chance. Feel free to chime in anytime, actually. But treat this as your personal invitation to keep the How-to entries topical and useful. I like to cover topics of interest to renters, homeowners, buyers and sellers, so you fit in there somewhere.

If you'd rather not comment here, email me by clicking on the "Posted by Jamie Smith Hopkins" link below this post.

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Sun photo

Buy a house, and your lender will usually require you to get insurance. Rent one, and you’re free to choose as long as your landlord has no opinion on the matter.

So why bother, if you don’t own the place?

Because renter’s insurance is about your possessions, not the walls around them. It’s a lot cheaper than car insurance, if you’re smarting over that bill.

Continue reading "How-to Monday: Renter's insurance" »

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Sun photo

Sometimes a seller's competition is an exact duplicate house, but sometimes it's simply the variety of homes in the same price range. How can you tell if you've picked a good price range to compete in -- or, if you're a buyer, to look in?

It doesn't hurt to find out how many homes are listed and compare it to sales. A little tally for the metro area in December shows some interesting results.

Continue reading "How-to Monday: Competition" »