Before you sign any type of home loan agreement, ask questions. If you do not understand what a balloon payment is – ask. A balloon payment is one that in a few years you will have a large payment at the end to finish off your loan. Adjustable rate is another confusion term that many buyers do not quite get. This type of loan means that when the interest rate goes up nationally so does the interest rate you must pay.

This can be a huge amount more added to your monthly payment. The number one rule of thumb when looking for a home loan is to ensure that you can make the monthly even if the interest rate increases. Do not go over the amount you know you can pay monthly or you will soon be in trouble of foreclosure.

The worst thing a potential home buyer can do is have their credit ran by a lending company before they know what is on their credit report. You may not realize this, but there are more than likely things on your credit report that you do not know are there. Some of these things can be overlooked bills or down right misinformation or even fraud. Apartment complexes are the worst at putting false information into the credit bureaus. Example: You give a 30 day notice, clean the apartment, turn in the keys, and believe everything is great. Now, you get a copy of your credit report and the apartment complex as reported you owe a months rent and damaged the apartment. Learn to check your credit report, so you can correct errors or clean up the mess before you start searching for a home loan.

The number one con for refinancing your home loan is the fact that the mortgage term of your loan will be adjusted. Of course, this means you will have more time to pay off the loan, however, you will also be paying more in interest. The interest may be lower, but over the extended amount of time you will more than likely be paying more in interest than you were with your original loan.

The next disadvantage is all the extra fees. Such things as paying points, origination fee, and even broker fees will have to be paid and of course you will be making mortgage payments for several more years.

The best way to decide is refinancing your home is the best option, is to put down on the extra fees, interest rates, and mortgage paper in black and white. From here you can actually see what a refinance loan will do to you in the future.

What happens during a short sale is that the lending company agrees to accept the money that you receive for your home and call the loan paid off. The only thing you receive from the sale is that you no longer owe money to the lending company, but you also do not have a home. Before going through with a short sale you should talk it over with a realtor and an attorney.

The first thing you should do if you know you are going to have problems paying your mortgage payment due to illness, lost employment, or that the mortgage payment has gone up due to interest rates, or other reasons is talk with your lending company. In many cases, the lending company would much rather see you avoid your payments than have property to sell.

Talk over all the options that are available such as a refinance loan or even a deferred payment plan in case of accident or injury that has caused you or the main provider to be out of work for a short period of time.

If you see no way out of this situation, you can sell your home and at least save your credit. The worst part is you may have to sell your home for what you owe and you will not receive any equity. The best way is to try to sell your home for a bit over what you owe, so you can use that money as a down payment for a new home that is more affordable. This will only work if you are not behind in your mortgage payments.

If you sign your deed over to another person that tells you they will help you and pay your mortgage, you had better steer clear. As soon as you sign the deed, the person will then be the owner of your home. They can charge you more than your mortgage payment or even evict you from the home.

If you need help to avoid foreclosure, be sure to see credentials, read all documents thoroughly before signing, and check with the Better Business Bureau.

Today, you do not have to go out and cut down trees and do all the extra hard labor involved in creating a warm and cozy log cabin. You can purchase a log cabin kit that includes the blueprints, all the basic materials including the logs and all the hardware necessary to build the log cabin of your dreams. In some cases, you can purchase an all-inclusive package that even includes the doors, stairs, windows, and porch. The best part about these kits is the instructions.

Building your own log cabin with a kit is as easy as putting together your daughters playhouse as long as you read the instructions. Instead of hiring a homebuilder, you can build your own log cabin and save a bundle. If you want to spend, the extra thousands of dollars then search for a homebuilder. On the other hand, consider that the money saved could be used to buy furniture that will compliment your new log cabin built with your own hands.

Among the list of quality builders in the El Paso area include Sanderson Custom Homes, Desert View Homes, Cardel Homes, Blue Ribbon Homes, Winton/Flair Custom Homes, and Tropicana Homes.

Sanderson was established in 1969 and has been providing homes for families with all the amenities they desire and deserve. Desert View began in 1991 and has now spread their fame to Colorado with the name Aspen View Homes. Cardel began in 1979 and in 1993 won the Builder of the Year award. Blue Ribbon Homes has the customer’s desire at heart offering many spec homes for families to tour. Winton/Flair not only builds custom homes in El Paso, but is also known for unique homes in Southern New Mexico and has won the Energy Star certified and Energy Star Builder in the Nation in 2006, 2007, and 2008. Tropicana opened their doors in 1950 and has won the Builder of the Year award twice.

At the top of the list is David Weekley Homes that has been on the 100 Best Companies to Work for by Fortune magazine. David Weekley Homes are popular due to their service, choice, and the unique designs offered.

Second on the list is Lancaster Homes. Lancaster Homes have been creating executive and lavish homes in the Houston area for over 40 years. David Powers comes in next when it comes to creating your dream home. Custom homes are his expertise with such items as rounded sheetrock corners and more. Rohe & Wright builders are next with awarding home designs. Tilson Homes is a name recognized in the business since 1932. Last on the list of the top six builders in Houston is Parra Design Group Ltd. that was awarded the Ben Brewer Young Architect award in 2008.

As you can plainly see, Houston is home to many top architects and award winning homes and designs, so finding the home builder to create your dream home will be a snap.