Hiring a Home Inspector

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Once you’ve found the home of your dreams, it’s time to make an offer to buy it. Before deciding how much to offer, HUD urges you to get a professional inspection. It can also be helpful to find out how … Read More

Safety Inspection Tips

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Before you buy a home, you’ll want to know exactly what it is you’re getting. An inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction, and mechanical systems of the house and … Read More

Closing Costs Explained

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The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA,monthly … Read More

What Is Escrow?

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Escrow – A neutral third party holds documents and money for a real estate transaction and ensures that all conditions of a sale are met. Also refers to a special account that a lender uses to hold a borrower’s monthly … Read More

What Is Involved With Closing?

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There may be closing cost customary or unique to a certain locality, but closing cost are usually made up of the following: Attorney’s or escrow fees (Yours and your lender’s if applicable) Property taxes (to cover tax period to date) … Read More

Tax Benefits of Owning a Home

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The purchase – The IRS says you can deduct interest in the year that it is paid, and that is usually part of each monthly loan payment. Mortgage interest – In general, you can deduct interest charged on a loan … Read More

How to Write an Offer

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Your real estate agent will assist you in making an offer, which will include the following information: Complete legal description of the property Amount of earnest money Down payment and financing details Proposed move-in date Price you are offering Proposed … Read More

Never Forget Your Preapproval Letter

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Pre-qualification is an informal way to see how much you maybe able to borrow. You can be ‘pre-qualified’ over the phone with no paperwork by telling a lender your income, your long-term debts, and how large a down payment you … Read More

Real Estate Lingo Explained

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4B/2B — four bedrooms and two bathrooms. “Bedroom” usually means a sleeping area with a window and a closet, but the definition varies in different places. A “full bathroom” is a room with a toilet, a sink and a bathtub. … Read More

Building Your Wishlist

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Creating a Wish List on paper will help you decide which home you should buy! There are many things to consider when thinking of your new home and making a wish list. You can create check boxes to help you … Read More

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