Buying a Home

Which is better: PMI or piggyback loan?

Thu, 06 Aug 2009 20:49:29 GMT

Here's how to weigh your options if you plan to buy a home with a down payment of less than 20 percent. Homeowners who make a down payment of less than 20 percent are usually required to pay private mortgage insurance (PMI), because they are considered to be at higher risk of default. PMI premiums are ...

How much of a down payment do you need?

Thu, 06 Aug 2009 20:49:29 GMT

When saving for a down payment on a home, if you've been able to save 30 percent instead of just 20 percent, you can decide how much to put down. As you prepare for a home purchase, you save for a down payment. Perhaps your down payment savings equals 30 percent (or more) of the purchase price of the home you want to buy. Now your question is,...

Common mortgage terms

Thu, 06 Aug 2009 20:49:29 GMT

Making sure you understand some common mortgage terms can help when you're applying for a mortgage. When dealing with the lending world, it can sometimes feel like everyone is speaking a foreign language. Learning the following key mortgage terms can help the process go more smoothly. • Appraisal:...

How to compare mortgage loans

Thu, 06 Aug 2009 20:49:28 GMT

Asking these questions when comparing home loans can help you save money and find the mortgage that best suits your needs. Comparing mortgage loans is one of the most important things you can do when you’re buying a home. The decisions you make will determine the size of your monthly payments, how much you pay upfront, a...

11 questions to ask your mortgage lender

Thu, 06 Aug 2009 20:49:28 GMT

Ask your lender these questions to be sure you choose the mortgage that will best meet your needs. So you’ve requested a mortgage and received three or four home loan offers. Now what? Here are the most important questions to ask each lender. 1. What is the interest rate? This is the most obvious ...

When to choose a fixed-rate mortgage

Thu, 06 Aug 2009 20:49:28 GMT

Sometimes the security and stability of a fixed-rate mortgage can make it the best choice for your needs. With all the buzz these days about new mortgage options, it may be tempting to bypass a traditional fixed-rate loan when shopping for a mortgage. But often it’s the best choice. A fixed-rate mortgage...

Top 8 things to know about a mortgage

Thu, 06 Aug 2009 20:49:28 GMT

Shopping for your first mortgage can be confusing. Here's a guide to the most important things you need to know about mortgage loans. Deciding what type of home loan is best for your needs is an integral part of the home-buying process. But it’s not always easy. Here are the most important factors you should compare when shopping f...

Shopping around for a loan

Thu, 06 Aug 2009 20:49:28 GMT

Shopping around for a loan can save you money. Shopping around for a loan improves your chances of saving money. Different lenders offer different products, so comparison shopping helps you find the best loan deals around. There are several thin...

How to make yourself desirable to mortgage lenders

Thu, 06 Aug 2009 20:49:28 GMT

Getting ready to apply for a mortgage? These steps can help make sure you get the best loan possible. Whether or not you can buy a home often depends on your ability to get a mortgage, and this can be a challenge if your credit history isn’t perfect. But there are things you can do to make yourself a...

Finding the best mortgage for you

Thu, 06 Aug 2009 20:49:28 GMT

There are dozens of mortgage products available. Here's help in picking the loan that's right for you. Home buyers can choose from many different types of mortgages. The basic models are fixed rate mortgages and adjustable rate mortgages or ARMs. More choice is created when lenders vary the term of th...

Finding a mortgage that fits your life

Thu, 06 Aug 2009 20:49:28 GMT

There's a loan to fit most any situation. Use our tips to help you find the mortgage that's right for you. If you’re shopping around for a mortgage or other loan, you’ve got a dizzying variety of products to pick from. The choices can be confusing, but the good news is that with a little careful planning ...

The next steps after a home offer

Wed, 01 Jul 2009 21:36:12 GMT

So you've found the perfect home and made an offer. Now what? Here are the important next steps. So far, so good: You were pre-approved for a mortgage, hired a helpful real estate agent, found a beautiful home and submitted your offer. What comes next? Making an offer is exciting, but it’s only ...

Should your first offer be your best?

Wed, 01 Jul 2009 21:36:12 GMT

There are a number of factors to consider when putting in an offer on your dream home. You’ve found it, the house you can spend the rest of your life in. But before you start dreaming of arranging furniture and hanging pictures, you have to make the sellers an offer they can’t refuse. ...

Negotiating the best price

Wed, 01 Jul 2009 21:36:12 GMT

Real estate is one of the few places in American life where haggling is the rule rather than the exception. It takes a keen understanding of the home-buying process to be good at negotiating. Be sure you have it down before you make any offers on homes. Here are tools and information the best negotiators u...

Is the house worth the price?

Wed, 01 Jul 2009 21:36:12 GMT

You're about to put in an offer on a home you love. Here's how to determine if it's worth the price. Before you plunk down your hard-earned cash for what seems to be the perfect home, step back and take time to consider the following: A Comparative Market Analysis Ask your REALTOR® to provide ...

Is that home price fair market value?

Wed, 01 Jul 2009 21:36:12 GMT

With today's higher home prices, it can sometimes be hard to tell if the home you have your eye on is priced at a fair market value. In certain markets, determining whether a home is overpriced, or priced at fair market value, can be a daunting task. The following resources can help: Your real estate agent One of the best resource...

How much should you offer for that home?

Wed, 01 Jul 2009 21:36:11 GMT

You've found a home you want to buy, but how much should you offer to pay for it? One of the most perplexing points in the home-buying process is the decision of how much to offer for the home you want to buy. If you offer "too much," you might experience buyer's remorse...

Home warranties

Wed, 01 Jul 2009 21:36:11 GMT

A home warranty protects you from repair and replacement costs on a new home's major systems and appliances. Benefits of a home warranty Home warranties repair or replace for a limited period of time the mechanical systems and major built-in appliances that may break down due to normal wear and tear. Most p...

Home value estimations

Wed, 01 Jul 2009 21:36:11 GMT

A Home Value Estimation relies on different information than a Competitive Market Analysis from your REALTOR®. Home value estimations (HVE) are automated reports using complex algorithms and public records to estimate your home’s market value. They’re user-friendly, usually requiring only an address and other...

Home purchase offer: Breaking the contract

Wed, 01 Jul 2009 21:36:11 GMT

Whether you can back out of buying a home without it costing you a lot of money depends on your purchase contract. Buying a home is a big decision. And sometimes, after making a home purchase offer, you may decide you’ve made a mistake. Is it too late to back out once you’ve signed a contract? Not necessarily. Wh...

Home buyer's checklist

Wed, 01 Jul 2009 21:36:11 GMT

This handy form can help you keep track of home-buying tasks. Buying a home involves a myriad of tasks, especially when the purchase includes a new mortgage. While no two transactions are exactly alike, this checklist can help you organize what you’ll need to d...

Fees and costs of a home sale

Wed, 01 Jul 2009 21:36:10 GMT

Expect to pay for commissions, inspections, insurance, taxes and other fees. Many home buyers and sellers are mystified by the long list of expenses associated with buying or selling a home. Items like title insurance, recording fees and doc stamps may be especially unfamilia...

Contract on a home: Your next steps

Wed, 01 Jul 2009 21:36:10 GMT

You've signed a contract to purchase a home. Now what? Here are the next steps you need to take. You’ve been searching for the perfect house. At last you’ve found it, and you make an offer. The seller accepts it, and now you have a contract. What happens next? 1. Contact your lender Once you sig...

Checklist: Making an offer

Wed, 01 Jul 2009 21:36:10 GMT

Since offers can quickly turn into contracts, it’s best to make sure you’ve got your bases covered from the beginning. Use this checklist to make sure you don't omit any items from the document. Making an offer So you’ve found the perfect house and now you’re ready to make an offer. Since offers can quickly turn into contracts, it’s best to make sure you’ve got your bases covered from the be...

Checklist: Home purchase contract terms and clauses

Wed, 01 Jul 2009 21:36:10 GMT

When a purchase contract is set before us, many of us may find our eyes glazing over. While the prospect of combing through a contract may be unappealing, there are key points everyone should be sure...

Ask an expert: Seller backing out of contract

Wed, 01 Jul 2009 21:36:10 GMT

Q: What happens if you've made an offer on a home and the seller suddenly decides not to sell? A: In the case of most real estate deals, once you and the seller have signed a contract, neither party can back out without consequences. There are some contracts, however, that have clauses that al...

Tips for buying a townhouse

Wed, 01 Jul 2009 21:35:32 GMT

Understanding what is involved in the purchase of a townhouse can help make the process easier. For those who feel a condominium might be too small but a single-family house too big, buying a townhouse can be a perfect solution. Here are a few things to keep in mind that will help you with your...

Tips for buying a fixer-upper

Wed, 01 Jul 2009 21:35:32 GMT

There are some special considerations when buying a home that's going to need substantial repairs. Looking for a bargain home? If you know your way around a toolbox, you may want to consider a fixer-upper. But be sure to assess the property carefully before you buy. Here are some tips to keep in m...

The laundry room: What to consider when buying a home

Wed, 01 Jul 2009 21:35:32 GMT

Use our tips to make sure the washer and dryer in the house you're thinking of buying are in good repair. You’re in negotiations to buy an older home and the seller offers to throw in the washer and dryer to persuade you to notch up your offer. Before you jump at the deal, ask the owner about the applian...

The ABCs of time-shares

Wed, 01 Jul 2009 21:35:32 GMT

Is buying a piece of a shared paradise right for you? Let our time-share primer help you decide. For some people, time-shares set off alarm bells. They imagine sitting through a four-hour presentation on the “deal of a lifetime,” only to be bullied into signing an agreement filled with hidden co...

Should you buy and renovate a home?

Wed, 01 Jul 2009 21:35:32 GMT

It's important to weigh the advantages and disadvantages before deciding whether to take on a home renovation. The option to buy and renovate an older home can be very appealing. However, you need to consider carefully to be sure it’s the right decision for you. Advantages Buying a home in need of repair ca...

Shopping for a time-share

Wed, 01 Jul 2009 21:35:31 GMT

It's a buyer's market, but you should still do some homework to ensure you get a good deal on that time-share. Now’s a good time to be in the market for a time-share. There are more time-shares available than purchasers right now, so it’s easier to negotiate a good deal. But it’s wise to get a handle on this ...

Pros and cons of condominium living

Wed, 01 Jul 2009 21:35:31 GMT

Owning a condo is quite different from owing a house. Make sure the condo lifestyle is for you before buying. Considering buying a condominium? Be warned: owning a condominium is quite different from owning a single-family home and comes with its own particularities. Before you jump into the condo market wit...

New trend in vacation homes: Condo hotels

Wed, 01 Jul 2009 21:35:31 GMT

Looking for a vacation home with all the comfort and convenience of a first-class holiday resort? Consider a condominium hotel. According to the National Association of REALTORS®, vacation home sales in 2005 were a whopping 16.9 percent higher than they were in 2004 -- an all-time high of 1.02 million units. And some of ...

Needs versus wants

Wed, 01 Jul 2009 21:35:31 GMT

Having a list of your needs will help keep you focused when buying a home. Most of us cherish the notion of a dream home. In our mind’s eye it may have big windows, fireplaces and airy open spaces. But in reality, an ideal home is one that allows us to comfortably express o...

Kitchen designs that work

Wed, 01 Jul 2009 21:35:31 GMT

Make sure the kitchen in the home you're considering buying stacks up. Here's what to look for. Remember the old adage “Don’t judge a book by its cover?” Same goes for kitchens. Don’t judge them on looks alone. Built-in appliances, granite countertops and other upscale finishes may be high on y...

Kitchen appliances: What to consider when buying a home

Wed, 01 Jul 2009 21:35:31 GMT

Inspect and test the fridge, stove and dishwasher to make sure the appliances work properly before you buy. A kitchen can sell a home. But don’t base your decision on appearances alone -- kitchen appliances that look great may function poorly. Since they are expensive to replace, you should test and inspec...

How to use an open house to your advantage

Wed, 01 Jul 2009 21:35:31 GMT

Taking advantage of open houses during your home search is not only smart, but also a fun way to spend your afternoon. Below are a few tips for making your next open house as worthwhile as possible. When it comes to home buying, open houses are a great way to step up your search and gain a better understanding of the housing market in your area. Below are a few advantages of open houses for you,...

How to pick the right house

Wed, 01 Jul 2009 21:35:31 GMT

Is the house you have fallen in love with really the right house for your needs and lifestyle? Here are 10 criteria to consider. Shopping for a home can be a lot of fun, especially when many attractive homes are on the market. But before you make an offer on the one that’s captured your affections, consider these criteria: 1. ...

How to buy an affordable home

Wed, 01 Jul 2009 21:35:31 GMT

Our three-step process can help you find the home you want in the price range you need. With today’s rising home prices, it can seem almost impossible to find an affordable home. However, by being resourceful and using the right tools, you should be able to find the home you’re looking ...

How to bubble-proof your second home

Wed, 01 Jul 2009 21:35:31 GMT

Careful research can help you buy a vacation home that will become an income-producing asset. With all the talk about our being in the midst of a real estate bubble, the decision of whether or not to buy a second home has become more difficult than ever. But Christine Karpinski, author of tw...

Housing co-ops

Wed, 01 Jul 2009 21:35:30 GMT

Cooperative housing can provide an affordable alternative, plus the chance to build up equity. Formal housing cooperatives, or co-ops, have become a vital component of urban housing in the U.S., particularly since the 1960s. Today, more than 1.5 million American families live in co-ops ranging...

House tour checklist

Wed, 01 Jul 2009 21:35:30 GMT

Take this handy checklist with you when you tour a home for sale, and you'll leave with a complete picture of the home you're considering. One of the fun parts of shopping for a home is attending open houses and visiting homes for sale. But it’s easy to get distracted as you make your tour -- by the seller’s furniture, the quirky decora...

Homeowners associations

Wed, 01 Jul 2009 21:35:30 GMT

Understand what you're getting into. Read the fine print before you buy a home regulated by a homeowners association. Almost one in six people in America live in a community regulated by some kind of homeowners association, according to the Community Association Institute, a national non-profit group that provides r...

Home shopping made easy

Wed, 01 Jul 2009 21:35:30 GMT

There are five key factors to consider if you want to get the most out of shopping for a home. Home shopping can be fun, but it’s important to know what to look for. The top five points you should keep in mind when shopping for a home are: 1. Location, location, location. There’s good reasonin...

Good neighborhood characteristics

Wed, 01 Jul 2009 21:35:30 GMT

What characteristics should you be looking for when buying a home in a new neighborhood? Finding the right neighborhood can be just as important as finding the perfect house. Most good neighborhoods tend to share the following characteristics: Access to an economic center Most people wan...

Get the facts at open houses

Wed, 01 Jul 2009 21:35:30 GMT

Savvy home shoppers use these events to research for-sale homes and real estate agents. Home buyers all too often walk out of an open house simply because they didn’t like the home, but without taking advantage of this prime opportunity to pick up useful information that might aid their...

Fixer-upper or money pit: How to determine

Wed, 01 Jul 2009 21:35:30 GMT

Some sure signs that the house you're looking at will cost you much, much more than the purchase price. You fall in love with a house – the elegant front porch, the wood-burning fireplace in the living room, the roomy eat-in kitchen, the expansive master bedroom. All it needs is a little TLC. You’ll ju...

Finding a house in a new city

Wed, 01 Jul 2009 21:35:30 GMT

Some research and a good real estate agent will help you find the best neighborhood for you. Finding a house in a new city is a common occurrence in today’s mobile society. Everyone seems to be moving across the country for a new job or opportunity. But it can be intimidating to figure out w...

Finding a home: What to look for

Wed, 01 Jul 2009 21:35:30 GMT

There are steps to follow for finding a home. Finding a home is an exciting time. With a little preparation you can make it a rewarding experience. Following are steps that you can take when finding a home. Determine which housing type best sui...

Features that add value to a home

Wed, 01 Jul 2009 21:35:30 GMT

When buying a home, you should consider whether it has features that may improve its future resale value. Understanding what features add the most value to a home can help in your home buying decision. Curb appeal Home value begins on the outside. What initially attracts a potential buyer is curb appeal....

Condominium or house: Which is right for you?

Wed, 01 Jul 2009 21:35:30 GMT

Condos and houses have their advantages and disadvantages. Use our chart to help compare your options. Be it in New York, Atlanta or Miami, the condominium market is thriving, with modern towers and low mortgage rates luring would-be home buyers with the possibility of building equity at rent-like pri...

Condominium buying basics

Wed, 01 Jul 2009 21:35:29 GMT

Understanding the differences of buying a condominium versus a single family home can help you through the process. Buying a condominium is very much like buying a house. There are a few minor differences that you should keep in mind, though. When buying a condominium, it is important to understand how a condo di...

Choose a home that will hold its value

Wed, 01 Jul 2009 21:35:28 GMT

Before you buy, think about how appealing your new home will be when it's time for you to sell. The most important features that help sell a home are the three you hear about all the time: location, location, location. But beyond neighborhood, there are a number of factors that influence resale...

Checklist: Finding a community you'll like

Wed, 01 Jul 2009 21:35:28 GMT

Use our checklist to help select a community with the right location, schools, ammenities, crime rate, and more. Before buying a home, do a little research into the amenities and features of your future community. You’ll want to make sure the neighborhood has the kind of schools, transportation and recreational...

Buying a townhouse or semi-attached house

Wed, 01 Jul 2009 21:35:28 GMT

Townhouses and semi-attached houses can be a great value. But you'll have to live at close quarters with the neighbors. If you’re thinking of buying a semi-detached or attached home, it’s important to understand the difference. A semi-detached, or "semi," is a house, usually two or three stories high, that s...

Buying a home with hazards

Wed, 01 Jul 2009 21:35:28 GMT

Before you make an offer on that home of your dreams, it's important to protect yourself. Most homes in the U.S. are safe. Some, however, can be hazardous to your health. The house you have your eye on may have dangerous levels of radon, lead dust or mold. It could be infested with vermin...

Buying a home with a pool

Wed, 01 Jul 2009 21:35:28 GMT

You like the house, but is the pool cool? Make sure you're not getting in over your head. When you make an offer on a house with a pool, you imagine a future of long, lazy summer afternoons lounging by the water. But for the unwary buyer, a pool can mean only headaches. First off, don’t a...

Buying a home that's been divided into rental units

Wed, 01 Jul 2009 21:35:28 GMT

Considering converting a multi-unit home back into a single-family dwelling? Before you buy, there are a few things to consider. You’ve found a great house! It’s got all of the amenities you require and it’s in the right location, but it’s currently divided up into two or more rental units. Before you buy it with the intention...

Buying a home that was a rental

Wed, 01 Jul 2009 21:35:28 GMT

A home that has been used as a rental could come with a unique set of issues. At first glance, buying a home that’s being rented out by the current owner may not appear different from buying any other home. However, there are a few extra things to consider before you put in an...

Buying a condo pre-construction

Wed, 01 Jul 2009 21:35:28 GMT

Proceed with caution. When you buy a condominium that's not built yet, there can be setbacks before you move in. Pre-construction condos are units that have been proposed by a developer, but have not yet been built. When you purchase a pre-construction unit, you are putting money down before construction begins...

A beginner's guide to condominiums

Wed, 01 Jul 2009 21:35:28 GMT

A condominium is a unique style of home - a unit in a multi-owner property governed by a condominium association. It can be a great purchase. The condominium market has been rising steadily for the past few years. According to the National Association of REALTORS®, condo values rose more than 27 percent between 2000 and 2002, and the ...

Tips for buying a home in an expensive housing market

Wed, 01 Jul 2009 21:35:27 GMT

By exploring different loan options, you can purchase a home even in an expensive housing market. In recent years, housing prices have soared across most of the country. But there are still affordable ways to become a homeowner. Lenders offer many innovative, nontraditional loan products that can...

The hidden costs of buying a home

Wed, 01 Jul 2009 21:35:27 GMT

It's important to understand all of the costs involved in home buying so you're not caught unprepared. As a first-time homebuyer, you may be unaware that there are other expenses you need to budget for on top of the asking price. But there are many other costs associated with home buying. Knowing abou...

The costs of homeownership

Wed, 01 Jul 2009 21:35:27 GMT

Budget-savvy homeowners plan ahead for annual and monthly expenses. First-time home buyers tend to focus their attention on their monthly mortgage payments and the other costs associated with buying a home. But owning a home entails new expenses as well. Here are som...

Tax benefits of owning a home

Wed, 01 Jul 2009 21:35:27 GMT

There are a number of tax incentives that can make buying a home a great investment. Buying a home is the biggest investment many people ever make. And it can be the wisest, due partly to a number of tax advantages the government has instituted to encourage home ownership. These bene...

Should you move or renovate?

Wed, 01 Jul 2009 21:35:27 GMT

You've outgrown your current home. But is moving a better option, or should you renovate? Take our quiz to help determine which course of action is best for you. Deciding whether to move or renovate is one of the toughest choices a homeowner can face. Moving can be less of a hassle, but it could mean a longer commute to work or, if you have children, a transi...

Should you downsize your home?

Wed, 01 Jul 2009 21:35:27 GMT

There are pros and cons to downsizing your home. Consider your finances and lifestyle before making a decision. The kids will soon be off to college and out of your home. Should you run out and sell your house? It’s not a simple decision. Factors that may encourage you to stay include: Do you want a place fo...

Should you build your own home?

Wed, 01 Jul 2009 21:35:27 GMT

Building a house requires careful planning and financing. Building your own home takes patience, planning and dedication -- some experienced builders recommend weekly trips to the building site. It’s also more complicated to arrange the financing than it is...

Renting versus buying a home

Wed, 01 Jul 2009 21:35:27 GMT

Is now the right time to buy a home? Use our tips to find out if it makes sense for you. With historically low interest rates and flexible loans, today, a monthly mortgage payment can cost no more than a monthly rent check. So, why rent when you can buy for the same price? For starters, ...

Overcome your fear of financial commitment

Wed, 01 Jul 2009 21:35:27 GMT

Research, visualization, acceptance of risk can help you realize your dreams. Many people are fearful of borrowing large sums of money, so if the prospect of a home loan strikes trepidation into your heart, you're not alone. People of all ages and in many different circumstanc...

How to read a home listing

Wed, 01 Jul 2009 21:35:26 GMT

Baffled by real estate listings terminology? Use our real estate-to-English dictionary to decode home listing abbreviations and acronyms. Real estate listings can seem like code to just about anyone. No vowels, odd abbreviations and strange acronyms leave many first-time home buyers scratching their heads. Real estate agents came up wi...

How to buy when home prices are high

Wed, 01 Jul 2009 21:35:26 GMT

Worries about buying a home at the top of the market shouldn't overwhelm your decision-making process. Home buyers often worry about purchasing a home at the supposed "top" of the market. Such concerns are understandable since real estate, like any asset, can gain or lose value over time. Ye...

How much home can you afford?

Wed, 01 Jul 2009 21:35:26 GMT

Shopping for a home but not sure how much you can spend? Here's how to figure out the price range you can afford. If you’re like many first-time homebuyers, chances are you’ve been spending your weekends driving around visiting open houses and new model homes. This is a great way to get a feel for what you want...

Help for single women home buyers

Wed, 01 Jul 2009 21:35:26 GMT

by Brenda Spiering & LendingTree.com Statistics from the National Association of REALTORS show that last year, single women accounted for one-third of all condo sales and 22 percent of overall home sales, an increase of 14 percent over...

Five reasons to buy a home around the holidays

Wed, 01 Jul 2009 21:35:26 GMT

December and early January is one of the slowest periods for home sales. That's one reason you should be out there looking for a home to buy. In most parts of the United States, house sales follow predictable seasonal patterns. They’re strongest in summer, and bottom out around Christmas and the New Year before picking up again in spring. ...

Determining how much home you can afford

Wed, 01 Jul 2009 21:35:26 GMT

Q: How do I know how much home I can afford? A: One of the first steps to buying a home is knowing how much home you can afford. There are two major steps that go into that calculation. 1. Start with preapproval. Before beginning your home sea...

Buying your first home

Wed, 01 Jul 2009 21:35:26 GMT

Understanding all that is involved can help you through the purchase of your first home. Buying a first home can feel intimidating. However, by understanding the process, you can have a great experience buying your first home. 1. Begin the loan process. One of the first steps in buying ...

Buying a home when you are single

Wed, 01 Jul 2009 21:35:25 GMT

Being single does not mean you cannot afford to buy a home. Here are some tips for buying solo. Who said you can’t do it alone? These days, more and more single people are diving into the homeowner’s market. In fact, according to the National Association of REALTORS®, single buyers make up...

Buying a home in today's market

Wed, 01 Jul 2009 21:35:25 GMT

How first-time home buyers can figure out if now's the time to buy a home. First-time homebuyers usually have a raft of questions about buying a home. The recent changes in the real estate and mortgage markets have probably created even more questions. If you’re planning on...

Anxiety-free home buying

Wed, 01 Jul 2009 21:35:25 GMT

Break up the home buying process into small steps to avoid becoming overwhelmed. Buying your first home is thrilling. But you may feel a little daunted, too, when you consider everything you’ve got to learn and do – not to mention the mortgage you’ll be taking on. For starters, y...

What is title insurance?

Wed, 23 Jul 2008 20:44:13 GMT

Title insurance policies protect against fraud or other 'defects' in property ownership. Title insurance is one of the most esoteric aspects of buying and owning a home. But that doesn’t mean the subject isn’t important or worth the effort to understand. Customarily, title insurance come...

Title insurance basics

Wed, 23 Jul 2008 20:43:56 GMT

Lenders require you to take out title insurance to protect themselves when they grant you a mortgage. Title insurance is a form of insurance that is designed to protect lenders and property owners from any potential hidden claims against a property. If, for example, you purchase a home and later some...

Mortgage closing terms

Wed, 23 Jul 2008 20:42:41 GMT

Understanding some key mortgage terms can help you when you're closing on a home. In order to make your closing go more smoothly, you should be as knowledgeable as possible. Knowing the meaning of the following mortgage terms can help. • Appraisal: A written analysis of the estim...

Why close at the end of the month?

Mon, 21 Jul 2008 22:29:57 GMT

The later in the month you close on a home, the lower your up-front mortgage costs may be. When you close on a home, you’re required to prepay any interest that will accrue on your mortgage from the date of the transaction until the end of the month. So the closer your closing is to the en...

What you need to keep your home loan on track

Mon, 21 Jul 2008 22:27:45 GMT

There is a lot involved in getting a mortgage approved. Discover what you need to consider to keep your home loan on-target. You’ve found the perfect house, shopped for a mortgage and chosen a lender. The rest is easy, right? Not always. Before your home loan closes, you will need to make sure all of the paperwork and lega...

The HUD-1 Settlement Statement

Mon, 21 Jul 2008 22:20:16 GMT

When you buy a home, the HUD-1 form is the final statement of all the charges involved in the deal. Shortly before closing on a new home, you will be given a Department of Housing and Urban Development Settlement Statement, also called the HUD-1. This is your final account of all of the costs and f...

The home closing process

Mon, 21 Jul 2008 22:16:24 GMT

Q: What’s involved in closing on a home? A: Closing consists of all the necessary final steps involved in sealing the deal on a home purchase. It includes: The offer to purchase There’s no foolproof way to make an offer that’s guaranteed t...

The final walk-through

Mon, 21 Jul 2008 21:27:30 GMT

The final walk-through is your opportunity to make sure nothing is missing or damaged before the deal closes. Shortly before the closing on your home, you will typically make one last inspection called a final walk-through. Your agent should help you examine the house. Verify that all items you have contract...

Settlement statement: Understanding the terms

Mon, 21 Jul 2008 21:24:31 GMT

The settlement statement you receive when you close on a home can be confusing. Understanding the following terms can help. Upon closing on a house, you will receive a settlement statement. This document itemizes all of the monetary transactions that are involved. However, it’s not always easy to understand. Here are defi...

Making a down payment

Mon, 21 Jul 2008 21:21:28 GMT

You will need a cashier's check from an acceptable source at closing. It is time for closing on your new home. You are supposed to show up with the down payment. Should you just bring your checkbook? How do you actually make a down payment? Most lenders expect you to ...

How to keep your loan from being derailed

Mon, 21 Jul 2008 21:20:15 GMT

Problems that can cause delays need not derail the entire loan process. A mortgage prequalification letter is a great tool for anyone who wants to borrow money to buy a home. But a prequalification letter is just the start of the home-loan process; most borrowers also fa...

Home inspections and certifications

Mon, 21 Jul 2008 21:14:36 GMT

Before contracting to buy a home, you should hire qualified third parties to inspect your home. Whole-house inspections Inspections are designed to disclose defects in the property that could materially affect its safety, livability or resale value. They won’t disclose cosmetic problems, so you...

Home appraisals

Mon, 21 Jul 2008 21:13:09 GMT

Lenders use home appraisers to determine the value of the home you plan to buy. An appraisal is a written estimate of a property’s market value completed by an appraiser shortly after you request your mortgage. Lenders use your appraisal to determine your loan amount. The market...

Closing-day nightmares: Don't let them happen to you

Mon, 21 Jul 2008 21:08:10 GMT

Surprises can be fun, but not when they pop up on the day your home is set to close. Find out how you can avoid closing-day fiascos. Moving into a new home is exciting. The closing process, however, can be intimidating, especially for first-time buyers. If you’re unprepared, your closing may get delayed or, in the worst-case scena...

Checklist: Steps to a smooth closing

Mon, 21 Jul 2008 21:04:19 GMT

This checklist can help you close on your home loan. As a first-time home buyer, you’re probably about to make the biggest purchase of your life to date. But how can you avoid unexpected complications between the time you find the home of your dreams a...

How to buy title insurance

Mon, 21 Jul 2008 03:40:27 GMT

What buyers and borrowers need to know about ownership protection. Not surprisingly, home buyers are often unfamiliar with title insurance, which protects lenders and owners from claims against the "title" or ownership of real property. Some of that unfami...