Posts with tag 'buying'
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20
The Low-Down on Mortgages
The Low-Down on Mortgages
What is a Mortgage?
A Mortgage is a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of debt.
So, what does that mean exactly? Essentially, you (the debtor) can borrow money from a bank or creditor in order to buy a house. You pay back that loan at a specified interest rate over the course of a specified number of years. The creditor actually holds title of the proper...
13
5 Things Most People Don't Think About When Buying a Home
1. Check out the neighborhood as much as you do the house
"Location, location, location" is a popular phrase for good reason, but sometimes it gets skipped over by excited first time home buyers. Too often, I see buyers get wrapped up in wanting the white subway tile backsplash and granite counters that they forget to look at the neighborhood.
Is it well maintained? Is there noise from a busy road or highway? What about that wooded lot behind the hous...
22
How Long Does it Take to Buy a Home?
It is true that every home transaction is different, so it is hard to give an accurate time frame for buying a new house. According to HouseLogic.com, however, the average purchase of a new house takes about 50 days from start to finish. Let's take a look and how they've broken down the process:
1. Do Your Homework
Time: 1-14 days
You really should do some critical research to help you figure out what want and what you don't want in a house so that you can stay on track throughout the process.
You should also get pre-qualified for a loan. This will help you get a better understanding of how much you can afford.
2. Find An Agent
Time: 1-7 days
Finding an agent who suits you is key to the home buying process. You should interview several and choose the one that...
6
The Extra Costs Behind Buying a Home
I remember the first time I sat in a title company's office, closing on my first house. The excitement and sense of accomplishment were feelings I will not soon forget (even though this was over 10 years ago.)
As a first time home buyer, I felt prepared... I had done my research and made a spreadsheet, after all. Our monthly income minus our monthly payments (PMI and insurance included) was something we were ready to take on. We were confident in our finances. But then, a few days prior to closing, we received our settlement disclosure paperwork. For those unaware, this is the paperwork that breaks down every dollar of the transaction. What the seller pays and what the buyer pays. As I sat down to go over the ins and outs, I couldn't help but wonder... "what in the world were all of these charges??" I knew we were going to need a cashier's check to cover our down payment, but I had not, at all, pl...
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