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  • 1. What are some things that I should consider when shopping for a mortgage? Views: 55
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    Terms of Use Table of Contents 1. Obtain information from several lenders 2. Obtain all important cost information 3. Obtain the best deal that you can 4. Remember: Shop, compare, negotiate 5. Fair lending is required by law 6. Credit problems? 7. Glossary 1. Obtain Information from Several Lenders Home loans are available from several types of lenders-- thrift institutions , commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you sh  More...
  • 2. What are closing costs and hidden costs associated with getting a mortgage? Views: 42
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    Terms of Use: Closing costs are the fees and taxes associated with purchasing a home. They include searches, clearances, and reports to process the transaction. Depending on where you live and the complexity of your transaction, they can easily add up to thousands of dollars. They're generally around 3% to 6% of the purchase price of the home. Your lender is required to give you a written, good-faith estimate of all your closing costs within three days of your applying for a loan. However, don't  More...
  • 3. Can I get a credit report for free? Views: 41
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    Terms of Use Credit reports contain a wealth of information about your credit history. Consumers now can get a free copy of their credit report. It's important to review your credit report at least annually to ensure it is accurate and that you have not become a victim of identity fraud. A study by U.S. Public Interest Research Group found that one in four credit reports contains errors serious enough to cause consumers to be denied credit, a loan, an apartment or or even a job. Some of th  More...
  • 4. What are the things that I should do when purchasing a home? Views: 37
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    Terms of Use Buying a home doesn't have to be an overwhelming experience. Below are some general guidelines to consider when finding a home that's right for you: Do your homework first . Evaluate your tastes, lifestyle, the school district, and preferred commuting distance. Then do a lot of research about the neighborhoods you are considering. Read local papers. Walk and drive around. Determine how much you can afford to spend on your home. As a general rule of thumb, your mortgage  More...
  • 5. What is a Credit Score and how is it different than a Credit Report? Views: 36
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    Terms of Use Credit Score A credit score (ranging from 300 to 850) is a measure of your credit worthiness or how likely you are to pay back your debts and do so on time. You want to have a high score. Your credit score is used by lenders, credit card companies, employers, landlords, insurance companies and others in evaluating whether to extend credit to you. The higher your credit score, the lower the assumed risk to lend you money. While no specific definition of “good” is un  More...
  • 6. What is earnest money and how much is customary? Views: 32
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    Terms of Use Earnest money is money put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price (though the amount can vary with local customs and market conditions). If your offer is accepted, the earnest money becomes part of your down payment or closing costs. If the offer is rejected, your money is returned to you. If you back out of a deal for anything other than a contingency th  More...
  • 7. How do I select a home that is best for me and my family? Views: 32
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    Terms of Use It often helps to define what is important to you and your family before you even begin looking for a home. The checklist below can be used to help narrow in on homes and to evaluate them once you find something that appears to meet your needs. Address: Da  More...
  • 8. What information should I be looking for on my credit report and how do I correct any errors? Views: 29
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    Terms of Use Your credit report is an important piece of your credit history and should be reviewed in detail. It's especially important to check your credit report (which details how well you pay your loans, bills and credit card purchases) before applying for a loan or other credit, to know where you stand. Check the accuracy of the following information on your credit report: Name. Ensure the spelling of your name is accurate. Address. Ensure your current and previous addresses are accu  More...
  • 9. Why and when should I refinance my mortgage? Views: 29
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    Terms of Use: The Whys: To save money when market rates are lower than what you are paying. To pay off non-deductible consumer debt using some of the equity built up in your home. To change your present adjustable mortgage to a fixed rate or vice versa. To get cash for home improvements, college education, second home purchases and personal investments. The Whens: If you are refinancing your mortgage for the reasons defined in 2-4 above, then it really comes down to understanding how much   More...
  • 10. What are steps I should take before making an offer to buy a home? Views: 29
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    Terms of Use Buying a home is a big decision! By considering the items below, you can help ensure that you make the best decision possible: Determine what you need from your home From its location and schools to the number of bedrooms and square footage, create a prioritized checklist of what is important to you. This checklist should be shared with your real estate agent and used to evaluate homes when viewing them. Your focus here is to make sure that the home is right for you. The eva  More...
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