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  • 1. What are some things that I should consider when shopping for a mortgage? Views: 32
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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 information should I be looking for on my credit report and how do I correct any errors? Views: 27
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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 accurat  More...
  • 3. What are steps I should take before making an offer to buy a home? Views: 25
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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...
  • 4. Can I get a credit report for free? Views: 25
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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. The   More...
  • 5. How and when can I drop PMI? Views: 24
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    Terms of Use: Contact your lender directly to ensure that you are actually paying for PMI. If your principal balance is less than 80% of your last appraised value, request that your lender stop charging you for PMI. If your principal balance is more than 80% of your last appraised value, but you know that your home's current market value would cause you to be below the 80% threshold, get an appraisal and present the appraisal to your lender. Be aware that your lender does not have a choice   More...
  • 6. What is RESPA and how does it protect me so that I am fully informed and treated fairly when going through the mortgage process? Views: 24
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    Terms of Use: RESPA stands for Real Estate Settlement Procedures Act. It requires lenders to disclose information to potential customers throughout the mortgage process. By doing so, it protects borrowers from abuses by lending institutions. RESPA mandates that lenders fully inform borrowers about all closing costs, lender servicing and escrow account practices, and business relationships between closing service providers and other parties to the transaction. For more information visit the RESPA  More...
  • 7. What should I do to select a real estate agent? Views: 23
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    Terms of Use: It is generally a good idea to start by asking family and friends if they can recommend an agent. Compile a list of several brokers in your area and talk to each before choosing one. Look for an agent who listens well, understands your needs, and whose judgment you trust. The ideal agent knows the local area well and has resources and contacts to help you in your search. Overall, you want to choose an agent that you feel comfortable with, and one that can provide all the knowle  More...
  • 8. What are the tax advantages of owning a home? Views: 23
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    Terms of Use: Income Tax Reduction: In the early years of a mortgage, most of your monthly payment covers interest on the mortgage loan. In most cases, the mortgage interest (and property tax) is deductible from your taxable income, thereby lowering your overall tax liability. Therefore, your after tax cost of home ownership can often times be lower than renting. There may be tax implications if you later sell the home at a profit. Consult your tax advisor for more information. Tax Deductible Bo  More...
  • 9. What are the things that I should expect my real estate agent to do when buying a new home? Views: 23
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    Terms of Use: Selecting a real estate agent is an important part of buying a new home, although not required. A good real estate agent can be extremely helpful and should provide the following services: Present the homes that suit your needs as you've defined them. Preview those homes to weed out those that are overpriced, or undesirable in some other way. Help you determine the difference between a good buy and a property which, because of its characteristics (i.e. neighborhood, market app  More...
  • 10. What is earnest money and how much is customary? Views: 22
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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...
All information provided through this site is intended to be accurate. However, there may be inaccuracies from time to time which we will make every attempt to correct immediately. Information provided is intended to assist you in making decisions and does not eliminate the need to discuss your particular circumstances with a qualified professional.

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