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Buying
a house the major investment that most people will make in their lifetime. The
process seems simple. Find the area you want to live in, get a real estate agent,
secure a mortgage, make a bid, close and live happily ever after. It's
actually quite a bit more complicated. If you have children or are planning on
having children once you get settled in your new home, you'll want to find out
which areas have the best schools and other children around the same age. You'll
need to find out what the local taxes will add to your monthly payments. The best
schools normally mean the highest taxes. Finding
a house that meets your needs is just the first step. What do similar homes in
the neighborhood sell for? What is the tax assessment? Those two figures give
you an idea of whether the sellers are asking a fair price for the real estate
you want. A bid
and earnest money are the door to getting inspectors in to find out if there are
any structural problems like roof repairs, termites or lead paint that need to
be taken care of. Are the plumbing and electrical systems in good shape? Is there
a septic system? Is it up to code or will repairs add thousands to your expenses
in a year or so? Home
Loans & Mortgages Once
you have all of the information you may decide that you are not willing to pay
the price you bid. You'll want to make sure that you have a lawyer who has taken
care of that contingency in the original agreement or you may find yourself in
a position where backing out of the deal will be extremely expensive. If
you do like the findings, you'll need to shop for a mortgage to pay for the house.
Higher interest rates and points can add tens of thousands to the cost of the
house, so comparing lenders is essential. Adding points may lower the interest,
but add to the amount you'll need to put down up front. Don't wait for the bank
to surprise you with issues that bring down your credit rating. Before you approach
a bank, get a copy of your credit report and make sure that there are no items
that you can clear up to give you a higher credit rating. The better your credit,
the more likely you'll get a good interest rate on your home loan. Together
with your lawyer and real estate agent you are now prepared to go to closing and
get the house you want at a price that's fair. More
about buying a house around the Web: With
how-to's on mortgage terms, inspections, the final walkthrough & closing,
home insurance, real estate agents, and everything else you need to know to buy
the house of your dreams - with more tips on house repairs, lawn maintenance and
keeping your home energy efficient year round...
Buying a House - Legal Encyclopedia - Nolo
- Free legal advice with information on buying and selling, qualifying for a home
loan, deeds, required disclosures, real estate agents, tax shelters, contracts
FAQ, and lots more.
Is
Homeownership Right for You?
- Freddie Mac's extensive guide to house hunting, credit, mortgages, negotiations,
insurance, plus a home buyer's glossary. League
of American Homeowners - California-based organization with articles on
insurance, liens, contractors and other home owning and home buying concerns. American
Homeowners Association - Page of resources and articles for home buyers
and owners featuring The
Home University with expert tips and suggestions on buying a home, maintaining
energy efficiency, deck design, lawn maintenance, backyard playset safety and
lots more. Buying
a Home - A good collection of articles on the pros and cons of one and
two family homes, condominiums, renting vs buying, mortgage tips & tricks,
a house inspection checklist, a guide to the final walkthrough & the closing,
related advice. Energy
Star - Energy efficient homes can save money in more ways than one. Check
out facts, tips, advice and information on heating, air conditioning, insulation,
ductwork and more, with guides to energy management, suggested products and recommended
manufactureres. FCIC
- Housing - Federal Citizen Information Center, Pueblo CO offers brochures
to read online or order on many home buying and ownership questions. Be sure to
follow the links after the table. Homeowners
Against Deficient Dwellings - Good advice on this site to keep you from
being "HADD" and to get help if you need to resolve an existing problem.
also see -> Buying
Your First Home | Home
Insurance
Ways
to Lower Your Homeowners Insurance Your
Equity : Getting the Best Loan Possible
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