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First Time Advice

Advice for First-Time Buyers Pre-Qualification and Pre-Approval Knowing how much you can afford is the first step.  Meet with a mortgage broker and find out how much you can afford to pay for a home.  You’ll also avoid being disappointed when going after homes that are out of your price range. The second step is to get a Pre-Approval.  In this step the buyer actually applies for a mortgage and...

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Your Credit Score

Your Credit Score It is important to know your credit status when considering the purchase of a house.  Most lenders use a credit score called “FICO”to determine your eligibility for a loan and the interest rate you should be charged.  FICO stands for Fair Isaac & Company, and credit scores are reported by each of the three major credit bureaus:  TRW (Experian), Equifax, and Trans-Union.  The score is computed differently...

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Selling Your Own Home

Selling Your Own Home Many sellers chose to sell the home themselves as a “For Sale By Owner” instead of choosing to work with a professional real estate agent.  You will need to educate yourself on the market conditions and if possible obtain access to advertise the property on the Multiple Listing Service (MLS).  “For Sale By Owner” involves a lot of work, and is not for all sellers.  The...

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Mortgage Basics

Mortgage Basics When buying a home it is important to learn about the variety of mortgage options and to determine which mortgage type is the best for your situation.  If you qualify for more than one option you would save yourself money in the long run.  Your local banker or a mortgage broker are excellent resources for locating the best mortgage at the best rates. Mortgages fall into four major...

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Home Inspector Mistakes

Home Inspectors are Sometimes Wrong The Jones went to a lot of trouble to insure that their home was in good repair and was fixed up for sale before placing it on the sales market.  The property was attractive and priced to sell.  In a short time there was a contract for sale. When the buyer’s inspector came to perform the general inspection he found that the roof was on...

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Buying Process

Educate Yourself On the Buying Process Your new home purchase will probably be one of the most important decisions of your life.  Before you begin it is important to educate yourself on the real estate market in your area and the buying process.  An experienced real estate agent who knows the area can help you with both these issues.  Other excellent resources are books on home buying and seminars for...

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Housing Application