Well, as this buying a home story shows, this will likely be the first opportunity to examine the house without furniture giving you a clear view of everything. Check the walls and ceilings carefully as well as any work the seller agreed to do in response to the home inspection. During this step of the […]

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The U.S. Department of Housing and Urban Development – also known as HUD – was established in 1965 to develop national policies and programs to address housing needs in the U.S. As you’ll see in the video, one of HUD’s primary missions is to create a suitable living environment for all Americans by developing and […]

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A state license is required to sell real estate, but roughly half of those licensed take the additional step of becoming a REALTOR®. As we show you in this video, only members of the National Association of Realtors – NAR – are entitled to use that registered trademark and call themselves a REALTOR®. As members, […]

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The video describes what a counter offer is in more visual terms, but basically, a seller can respond to a buyer’s offer with changes – a “counter” – that improves the terms. You need to put yourself in their shoes and construct a modified offer that you think they might take that meets more of […]

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Like the video shows, it’s a good idea to compare several real estate brokers. And ask these questions. What is your experience in my community and neighborhood? What type of representation do you offer? Different states have different types. Some brokers represent buyers, some represent sellers some act as neutral parties between both. and in […]

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HUD helps people by administering a variety of programs that develop and support affordable housing. As you’ll see in the video, HUD plays a large role in homeownership by making loans available for lower- and moderate-income families through its FHA mortgage insurance program and its HUD Homes program. HUD owns homes in many communities throughout […]

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As we show you in this video: The Settlement Statement, HUD-1 Form, which itemizes services provided and the fees charged; it is filled out by the closing agent and must be given to you at or before closing. A Truth-in-Lending Statement A copy of your Mortgage Note Your Mortgage or Deed of Trust The Binding […]

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As you’ll see in this video, you can find out if you are ready to buy a home by asking yourself some simple questions: Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable? Do I […]

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Remember these pointers from this video on buying a home: start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment? How much space do you need? What areas of town do you like? After you answer these questions, make a “To Do” […]

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Like the guy in the video says, purchasing a home and renting don’t really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity take advantage of tax benefits and protect yourself against rent increases.Also, you may be at […]

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This video tells you what any real estate professional would tell you – select a community that will allow you to best live your daily life. Many people with children choose communities based on schools. Do you want access to shopping and public transportation? Is access to local facilities like libraries and museums important to […]

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Watch this video on Credit Reports and take a few notes! There are three major credit reporting companies: Equifax – www.equifax.com 1-800-685-1111 Experian – www.experian.com 1-888-397-3742 Trans Union – www.transunion.com 1-800-916-8800 Obtaining your credit history is as easy as calling and requesting one. Once you receive the report, it’s important to verify its accuracy.  

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Like the guy in the video says, simple credit report mistakes are easily corrected by writing to the reporting company, pointing out the error and providing proof of the mistake. You can also request to have your own comments added to explain problems. For example, if you made a payment late due to illness explain […]

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As you’ll see in this video, many of your home buying questions should focus on potential problems and maintenance issues. Does anything need to be replaced? What things require ongoing maintenance like paint, roof, heating and AC, appliances and carpet? When buying a house, also ask about the property and neighborhood focusing on quality of […]

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This video goes over the ins and outs of property tax. The total amount of the previous year’s property taxes is usually included in the listing information. If it is not, ask the seller for a tax receipt or contact the local assessor’s office. Tax rates can change from year to year so these figures […]

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There are mortgage options now available that only require a down payment of 5% or less of the purchase price. You’ll see some pictures in this video to help you remember later – the larger the down payment, the less you have to borrow and the more equity you’ll have. Mortgages with less than a […]

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You’ll see some pictures in this video to help you remember later, but the first step in securing a loan is to complete a loan application. To do so, you’ll need the following information. Pay stubs for the past 2-3 months. W-2 forms for the past 2 years. Information on long-term debts. Recent bank statements […]

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Every house is unique; appraisers are trained and licensed for expertise in putting a value on properties. Appraisers don’t work for the buyer or the seller;  their primary mission is actually to protect the lender who’s risking money against the home’s value. Appraisers have to weigh factors about the property and location – including size, […]

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Like the video says – real estate agents aren’t paid by the hour!They’re paid a percentage of the purchase price in a successful real estate transaction. When one agent represents the sellers and another represents the buyers the commission is typically split between them. In the US, real estate commissions are commonly 6% of the […]

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Yes, loan origination involves costs and fees. As you’ll see in the video, when you turn in your application you’ll be required to pay a loan application fee to cover the costs of underwriting the loan. This fee pays for the home appraisal a copy of your credit report and any additional charges that may […]

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The video puts this in more visual terms, but your personal situation will determine the best kind of loan for you. By asking yourself a few questions, you can help narrow your search between the many options available and discover which loan suits you best. Do you expect your finances to change over the next […]

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The best answer is “get help from a real estate professional.” But…if you only have a few minutes for a video, here are five points to consider. 1. Start With Measurement Learn the average per-square-foot price for recent sales in your neighborhood. That won’t set your final price, but it’s a baseline buyers will use. […]

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The video puts this in more visual terms, but with the exception of a few additional forms the FHA loan application process is similar to that of a conventional loan. With new automation measures FHA loans may be originated more quickly than before. And, if you don’t prefer a face-to-face meeting, you can apply for […]

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It usually takes a lender between 1-6 weeks to complete the evaluation of your application. Like the video shows, it’s not unusual for the lender to ask for more information once the application has been submitted. The sooner you can provide the information the faster your application will be processed. Once all the information has […]

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While everyone uses electricity concerns about possible effects from high-tension power lines nearby are a common question. As this video shows, according to the US Department of Housing & Urban Development as of 2013, there are no definitive research findings that indicate exposure to power lines results in greater instances of disease or illness.  

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The Prime Rate Lending – sometimes just called “Prime”  – is the interest amount that banks charge each other for overnight loans. Some consumer rates – like ARMs – are set in relation to it. In the US, the percentage is affected by the Federal Reserve lending percentage amount to banks; historically, Prime is about […]

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Mortgage rates change constantly through an unpredictable combination of government policies and economic conditions. This video explains the common term mortgage rate lock. A “Mortgage Lock Amount” is a guarantee that a lender will honor a specific combination of interest percent and points for a given period of time. A lock protects a buyer from […]

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A 2013 national survey showed that 88% of new-home buyers involve a real estate agent to help them through the home-buying process. So most buyers- and most builders have decided it’s the best way to go, as this video shows. New-home project salespeople are an excellent resource to understand their project. But your agent’s job […]

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Is Your Debt To Income Ratio Mortgage Loan Ready?         A DTI ratio is a personal finance measure that compares the amount you owe versus your overall income. mortgage lenders, use this debt to income ratio in order to measure your ability to manage the payments you make each month and repay […]

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