Recent Questions / Latest mortgage and renting questions

What do real estate agents do?

Real estate agents, in short, are licensed sales professionals in the real estate industry, who are in many cases, independent contractors. To sell real estate, your agent must wear many ...
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How long does it take to close on a house?

It depends on your situation. Your purchase contract should specify a closing date. Typically, the time from signing the purchase contract to the actual closing date ranges from one to ...
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What is the Home Mortgage Disclosure Act?

The federal Home Mortgage Disclosure Act (HMDA) requires mortgage lenders to report information regarding their mortgage activity. Report data to the HMDA Any financial institution that originated a minimum of ...
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First-Time Home Buyer / Information that first-time home buyers need to know

How to fire your realtor?

Firing your real estate agent can be a challenge. Many times, you are locked under contract and simply cannot walk away. You can part ways with your real estate agent ...
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What is mortgage insurance premium (MIP)?

Mortgage insurance premium (MIP) is charged to people who have taken out an FHA loan. It is charged both as an upfront fee at closing of 1.75 percent of the ...
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3 ways to buy a house with bad credit

Back before the housing crash of 2008, people with bad credit could easily get a mortgage. The problem was that many people were buying overpriced homes that they really couldn't ...
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Buying Process / Process of buying a house and mortgage terms

What is per diem interest?

Per diem means per day. When you're talking about interest, it means daily interest. Per diem interest is used to calculate how much interest you owe the mortgage company when ...
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What are the cons associated with a VA loan versus a conventional loan?

If you qualify for and decide to take out a VA loan because of its flexible benefits, you should also be aware of this product's downsides. You must pay a ...
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How do real estate agents get paid?

Real estate agents get paid by commission when they close a home for a buyer or seller. The percentage range from 1% to 4% of the transaction. Some agents may ...
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Selling / Related to selling your home

Do I have to inform the mortgage lender if I want to sell my home?

You don’t have to tell your mortgage provider that you plan to sell, but you do have to settle your outstanding loan when the home is sold. You might want ...
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Can I sell my home if I owe HOA fees?

If you owe Homeowner’s Association fees, the HOA can put a lien on your home, making it more difficult to sell. Any liens on the home must be cleared before ...
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How much would I have to pay in taxes if I sell my home for a profit?

If you’ve lived in the house as your primary residence for at least two of the past five years, you won’t owe taxes on the sale. The federal government allows ...
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Renting / Roommates, managing rentals, and understand rental terms

Who is responsible for damages if it’s the tenants fault?

If a tenant breaks something, it's generally the tenant's responsibility to pay for it. It's the same as when a consumer enters a retail store. You know the motto, "You ...
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What are some things I need to consider before I rent out my house?

Before renting out your house, research the rental rates in your area to make sure renting your house is worth the effort. You’ll need to purchase rental insurance, and require ...
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How much should I charge for rent?

When you enter the rental business, you unfortunately can't just charge what you want in order to make a profit. You can charge only what the market will bear. You ...
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Refinancing / Related to refinancing a mortgage
Woman thinking about refinancing

Can I refinance again after 3 months?

alenkasm/Bigstock.com It is possible to refinance most loans within three months, but in many cases it won’t make sense, even though you are paying a lower interest rate. That’s because ...
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What are the top 3 things I need to consider before refinancing?

All important issues concerning refinancing revolve around whether it makes financial sense. The number one issue involves addressing any fees or penalties you have to pay when refinancing. Crunch the ...
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What is a second mortgage?

A second mortgage is just that – another mortgage taken out on a property which already has a mortgage. With a second mortgage, you are borrowing on the equity in ...
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Should I pay off my mortgage early?

It’s a great idea to pay off a mortgage early, but there are reasons not to as well. You can write off mortgage interest you pay on your taxes, for ...
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Photo of New York City's skyline

What is the difference between a coop and condo?

Co-ops and condos might look the same, but there are differences. When you buy a condo, you own everything included within the walls of the unit, and a homeowners association ...
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What is the purpose of a home inspection?

The basic purpose of a home inspection is determining the property’s condition. It’s a likely requirement in your real estate contract, and if it’s not there, insist on it. Even ...
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