Buying Process


Buying Process / Process of buying a house and mortgage terms

What is a conventional mortgage loan?

A conventional mortgage is a loan that is not backed by the government, as an FHA loan is. Conventional loans usually offer better interest rates than FHA loans do because ...
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What is an interest-only mortgage loan?

Borrowers who take out an interest-only loan pay only interest on the mortgage for a specified time period, usually five to seven years. During that time, no part of their ...
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How Credit Score Affects Down Payment?

If your credit score is high enough to qualify you for a home loan, you deserve congratulations. You've just passed the biggest hurdle to being a homeowner. Lenders aren't done ...
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Can I negotiate closing costs?

You can negotiate closing costs, but you can't avoid them completely. And some closing costs are negotiable, and some are not. You can negotiate the attorney fees, messenger fees, commissions, ...
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What is a bridge mortgage loan?

Bridge loans fill the gap when you are buying a new home while still carrying a mortgage on the house you are selling. They are temporary loans, paid off when ...
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What is an open house?

An open house is a time when home buyers can view a home for sale that is on the market. This is not a private tour—it's a pre-scheduled gathering where ...
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Photo - Two people talking about private mortgage insurance

What is Private Mortgage Insurance (PMI)?

©Jacob Lund/Fotolia Private mortgage insurance, also called PMI, is a type of insurance that private lenders require you to pay. You can avoid paying PMI by making a down payment ...
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How to find a home appraiser?

One good way to find a house appraiser who can assign a value to your property is to go to the website of the American Society of Appraisers. This site ...
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How to see price trends of homes in the neighborhood where you want buy?

Look up the houses that have recently sold (within the past 6 months) in the neighborhood you're interested in. Do this by typing, "recently sold homes" and then your city ...
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