Buying Process


Buying Process / Process of buying a house and mortgage terms

Why should I buy instead of rent? Who really stays in a house for 30+ years?

As long as you want to stay put for at least 5 years, it might make better sense for you to buy instead of rent. Having a 30-year mortgage doesn't ...
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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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What is a rate lock?

A rate lock guarantees that the interest rate you were quoted from your mortgage lender is good for a specific period of time. It also includes the points you must ...
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What is a real estate broker?

Real estate brokers are real estate agents that have decided to prove to their state of licensing that they have the educational "chops" to self-manage (as opposed to reporting to ...
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What is debt-to-income ratio?

©Ivan Kruk/Fotolia Your debt-to-income ratio is the total portion of your monthly income that goes to debts. For example, if your monthly income is $5,000, your debts should not exceed ...
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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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Overview of closing costs

There are many types of costs associated with buying a house. These costs are called closing costs, and they usually represent 2 percent of the price of the house, although ...
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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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Buying a home after bankruptcy

The desired result from a bankruptcy proceeding is to have all or at least some of your personal debt forgiven which is formally known as discharged. Chapter 7 allows discharge ...
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