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What is the Homeowners Association?

Planned housing communities, condominiums, and townhomes usually have a homeowners association (HOA). This is a legal entity, which is responsible for the common areas of a housing development. HOAs are ...
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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 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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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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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 kind of house can I afford if my income fluctuates?

You can try to qualify for a mortgage in this case by showing the paychecks you get, maintaining a high credit score (this varies by lender), and showing that you ...
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Why would someone choose a 15 year mortgage over a 30 year mortgage?

If you can afford it, choosing a 15 year mortgage over a 30 year mortgage means you pay considerably less in interest and pay off your mortgage in half the ...
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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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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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