Home Buying Tips

Things to help you buy your home.  Whether it's your first home or a luxury estate, you'll find useful info here.

Found 85 blog entries about Home Buying Tips.

How to Choose Between 15-Year and 30-Year MortgagesWhen potential home buyers begin to research mortgages for buying a home, they are confronted with a lot of different and possibly confusing words or contract terms. One of those terms is the length of the mortgage. The length of the loan is an important decision to make. Although there are mortgages with a variety of term lengths, 15 and 30 years are the most common. Home buyers should understand the differences between these loans, how they can affect the monthly payment and the way the loan is paid off. This comparison will help buyers make a more informed decision about their mortgage options.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

Monthly

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Debt-to-Income Ratio InformationA person's debt-to-income ratio can have a big effect on whether or not they can buy a home. Too much debt can impact a buyer's interest rates and may even be cause for a loan to be denied. Understanding debt-to-income ratio can be important during the home buying process, especially for people who have significant amounts of debt.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

Understanding Debt-to-Income Ratio

Debt-to-income ratio is a factor that lenders pay attention to when a loan application is being processed for approval. The ratio consists of two numbers: the amount of money that the potential home buyer owes to lenders every month versus

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Good Reasons to Obtain an Updated Property SurveyBuying a home is complicated with a lot of moving parts. In addition to the purchase and sale agreement, there are inspections, appraisals and very often surveys. A home survey lets a home buyer know for sure where the boundary lines are for their property. But beyond that, what are the other details of a home survey?

Types of Surveys

There are actually several different survey types, each with a specific purpose. While commercial property surveys may be more comprehensive and detailed, a survey is always a good idea when buying both raw land or a home, or prior to building. Some of the various types of surveys include:

  • ALTA/NSPS Survey: The initials stand for American Land Title Association and National Society of Professional
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Jumbo Loans: Everything You Need to KnowFor home buyers who want to buy a property with a big price tag, jumbo loans are a clear path to securing a mortgage. Most often, jumbo loans are necessary to buy luxury property. However, in high cost of living areas, jumbo loans may be required to purchase modest homes as well. Either way, a home buyer who wants to take out a loan that is higher than the conforming loan limit must do so with a jumbo loan. Knowing the difference between a jumbo loan and other types of loans can help you get a loan for the house you want to buy.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

What Is the Conforming Loan Limit?

In most cases, the conforming loan limit

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How to Spot the Signs of a Housing BubbleIt's not always clear to buyers and sellers when they're in the middle of a housing bubble. This is because their perspectives can be compromised by the sheer weight of the numbers in front of them. Plus, certain markets, such as San Francisco or Los Angeles, have proven that prices can continue to rise for years at a time—even as experts say that the good times won't last much longer. However, Roma Hills new home buyers can look for specific signs to see if their dream home is located inside a ready-to-burst bubble.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

Home Prices Outweigh Salaries

If people in a neighborhood are making relatively modest

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A Guide to Using Your 401k for Your Down PaymentA substantial down payment is usually beneficial for the average home buyer. Not only does it reduce the principal of the loan and thereby lower monthly payments, but it can also help a homeowner avoid having to pay for Private Mortgage Insurance (PMI). However, not everyone has the recommended 20% of the price of a home sitting in their savings account. That's why some people will take funds from their 401k in order to pay for their home. How does a potential home buyer draw down a 401k to make a down payment on a home?

For informational purposes only. Always consult with a financial advisor before proceeding with any real estate transaction.

How It Works

There are typically two different ways, through a loan or hardship withdrawal, that

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How to Have a Smoother Escrow PeriodWhen buying or selling a home, some states handle the transaction process through Escrow. Nevada is an escrow state. Escrow refers to the period between when the seller accepts the buyer's bid and when the buyer takes control of the property. During this time, the buyers are expected to settle and confirm everything from the condition of the house to the structure of their loan.

Because there are so many details that need to be addressed, it's not uncommon for an escrow to run far longer than the buyer ever anticipated. In most cases, the escrow process is successful with no problems, though there are some things to watch for.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real

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Buying a Home From A Home BuilderBuying an existing home is something most people are familiar with, but what about buying a home that hasn't been built yet? Here are 11 things you need to know about buying new construction homes.

Many buyer's find it exciting to purchase a home no one else has lived in before, but what are the things you might need to consider before buying a new construction home?

This article will give you the top 11 tips you need to consider before taking the plunge.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

1. Work With A Real Estate Agent

This is a good rule of thumb generally, but with a house, having a real estate agent represent you keeps you

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What Are the Benefits of HOAsWhile some may see the restrictions when living in a Homeowner Association (an HOA) community, others often appreciate the advantages of an HOA community. There are many reasons people choose to live in a community governed by a specific set of rules. Home buyers often choose a home located in an HOA community when first looking for a home or when looking to downsize from a larger home.

It's important for home buyers to understand and learn about an HOA's health before buying a home. Not all HOAs are alike, with some being poorly managed by board members while others are very strong. HOAs can have effects on a homes property values, as well as offer homeowners within the HOA amenities other neighborhoods may not have.

HOAs and A Homes

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How New Construction Technology Will Impact the Homes of TomorrowHome building has seen some major transformation in the past few years, even if the adoption rates among construction companies are rather uneven. Dubbed con-tech for 'construction technology', the improvements are making headlines for their innovation and noteworthy benefits. When homes can be printed by a machine rather than built brick-by-brick and concrete can heal itself without help from human hands, homeowners may want to pay attention to the new inventions to get a better idea of the future of home building.

The Technology of Breaking Ground

Before the foundation is ever poured, developers need to first scout land for their projects. Before 3D scanners and drones were invented, they would visit several sites and perform analysis to

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