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 89 blog entries about Home Buying Tips.

How to Research the Real Estate MarketWhether planning to buy or sell a home, it is essential to understand both the basics of real estate and the state of the real estate market. Here are a few tips to get a better grasp on how to determine the market in potential buying or selling regions.

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

Understanding Online Listings and the Multiple Listing System (MLS)

There are many popular online websites to search real estate listings and detailed information. They offer viewers easy access to details such as physical addresses, listing prices, nearby amenities and typically feature photos of homes. Overall, these are all excellent resources to

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How a Home Appraisal Works for SellersFor most sellers, a home appraisal could be an important part of the home selling process. If the buyer plans to obtain financing from a lender, they will typically require the appraisal amount to be equal to or greater than the sale price. The results establish a home value relative to the neighborhood and the sale of comparable homes in the area. Knowing what to expect from the process can help sellers understand how the appraisal could affect the home sale.

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

How Do Appraisals Work?

Once the buyer and seller have agreed on the details of the purchase contract, the buyer's side (usually the lender) usually orders the

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Tips for Writing a More Competitive Purchase OfferThe home purchase offer is generally the first official communication between the buyer and seller, making it a document that buyers should take seriously. Now is the time to think through both the terms and contingencies if the home buyer ever hopes to make it to the next step. With your real estate agents assistance in creating a home purchase offer, most buyers will go make more than one offer, meaning they have a little leeway to experiment with trial and error. However, it's still important to understand how to write a solid offer in case the buyer spots their dream property early on in their journey.

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

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All About Fixed Rate MortgagesWhen the time comes to get a mortgage, many home buyers are faced with the question of whether they should get a fixed rate mortgage or an adjustable rate mortgage. Knowing the difference between these two mortgages can help the home owner determine which type of mortgage is right for them.

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

What's a Fixed Rate Mortgage?

A fixed rate mortgage is a standard mortgage with a fixed interest rate. The interest rate does not change over the life of the loan. Whether the mortgage lasts for 15 or 30 years, the homeowner will always make the same monthly payment until the loan has been paid off.

What are the

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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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