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The Answer Book for Buyers

Your Final Walk-Through

CHECKLIST Your Final Walk-Through Closing time is hectic, but you should always make time for a final walk-through to make sure that your home is in the same condition you expected it would be. Here’s a detailed list of what to check for on your final walk-through group collaboration software.   Basement, attic, and every […]


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Transaction Documents

VOCABULARY Transaction Documents When you walk away from the closing table with a big stack of papers, know what to file away for future reference. Loan estimate Your lender is required to provide you with this three-page document within three business days of receiving your loan application. It will show estimates for your interest rate, […]


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Track Closing Costs

WORKSHEET Track Closing Costs Be prepared and know who’s responsible for the variety of fees and expenses at the closing table.   BUYER COST SELLER COST OTHER Down payment       Loan origination       Points paid to receive a lower interest rate       Home inspection       Appraisal   […]


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About Title Insurance

WHAT TO KNOW About Title Insurance Title insurance protects your ownership right to your home, both from fraudulent claims against your ownership and from mistakes made in earlier sales, such as misspellings of a person’s name or an inaccurate description of the property. In some states it is customary for the seller to purchase the […]


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Lower Homeowners Insurance Costs

HOW TO Lower Homeowners Insurance Costs The first step is to shop around; quotes on the same home can vary significantly from company to company. Review the Comprehensive Loss Underwriting Exchange report. CLUE reports detail the property’s claims history for the last five years, which insurers may use to deny coverage. Make the sale contingent […]


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About Homeowners Insurance

WHAT TO KNOW About Homeowners Insurance A homeowners insurance policy will protect you against certain losses and damage to your new home and is generally required by lenders prior to closing. Some lenders will collect the money you owe for homeowners insurance as part of your monthly mortgage payment and place it in an escrow […]


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Buy in a Tight Market

HOW TO Buy in a Tight Market Increase your chances of getting your dream house in a competitive housing market. Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy and your offer will be more desirable to the seller. Stay in close contact with your real estate agent. Your […]


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Your Short Sale Purchase Team

CHECKLIST Your Short Sale Purchase Team If you’re serious about purchasing a short-sale property, it’s important for you to have expert assistance. Here are some people you’ll want by your side: Experienced real estate attorney. A real estate attorney who’s knowledgeable about the short-sale process will increase your chances getting an approved contract. The attorney […]


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Before Making a Short Sale Offer

QUESTIONS TO ASK Before Making a Short Sale Offer If a home is being sold for less than what the current owner owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. A short sale is different from a foreclosure, which […]


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Your Mortgage Application

CHECKLIST Your Mortgage Application Every lender requires documents as part of the process of approving a mortgage loan. Here are documents you’re generally required to provide.. W-2 Tax returns — or business tax returns if you’re self-employed — for the last two or three years for every person signing the loan. At least one pay […]


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