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. Buying - Frequently Asked Questions
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(If you are looking for Selling FAQs, click here )
(If you are looking for Financing FAQs, click here )
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. Advantages of Buying
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. How can I tap into my home's equity? .
. How does a home purchase fit into my overall financial picture? .
. Home Finance 101
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. How large a down payment should I make? .
. What should I expect to pay in closing costs? .
. Why do I need homeowner's insurance? .
. What is PMI or Mortgage Insurance? .
. Do I pay PMI or Mortgage insurance for the life of the loan? .
. What are property taxes and how much should I expect to pay? .
. Are mortgage interest and property taxes allowable deductions on my income tax return? .
. Are there tax benefits I should be aware of when selling my home? .
. How much should I expect to spend each year on the maintenance of my home? .
. Preparing to Shop
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. What is loan prequalification? .
. What is loan preapproval? .
. Why should I get preapproved? .
. Should I expect to pay for preapproval? .
. What are points? .
. Are points tax deductible? .
. What should I look for when evaluating a neighborhood and what resources might help? .
. What are some of the advantages of buying a used home? .
. What are some of the disadvantages of buying a used home? .
. Why should I pay to have a property inspected? .
. What are some of the advantages of buying a new home? .
. What are some of the disadvantages of buying a new home? .
. What is a foreclosure? .
. Should I purchase a foreclosure? .
. What are the advantages of buying a condominium/co-op? .
. What are the disadvantages of buying a condominium/co-op? .
. What are the condominium documents and are they important? .
. What's the best way to conduct a condominium inspection? .
. Is it important to review the operating budget and financial statements for a condominium? .
. What is the difference between a condominium and a co-op? .
. Your Real Estate Team
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. What is my role in the home buying process? .
. What qualities should I be looking for when selecting an agent? .
. What is a buyer's agent? .
. What is a seller's agent? .
. What is dual agency? .
. How do I select an agent to represent me as a buyer? .
. Should I work with one agent or multiple agents? .
. Should I view my agent as the enemy? .
. What determines whether I need to hire a lawyer? .
. How do I choose a lawyer? .
. Who is the broker? .
. Making an Offer
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. What are the basic rules of negotiation? .
. What is a lowball offer? .
. When are low offers justified? .
. What constitutes a good offer? .
. What is a counter offer? .
. What are nonrecurring closing costs? .
. How are corrective work credits used in negotiations? .
. Getting a Mortgage
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. What is a mortgage? .
. What is a balloon loan? .
. What is a prepayment penalty? .
. What is a hybrid loan? .
. When should I consider a hybrid loan? .
. How do I distinguish between fixed-rate mortgages and adjustable-rate mortgages (ARMs)? .
. What is the advantage of getting a fixed-rate mortgage? .
. What are some of the drawbacks of a fixed-rate mortgage? .
. What do I need to consider when evaluating an adjustable-rate mortgage (ARMs)? .
. What is the main advantage of a 30-year mortgage over a 15-year mortgage? .
. What if I can afford the higher payments that a 15-year mortgage requires? Should I take it? .
. Do all mortgages just come in 15 and 30-year varieties? .
. How much does my credit report cost and what is it used for? .
. What is an appraisal for and how much will it cost me? .
. How important is it to comparison shop for loans? .
. Inspections and Insurance
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. Why is it important to have a home inspected prior to buying it? .
. Whose obligation is it to disclose pertinent information about a property? .
. What are patent and latent defects? .
. What inspections should I get to protect my investment and when should they be done? .
. What is a prepurchase interior and exterior components inspection and what does it cost? .
. Do I need to have a pest-control inspection? How much are they? .
. When should I have an architect or general contractor inspection? .
. How do I optimize the inspection prepurchase property inspection I have? .
. Why do I need to have homeowners insurance when I buy a home? .
. What type of homeowners coverage do I need? .
. What are my choices in title insurance? .
. What will title insurance cost me? .
. What are some of the risks associated with titles? .
. Closing the Deal
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. What is the final closing statement? .
. Should I keep the final closing statement for tax purposes? .
. When can I actually take possession of my home and move into it? .
. What's the best way to take title in a property? .
. What are some forms of co-ownership and the advantages of each type? .
. What is buyer's remorse? .
. After You Buy
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. Should I setup electronic mortgage payments? .
. What should I have on hand in an emergency cash reserve? .
. What are real estate property taxes based upon? .
. How do I go about trying to get my real estate property taxes reduced? .
. When should I refinance? .
. Why should I keep the receipts related to the improvement of my home? .
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