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Tagged : buying a home

Found 3 blog entries tagged as "buying a home".

Buying a home is one of the most important financial decisions in anyone’s life. Perhaps you are getting ready to start a family. Perhaps you are upgrading from your first home. Or perhaps you just want to make an investment. Whatever circumstances surround your purchase of a property, there are crucial steps to be followed to ensure you get the place that that suits your style, budget, and needs. Making certain that you do everything correctly can make the whole process much less of a hassle. Have a look at the seven steps to buying a home:

1. Figure out your finances

This is a vital first step. You must determine how much house you can afford. Get an idea of what kind of down payment you can make. Keep in mind that it is highly advised to pay 20

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Do Your Know Your Stuff? Put You Financial Knowledge to the Test

Finances are tricky, and it's easy to think you know more than you do. Plenty of financial blogs and articles available contain false information or incorrect opinions presented as fact. Test your knowledge -- and your ability to weed out poor information -- with these true/false questions:

True or False: It's more expensive to rent a home than it is to buy one.

Answer: True. Right now, market trends show high demand and low supply for rental properties. Contrast this with the higher supply and lower demand for homes, and you can see how the prices may compare. If you're renting, negotiate with your landlord for cheaper prices. Good credit, a solid job and a consistent payment history

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With new regulations in place, mortgages will be reviewed to ensure that each new mortgage meets the standards of a qualified mortgage: The APR must be within 1.5 percentage points of the annual prime offer rate, a loan term maximum of 30 years, and points and fees cannot exceed 3% of the loan amount.

Based on these conditions, the mortgage will be able to qualify for “safe harbor”. This means the lender has much less risk of a borrower suing them for not being able to repay the loans. This has been happening recently as multiple banks were accused of predatory lending during the mid 2000s real estate boom. There will still be options for loans that do not fall under these conditions know as rebuttable presumptions.

Rebuttable Presumptions

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