How Much Should the Seller Reveal?Sellers should always respond honestly to buyers' direct questions about the condition of the home. Real estate studies have shown that disclosing defects rarely compel an interested buyer to turn away from the deal. In fact, in most situations the defect becom
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10/27/2007
What is Private Mortgage Insurance?Private mortgage insurance, or PMI, is the safety net of the lender. PMI benefits lenders because it guarantees payment on the balance of loans not covered by the sale of foreclosed properties. If a borrower makes a down payment of 20% of the cost of the home,
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10/27/2007
By: Chris Brown Credit Suicide?Few things influence the home buying process more than your credit. I like how Clark Howard refers to the three credit repositories as, "the three screw-ups". There is some validity to that, and hopefully recent legislation will help clean up many of the inaccura
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10/27/2007
Can You Really Afford a House on Your Salary?Although buying a new home may seem like an American Dream or romantic venture, the reality is that the house you can afford depends on your current income and debt obligations. You must be able to pay your mortgage, satisfy all your current debt, an
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10/27/2007
About ForeclosuresAlthough it is preferable to avoid bankruptcy, it is even better to avoid foreclosure. Foreclosure is the legal process whereby property is repossessed and sold at auction to cover the costs of an unpaid debt. This is usually the result of a homeowner defaulting on mortgage o
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10/27/2007
There are several very important truths about your credit score.Truth #1: Your credit score is the single most important factor in determining whether you will get approved for a mortgage, car loan, refinance loan, or credit card.Truth #2: Your credit score affects your APR. If your score is l
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10/27/2007
Introduction to NegotiatingIn the United States, we are not used to negotiating a price for our everyday purchases. However, when you are buying a home, not negotiating the sellers' asking price may mean paying more than the home's fair market value. To avoid feeling that you paid too much, you
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10/27/2007
