Mortgage Rules You Should Know About

The latest mortgage initiative released by the Consumer Financial Protection Bureau (CFPB) is for the purpose of helping consumers stay informed about the loan options that are available to them. The Know Before You Owe rule has replaced four mortgage disclosure forms with just two: the Loan Estimate and Closing Disclosure, which can be viewed here. Here are a few …

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What to Expect for Closing Costs as a Buyer

Closing costs are the fees paid at the end of a real estate transaction when the title is transferred from seller to buyer, which are usually required to be in the form of a cashier’s check. According to federal guidelines, all closing costs associated with residential transactions financed by a mortgage must be documented within an HUD-1 form, a standard …

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Choosing the Right Home Insurance

The first thing you’ll want to do before shopping for homeowner’s insurance (ideally before even buying the home) is review the home’s insurance claim history report, which can either be obtained from the seller or one of the two largest insurance databases: CLUE and A-Plus. This is the best way to evaluate previous damages you may not have been aware …

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Understanding the Property Exchange Process

You’re probably already familiar with Section 1031 of the Internal Revenue Code, and it’s particularly useful to know when selling real estate. A 1031 exchange refers to the trade of one business or investment asset for another—in this case, property. If the exchange falls under certain conditions, both parties may be able to receive tax exemption for it. Below are …

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Save Up For That Down Payment

In a few previous posts, I discussed how putting down 20% of the listing price helps buyers construct stronger, more competitive offers. However, 20% may be a good-sized chunk of your income. Here are a few tips to help you save your money and be able to present a great offer to buy the home of your dreams. Start budgeting …

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2016: A Great Year to Purchase a Home

There’s more to choose from Home prices are expected to rise only 3.5 percent by the end of 2016, which is at a slower rate of increase compared to what the U.S. economy has seen in previous years. Because sellers have experienced price appreciation, they may be more likely to put their homes on the market sooner in order to …

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Competing with Multiple Offers on Your Dream Home

Have a Great Realtor on Your Side Before you make an offer on a home, it’s important to consider both sides of the transaction. What do you want? What does the seller want? What does their listing agent want? The first question is a pretty simple one to answer: you probably want to get the lowest price possible, along with …

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Financing a Home The Right Way

Determine a Price Range Decide what kind of mortgage you can afford, and stay as realistic as possible. Yes, owning a home is an investment—but it’s only a smart investment if you spend what you can afford now. Manage Debt Mortgage lenders typically look for those with debt less than 35 percent of their annual income. In order to qualify …

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California Smoke Alarm Requirements

Here are the current requirements regarding smoke alarm installation in California, from the California State Fire Marshal. For more details, see the bulletin here– and stay safe by using smoke alarms to protect you and your family from house fires! Where are smoke alarms required? In each sleeping room Outside of each sleeping room On each floor Where are smoke …

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More Real Estate Terms You Should Know

More Real Estate Terms You Should Know   Affidavits A binding statement in a real estate transaction document made by either buyer or seller that states the status of any potential legal issues with the property. For example, that the seller is not in active bankruptcy, that there are no liens against the property, or that the seller owns the …

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