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Monthly Archives: September 2014

How Much Can You Afford?

Posted on September 9, 2014 by sherriw@q.com in Blog

Understanding how much you can afford is one of the most important rules of home buying. Depending on your individual situation, your budget can affect everything from the neighborhoods where you look, to the size of the house, and even what type of financing you choose. Bear in mind, however, that lenders will look at […]

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Closing Costs

Posted on September 9, 2014 by sherriw@q.com in Uncategorized

The bundle of fees associated with the buying or selling of a home are called closing costs. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or dictated by local custom. Buyer closing costs When a buyer applies for a loan, lenders are required to provide them […]

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All About Adjustable Rate Mortgages

Posted on September 9, 2014 by sherriw@q.com in Blog

Adjustable-rate mortgages (ARMs) differ from fixed-rate mortgages in that the interest rate and monthly payment can change over the life of the loan. ARMs also generally have lower introductory interest rates vs. fixed-rate mortgages. Before deciding on an ARM, key factors to consider include how long you plan to own the property, and how frequently […]

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Your Credit History

Posted on September 9, 2014 by sherriw@q.com in Blog

As part of the loan application process, virtually all lenders will want to see a copy of your credit report. The report will list all your long-term debts (credit cards, mortgage payments, automobile and student loans, etc), as well as your payment history. If you don’t have a copy of your credit report, most lenders […]

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Understanding Different Types of Loans

Posted on September 9, 2014 by sherriw@q.com in Blog

Today’s homebuyer has more financing options than have ever been available before. From traditional mortgages to adjustable-rate and hybrid loans, there are financing packages designed to meet the needs of virtually anyone. While the different choices may seem overwhelming at first, the overall goal is really quite simple: you want to find a loan that […]

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Saving for Down Payment

Posted on September 9, 2014 by sherriw@q.com in Blog

Saving funds for a down payment should be part of an overall program to get your finances in order prior to shopping for a home. This includes rounding up financial records, examining your spending habits, and setting a budget you can live with. Remember, too, that the down payment is not the only up-front expense. […]

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Getting Your Finances in Order

Posted on September 9, 2014 by sherriw@q.com in Blog

A crucial step in starting your search for a new home is having a clear idea of your financial situation. By getting a handle on your income, expenses and debts, you’ll have a much better idea of what you can afford and how much you’ll need to borrow. For lenders to verify this information, though, […]

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Leveraging Your Money

Posted on September 9, 2014 by sherriw@q.com in Blog

One of the greatest financial aspects of buying a home is the ability to leverage your money. Simply put, leverage allows you to use a small down payment and financing to purchase a larger investment. For example, if you bought a $125,000 home with 10 percent down, you leveraged the $12,500 down payment to purchase […]

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How Mortgage Loans Work

Posted on September 9, 2014 by sherriw@q.com in Blog

Excluding property taxes and insurance, a traditional fixed-rate mortgage payment consist of two parts: (1) interest on the loan and (2) payment towards the principal, or unpaid balance of the loan. Many people are surprised to learn, however, that the amount you pay towards interest and principal varies dramatically over time. This is because mortgage […]

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15 Year, 30 Year, or Bi-weekly

Posted on September 9, 2014 by sherriw@q.com in Blog

In the past, the 30-year, fixed-rate mortgage was the standard choice for most homebuyers. Today, however, lenders offer a wide array of loan types in varying lengths–including 15, 20, 30 and even 40-year mortgages. Deciding what length is best for you should be based on several factors including: your purchasing power, your anticipated future income […]

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