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First Time Home Buyer

Making Sure Your Cash-To-Close Comes From The Proper Source

by Jonas Kruckeberg March 28, 2010

Providing proper asset documentation and the actual source of the funds is a critical element of the loan closing process.
There’s nothing worse in a real estate purchase than making it all the way through the hoops and hurdles just to have a loan denied after the final documents have been signed due to the borrower [...]

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Talk the Talk – Know the Mortgage Lingo at Closing

by Jonas Kruckeberg March 28, 2010

What the heck are they talking about?
Many borrowers go through the closing process in a haze, nodding, smiling, and signing through a bunch of noise that sounds like Greek.
Even though you may have put your trust in your real estate and mortgage team, it helps to understand some of the terminology so that you can [...]

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How Do Mortgage Companies Value A Property That Has Not Been Built Yet?

by Jonas Kruckeberg March 28, 2010

It’s obviously easier to picture the process of estimating value on an existing property in a neighborhood that has a history of home sales, but the task of determining the value on new construction projects does pose some challenges.
Appraisals on homes that haven’t been built yet generally require the contractor and home buyer to supply [...]

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HOA Hurdles to be Aware of When Looking at New Properties

by Jonas Kruckeberg March 28, 2010

A Home Owner Association (HOA) can have a huge impact on your life when you buy a home in a PUD (Planned Unit Development) or Condominium Project.
According to Wikipedia:
A homeowners’ association (abbrev. HOA) is an organization created by a real estate developer for the purpose of developing, managing and selling a development [...]

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Assembling Your Home Buying Team – Knowing The Players

by Jonas Kruckeberg March 28, 2010

Buying a new home is literally a team sport since there are so many tasks, important timelines, documents and responsibilities that all need special care and attention.
Besides working with a professional team that you trust, it’s important that the individual players have the ability to effectively communicate and execute on important decisions together as well.
Real [...]

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What You Need To Know About The Home Inspection Process

by Jonas Kruckeberg March 28, 2010

Congratulations on finding a house!
You now have ten (10) days from when you signed the purchase and sales agreement to have a home inspection.
Chances are your real estate agent made the offer contingent upon a satisfactorily home inspection and obtaining mortgage financing.
What Is A Home Inspection?
According to Wikipedia, a home inspection “is a limited, [...]

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Shopping For A Hazard Insurance Policy

by Jonas Kruckeberg March 28, 2010

When shopping for a hazard insurance policy, something called “bundling” can actually save you quite a bit of money that most people aren’t aware of.
Many of the big insurance companies price their insurance rates to attract a particular segment of the market. They usually price their hazard insurance policies to attract homeowners who need to [...]

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Ten Things You Can Do To Protect Your Identity

by Jonas Kruckeberg March 28, 2010

Facts About Identity Theft:
It’s estimated that there were 10 million victims of identity theft in 2008, and 1 in every 10 U.S. consumers have reported having their identity stolen.
The U.S. Department of Justice reported in 2005 that 1.6 million households experienced fraud not related to credit cards (i.e. their bank accounts or debit cards were [...]

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Is There A Rule-of-Thumb Regarding The Number Of Credit Lines To Have Open?

by Jonas Kruckeberg March 28, 2010

While the actual credit score has a big impact on a loan approval, it’s not the only component of the credit scenario that underwriters consider for a mortgage approval.
Since loan programs, individual lenders and mortgage insurance companies all have their own credit report restrictions, it’s difficult to define a standard Rule-of-Thumb to follow.
However, the number [...]

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Alternate Sources For Establishing Credit

by Jonas Kruckeberg March 28, 2010

While the basic Rule-of-Thumb for acceptable credit history is a minimum of four trade lines documented on a credit report, there are alternative methods of building a credit picture that an underwriter can use to make a decision for a loan approval.
For potential home buyers with little or no credit history, keeping records for [...]

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