Reverse Mortgages 101: What You Need to Know

Reverse mortgages are advertised a lot these days. You may see them featured in TV commercials, touted in radio ads and mentioned online. Usually, these ads depict happy older couples vacationing on cruises or traveling the world with their reverse mortgage funds. However, this is not the intended use of this type of loan. They are designed more to be used as a lifeline for retired people who have a lot of equity built in their homes and need to supplement their incomes.
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Before You Buy a House, Get a Home History Report: Here's How

Many home shoppers experience some degree of fear of the unknown. Prior to submitting an offer, you may run internet searches on neighborhoods or examine public records to find out about the history of a property. If you're interested in insurance information for a specific property, loss history is collected and made available upon request in the form of a CLUE Home Seller's Disclosure Report.
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Is Buying a New House the Right Way to Go?

As the housing market continues to recover in much of the U.S., shiny new houses are once again hitting the market in healthy numbers. Buying a new house, especially one custom built to your specifications, is an empowering experience. But is it the right financial move for you and your family? Let's take a look at what the experts say about the pros and cons of buying a new home, as opposed to an older home.
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What Kind of House Should Be Your Next Home?

Are you thinking of buying a home? You may be wondering what type of house is right for you. If you need assistance in identifying an affordable price range for a home, there is no shortage of online calculators and mortgage rate estimators to help. Deciding if you'd prefer a townhome over a log cabin, or a condo rather than a ranch, is much more subjective, and it's hard to find outside sources that can help you make a sound choice. You could take any number of the available "Find out What Your Dream House Is" quizzes online. However, it's unclear how your favorite cartoon character or the month in which you were born will point you in the proper direction. These personality assessments may be entertaining, but can leave you more confused than when you started.
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Can I Get a Mortgage with My Current Credit Score?

When you are ready to buy your first home, you will most likely need to finance your purchase through a mortgage. If your credit history isn’t very long or if you’ve had some financial snafus over the years, you may be wondering if you will be able to qualify for a mortgage. Your credit score isn’t the only thing that mortgage companies look at, but it plays a very important role in determining whether or not you will be approved for financing.
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Buying an Old House: Is It Really as Easy as it Looks?

From "This Old House" to "Flip This House," television has long romanticized the process of turning an old, rundown home into a beautifully renovated palace of construction wonders. Some potential buyers think, "Hey, just a little work, a lot of TLC, and I can make twice as much off this home as what I paid for it!" While it's possible, it is often a a much more laborious process than those highly edited TV shows would indicate. Without an entire crew of construction specialists and a producer's budget, fixing up an old home can require a lot of time and money. There is a way to do it carefully, however, and it starts with proper planning.
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What You Need to Know About Buying a House with Defects

Some folks look at a run-down home in need of major TLC as a fun project to occupy weekends. Others are attracted to the low asking prices many sellers want for a home with significant defects. Many buyers fall in love with a specific home or neighborhood, only to discover the property has substantial problems just prior to signing that purchase agreement. Whichever camp you fall into, there are several factors to keep in mind when you buy a house that requires vital repairs.
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Should I Buy or Build a New Home?

New homes offer many attractive features to potential buyers. They often require fewer repairs, offer new appliances and are more energy efficient. New homes can cause just as many headaches and hassles as older homes, however. Before you build or buy new, consider the following factors. Investigate the Builder's Reputation Just because the home is brand new doesn't mean it was constructed with quality and care. Whether your next home is in a development or you are considering construction from scratch, always research the builder's past history.
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What You Didn't Know About Buying a House 'As Is'

As bank-owned properties and foreclosed homes continue to make up a significant portion of the housing market, "as is" sales are becoming more and more common. In some cases, an "as is" clause in the purchase agreement doesn't automatically sour the deal. In others, it can be a sign for potential buyers to run as far from the offer as they can. How can you identify which case it will be?
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Are You Ready to Buy a Beach House?

The beach home bug can bite when you least expect it. Many people show up for a vacation on the coast with no notion of buying oceanfront property. But a few days on your favorite stretch of sand can make you start to look around and wonder, Should I buy a beach house? Buying beach property can be a great way to secure a peaceful getaway or retirement home for yourself and your loved ones. It can also provide a little extra rental income in the off season. But buying a beach house can prove much more complicated than it might seem at first glance. So here is a list of preconditions to consider before you take the plunge.
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What You Should Know About Buying a Lake House

Buying a lake home can be an exciting process. Whether you're looking for a weekend getaway, a retirement home, or a primary residence, lakefront properties offer many attractive features. Homes near and on lakes also have their own set of hassles and aspects to carefully consider, however. Before you sign that purchase agreement, be sure you have all the facts. Choose the Right Agent As a real estate agent in Minnesota, Daryl Bronniche is what you may consider an expert on waterfront properties. "You can't throw a rock around here without hitting a lake," he joked. "And lake homes are a different beast."
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A Simple Guide to Buying the House You Rent

When Lisa Sanford accepted a job in post-Katrina New Orleans, she was not entirely sure how long she would be staying. She and her husband sold their Birmingham, AL home and began renting a house in Grenta, LA. After a few years, the couple was certain that they wanted to live there long-term and they ended up buying the house they’d been living in. If you are currently renting a house and want to stay in it long-term, you may want to do something similar to what Lisa Sanford did. Home ownership will enable you to start building equity while also permitting you to make and enjoy improvements to the property. Furthermore, although your property taxes may fluctuate a bit, you will no longer need to be concerned about annual rent increases.
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Insider Tips: Is Now a Good Time to Buy a House?

When the economy tanks, a common concern is whether you should buy a house or wait. Just about everything is affected when the economy begins to slow, from jobs to the demand for lower-priced groceries and gasoline. Unfortunately, a bad economy also negatively impacts the housing market. Whether the economy is good or seems to be lagging behind, you can still take advantage of what's for sale on the market. Depending on how the economy is doing, you can end up getting a great deal on a house, perhaps the home of your dreams. This guide will help you navigate the home buying process, whether the economy is doing well or not.
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City Living or Peaceful Suburbia: Expert Agent Lays Down Facts

Aside from price and square footage, one of the most common questions prospective home buyers will ask is where to buy a house. From city to suburbs, different places have their own pros and cons. For example, the suburbs may mean a longer commute to work, yet they provide more outdoor space and are generally quieter than cities. On the other hand, cities are full of entertainment and action, and many amenities are likely to be within walking distance. If you are considering buying a home but aren't sure where to begin, this guide can help you make an informed decision.
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Expert Advice: How Big of a House Do you Really Need?

"How much house should I buy?" is a common question for prospective home owners. The size of the family and the needs of the individuals who will be living in the home vary greatly, and can determine the size of the house you will move into. Just as you don't want to end up with a home that is too small and cramped, you also don't want to spend more money, and be stuck with more space, because you thought that you needed the extra space when you really didn't. When deciding on the size of the house, there are many factors to take into consideration. This guide will provide you with information and suggestions to help you make a more informed decision.
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Ask These 9 Questions Before Buying a Home

When you are buying home, there are many questions to ask. To determine what questions are the most important, you should consider a number of factors. From common questions to uncommon ones, knowing the right questions to ask, and what a good response might entail, will help you purchase the home of your dreams. You may think of other questions along the way, so be sure to have a real estate agent who is easily accessible, and who will provide you with useful information to make the buying process go as smoothly as possible. This guide details questions you should ask when buying a home.
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Should I Buy a House with Pool? Top Pros and Cons

Should I buy a house with pool? Answers to this question depend on cost, the location you are planning to live in, lifestyle needs, and much more. The thought of having a nice cool place to beat the summer heat can seem great at first, but before you take the plunge and opt for a house with a swimming pool, there are many other factors to consider. As with many other aspects of home ownership, including the house itself, maintenance is just one drawback of owning a house with a pool. This guide provides a closer look at the prices you can expect for houses with pools in every region around the country.
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What Is the Best Age to Buy a House?

A big part of home ownership is feeling independent and responsible, including a good age or the best age to buy a house. Questions of what age you should be, or if there is a good age to buy a home, will certainly come up, especially for young home buyers. Sonja Dalbey, real estate agent with Coldwell Banker Burnett, emphasizes that for adults of all ages, it is important to consider how long you will stay in the home along with the stability of your income. This guide offers a closer look at the various parts of home ownership, and how age might be a factor, along with financial stability.
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Home Buying Made Easy: 8 Step Guide

Every fist-time home buyer needs an easy home buying guide to make the ordeal just a little bit simpler from the start. A quick and easy home buying guide for any first-home shopper should contain expert advice and a big-picture overview of the whole process, from start to finish. The following are eight tried-and-true steps we put together to help you buy your first home smoothly and easily.
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How to Buy a House in Foreclosure: 5 Steps

In some parts of the country, the housing market is making a remarkable recovery, while other areas remain depressed. Even within states that are seeing sharp increases in property values, some towns and neighborhoods are still reeling with high numbers of foreclosed homes. The opportunity to find amazing deals on a foreclosed home remains readily available for many buyers. Purchasing a foreclosed home comes with trade-offs, however. Some aspects of the process make it easier for buyers that are purchasing a home from individual sellers, while other factors make the process more complex. How does one go about buying a foreclosed home?
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5 Things to Think About When Buying a Rental Property

There are currently more than 22 million landlords in the United States, and this number is growing rapidly. In fact, according to the Rental Protection Agency, more than 500 people become new landlords every day in this country. Perhaps you are considering joining them. Investing in rental property can be a lucrative venture, but it can also have its risks and drawbacks. Be sure to take the following five factors into consideration before buying a house to rent. That way, you can increase your odds of success.
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How to Buy a House When You Already Own One

Whether you are looking at purchasing a second home for investment purposes, as a permanent vacation destination, or as housing for an aging parent or grandparent, owning more than one home presents its own set of unique challenges and concerns. Some people own more than one home because they are waiting for housing prices to recover before putting their old residence on the market. Whatever your reasons, there is help in navigating these unknown waters. Life Changes Sometimes, families outgrow their primary residence, and need a bigger home. On the flip side, empty nesters and retirees sometimes look for a smaller home, but don't want to lose their primary home.
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Top 10 Easy Tips for Home Buyers

Buying a home is one of the most thrilling and frustrating experiences you're likely to encounter as an American. We've gathered 10 tips for home buyers to help make the home buying process go just a little more smoothly for you. 1. Prepare Your Credit in Advance – Far in Advance According to Bankrate, "The credit score of the buyer may be the most important factor when it comes to qualifying for a loan these days." You can make sure it's up to par by checking your free annual credit report months before buying a home. Lenders want to see that you have plenty of credit available to you, so make an effort to pay down your credit lines to a reasonable percentage of your income before applying for a loan.
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Seven Tips for Saving Money to Buy a House

For most first-time homebuyers, saving money to buy a house is the hardest part. Knowing how much you need is the first step. Accumulating enough money to use for a down-payment is the second; and though it can take years, it is not an impossible task. By making a few adjustments to the way that you are currently spending money, you can set aside funds every month and watch your savings grow until you have as much as you need to buy a house.
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Find Out How Much You Can Spend on a House

If you are preparing to purchase your first house, one of the first questions you may ask is “How much can I spend on a home?” Homeownership necessitates more planning and expenses than renting does, so it is important that you consider this question carefully. You do not want to end up house-poor or find yourself needing to take on a second job so that you can make ends meet. Take the time to think about the following seven questions. They may help you get a better idea of what you can reasonably afford to spend on your first house.
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What Should My Income Be to Buy a House in My State?

Homeownership has long been thought of as part of attaining “The American Dream.” However, in the wake of the housing bubble crash, many people are thinking twice before purchasing their first home. One of the most often asked questions is “How much money should I make to buy a house?” Of course, the answer to this query will vary according to where you live and the price of the house you wish to buy, but there are ways that you can calculate an estimate of what your income should be to buy a house.
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How to Know if You Should Rent or Buy a House

In the 1980s, when the economy was strong and house values were appreciating rapidly, financial experts like Suze Orman strongly advised young people to buy a house as early as possible. At the time, it made economic sense. In today’s economy, however, many of these same financial experts, including Ms. Orman, are advising that you proceed with caution. So, what is the right move for you? When choosing between buying a house and renting, you may benefit from considering the following questions and information. There may be some factors you have not yet considered. Ultimately the decision is yours, but approaching the dilemma with as much information as possible can be very helpful.
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Buying a House in 2014 - Market Trends You Need to Know

The U.S. housing market recovered in 2013 better than most industry analysts expected. With the help of historically low interest rates, a tight inventory and rising stock prices, more people bought homes last year than they did in 2012. Some positive trends are expected to continue during 2014, while others are estimated to slow down, and still some factors will perhaps affect affordability for those bordering on so-so credit. The following are the 2014 housing market predictions from the experts:
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How to Buy a House After Bankruptcy

In 2013, more than one million Americans filed for personal bankruptcy. Of these filings, about 706,000 were Chapter 7 bankruptcies and about 330,000 were Chapter 13 bankruptcies. In many cases, personal bankruptcies are the result of unsurmountable medical bills or result following long periods of unemployment, a common problem in the recent economy. If you are among the millions of people who have filed for personal bankruptcy in the past few years, you may think that your dream of homeownership is an unattainable one. But, believe it or not, you can still buy a house.
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The Only House Buying Checklist You Need to Read

Buying a house should be a time for anticipation and celebration of all the hard work and planning that have brought you this far. To keep things simple, we've compiled the only house buying checklist you're likely to need, as you prepare, shop for, and purchase the house you've waited for. Refer back to this house buying checklist whenever you feel a little lost, or just to track your progress. Remember that every house purchase is different, and some of these checklist steps may fall in a slightly different order for you than they do for your neighbor.
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6 Things You Should Look for When Buying a House

What things do you need to look for when buying a house? Before you walk into a deal that decides the next few decades of your financial future, know the warning signs you need to watch out for. Buying a house can be a process full of twists, turns, and pitfalls, and you'll want all your wits about you to keep your savings and your credit as safe from a money pit nightmare as possible. Warning Sign #1: The home is in short-sale or foreclosure. Yes, you can snag a great deal this way, but things can get complicated quickly. Many of these homes are not available to the average buyer, and are sold at auction to banks and investors.
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10 Things You Should Know About Buying a Condo

People choose buying condos over single family homes or renting an apartment for several reasons. Whether it's the convenience of a downtown location near shopping and cultural centers, the joys of home ownership without the headaches of yard work, or the affordability factor condos offer versus traditional homes, the factors are numerous. Is buying a condo right for you? That's a decision only you can make, but the following may help you be better informed. 1. Condos Mean Shared Responsibility One of the features of condo living that attracts people to this choice is the sharing of responsibility in terms of repairs and for insurance purposes.
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The First Time Home Buyer Grants You Didn't Know About

Buying a first home can be a stressful and frustrating experience. Assistance is available to help ease this process for those who qualify, however. National and state programs can offer grants to buy a home, mortgage interest rate guarantees and down payment assistance. These come in the form of first-time home buyer grants, grants to buy a home in rural areas and even grants to help you repair or make energy-use improvements to your new home.
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Buying a House After Foreclosure is Easier Than You Think

Buying a house after a foreclosure used to seem like a nearly impossible task, but now boomerang buyers are taking back their share of the housing market. Moody Analytics estimates that as many as 1.4 million formerly foreclosed households will be eligible for new FHA loans in 2014. This means that they have completed the necessary three-year hiatus following foreclosure, and can begin the process of securing a mortgage once again. However, buying a home after a foreclosure can present special challenges and pitfalls that previous homeowners may not expect. If you're one of the new groundswell of boomerang buyers, here are a few ways that buying a house after a foreclosure can differ from your first go-round.
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7 Things You Need to Know When Buying a House

Buying your first home is one of the most stressful, yet exciting, moments you can experience. But before you sign on the dotted line, find out what you need to know when buying a house. We've gathered a few of the top tips from the experts on preparing, financing, saving, shopping, and insuring your new home. So without further ado, here are seven things you need to know when buying a house. 1. Know your credit score. Your FICO credit score is a little like a report card. It takes into account your payment histories, debts, types and length of credit, and whether you have recently applied for new credit. The highest score possible is 850, but the median American score falls in the 720's, which can get you a great mortgage rate.
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The New Homeowner Tax Guide You’re Missing

It’s tax time, and for many first-time homeowners, the confusion is just settling in. When it comes to taxes, many homeowners throw up their hands in frustration and take the easiest way out. Whether this is dropping your papers in the mailbox to an accountant, or going through a DIY tax program, doing taxes as a homeowner can be overwhelming. Trusted Choice has compiled a list of deductibles that homeowners should know about – and take advantage of.
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Buying a House at Auction? 10 Things You Need to Know

Buying a home at auction can mean significant savings for potential bidders. Buyers are attracted to the opportunity to pay cents on the dollar for a home compared to traditional sales. But how does one go about buying a home at auction? What do you need to know? 1. You Haven't Missed the Boat Many buyers may think that since the housing market is in recovery, their chance at finding a home at auction has passed. While foreclosures are down from their record highs in 2009, they are still well above historic levels. Some areas are still quite depressed in terms of the housing market. According to real estate tracking data, states like California, Florida, Michigan and Ohio are still dealing with the housing fallout.
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Buying a Home with Bad Credit: 9 Steps

There are many reasons you might have a poor credit rating. Problems such as lack of gainful employment opportunities, expensive medical bills or other situations can lead you to have been late with bill payments or to have defaulted on loans. This all adds up to a low credit score which can create a host of problems for you, particularly when it comes to funding large purchases. If you are in such a situation, you may think that your desire to own a home is one that will never be realized. However, the following nine steps will show you how to turn your situation around and become a proud homeowner in a surprisingly short amount of time. Give consideration to the following nine tips, and you may finding yourself holding the keys to your new home before you know it.
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10 Tips for Buying a House on Contract

Many Americans choose to purchase their homes on contract. This sort of deal can be a good idea for those who want to be homeowners but lack the funds for a sizeable down payment or cannot qualify for financing through a bank or mortgage company. When you purchase a house on contract, the homeowner retains the title to property while you continue to make agreed-upon monthly payments. The title will not be transferred to your name until you have paid it off in full. While these deals can provide you with a great way to purchase an affordable property, there are a number of things that can go wrong. By using the following ten tips, you can avoid a lot of potential problems.
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How to Buy a House with Low Income

As available, affordable rental housing has become harder and harder to find since the housing market fallout of 2009, many low- to moderate-income earners are finding their lease has less value than it once did. Meanwhile, the credit crunch has put many more demands on low-income earners before they can qualify for a home loan or mortgage. It may be harder for modest earners to become homeowners, but not impossible. Help is still available for those who qualify. 1. Weigh the Pros and Cons of Homeownership vs. Renting In some areas, renting may still make fiscal sense. According to real estate agent Daryl Bronniche, it's important to compare your costs of continuing to rent to the costs of homeownership in your area.
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Should I Rent or Buy a Condo?

The decision of whether to buy or rent a condo depends on several factors. Finances are one piece of the puzzle, but not the only aspect you should consider. If you're struggling with which side of the buy versus rent fence you're on, considering the following pros and cons of each. 1. Calculate the Price-to-Rent Ratio The term price-to-rent ratio is one that real estate agents like Daryl Bronniche use to help his clients find affordable housing. "Basically, it tells you which option makes more fiscal sense," he said. It involves basic math and is less complex than it sounds. Simply find a condo in your area for sale and a condo for rent. Be sure they have similar features such as the same number of bedrooms and bathrooms and comparable square footage.
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What You Didn't Know about Purchasing a Home

Purchasing a home is an adventure full of highs, lows and bewilderment. You could spend your whole life studying books and advice columns on how to purchase a house and still not know it all. So we've done a bit of homework for you and boiled down a list of five inside facts and tips on home buying that you may not see elsewhere. 1. The Competition Is More Fierce Than You Think Many home buyers are confused and frustrated when they find that their first offer on the house of their dreams was unacceptable. They are thunderstruck when it turns out that the seller accepted a bid $15,000 lower than their own. Is this favoritism? No. This is the power of a savvy real estate investor.
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How to Buy a House with No Money Down

The hard part of buying your first home may be coming up with a down payment. Learn more about the ways to buy a home without having a down payment ready.
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Secrets of Buying a House with Cash

There are a few ways you might find yourself in a position where buying a house with cash is an option. You may have saved up your money for a long time, you may have come into a large sum of money through an inheritance or prize winnings, or you may have built up enough equity with another home to be in a position such that buying another house outright is possible. Whatever the reason, if you have the cash to do it, you may be wondering if purchasing a house outright is a wise decision. Buying a Home with Cash Has Obvious Advantages Two of the main advantages of buying a house with cash are apparent, but bear mentioning.
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How to Buy a House with No Credit

If you are considering buying a house but have not yet built up a credit history, you may find it very difficult to find a lender who is interested in working with you. This is because lenders use your credit history to determine what kind of a financial risk you pose to them. No credit usually means no loan. So what should you do if you really want to buy a house? The following tips and information may be able to help you understand how to buy a house with no credit. First, Are You Sure You Have No Credit? You may think that because you have no credit cards and have not made any large purchases such as a car, that you have no credit. You may, however, be wrong about that.
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How to Get Help Buying a Home

Many people put off purchasing their first home because they do not feel comfortable navigating through the process of buying a house, or perhaps because they feel they will not qualify for home financing. However, whether you are confused about the process, uncertain about what type of home is right for you, or unsure that you can meet financial requirements, there is plenty of help available to you. You just need to know where to look. What Kinds of Help Can a Real Estate Agent Provide? When you work with a real estate agent, you can obtain a great deal of assistance with buying your house. These agents are typically familiar with home prices, crime rates, schools and other neighborhood concerns in the areas in which they sell homes.
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What You Need to Know About Home Buying Programs

Do not give up on your dream of buying your first home just because you feel that you have a problem, such as a disability or poor credit, which can make homeownership impossible. A number of home buying programs available on the federal, state and local levels can help you when you are trying to buy your first home. Sometimes, you just have to know where to look.Credit Counseling Programs Poor credit is the most common hindrance to would-be homeowners. A bad credit rating can make it hard to get approval for a loan, and if you do get approval, the interest rate may not be a favorable one. Fortunately, you can find ways to improve your credit through credit counseling.
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The Easy Guide to Renting Your House

In today's real estate and job markets, more homeowners are turning to the business of becoming landlords. Whether they are holding on to a property until home values regain their losses, or they are taking on basement tenants to help with their mortgage payments, more and more people are renting out their homes. It is certainly not a light decision to make, and much thought should be put into becoming a landlord. Once you've reached the conclusion that renting is the way to go, however, there are many factors to keep in mind.
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8 Home Buying Mistakes You Don't Want to Make

If you are planning to buy your first home, this is an exciting time in your life. Here at Trusted Choice®, we want to help you avoid those house buying mistakes that people often make. We want to see you move into a great home, one that will not cause you to feel buyer’s remorse. For this reason, we have compiled a list of the top 8 mistakes that first-time homebuyers tend to make, as well as advice on how to avoid them. Also, while you are looking at homes, you may want to speak with a Trusted Choice agent who can advise you about approximate insurance costs for houses in different neighborhoods.
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The First-Time Home Buyer's Credit Explained

Buying a home often involves additional, unexpected expenses. First time homeowners sometimes wonder why they have to make so many trips to the hardware and general goods stores during the first few months of home owning "bliss." With so much of the monthly income going out, most new homeowners are looking for ways to cut back and save. Following the housing crunch of 2008, the IRS issued a first time home buyer credit to shore up the dismal housing market. The purpose was to assist home buyers with a substantial tax break as an incentive to home ownership. This was one way new homeowners could get a break.
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8 Tips When Buying a House "For Sale by Owner"

When you are looking to buy a house, you are likely to come across an occasional “For Sale by Owner” sign. If one or more of these houses strongly appeal to you, you may be wondering how to go about looking at and purchasing this type of home. Buying a For Sale by Owner house can present a few risks and challenges, as you will not have the benefit of working with a real estate agent, but it can be done if you know what to watch out for and how to go about making the transaction go as smoothly as possible.
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Should You Buy a Condo or a House?

Making a significant purchase such as a house or condominium is a major decision. While no one but you can tell you which is best for your situation, it does help to learn the attractive features -- as well as the setbacks -- of owning a home versus condo living before you start looking for realtors. For Amelia Starr, a 30-year-old career woman with an active social life, living in her L.A. condo overlooking downtown was a no-brainer. "I love the convenient location and not having to worry about lawn care or any of the other hassles of traditional home ownership," Starr said.
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When to Buy a House: How Seasons Affect Home Prices

If you are wondering when to buy a house, and whether there is an ideal season or time of year to do so, it's important to know the facts and figures. Real estate may be cyclical, with sales taking place around the year, but some times of the year may be better than others. Houses are a big investment, and you don't want to miss out on your dream home just because you think that one part of the year is better for buying a home than another. Timing is essential, and good timing can be the difference between securing your home and losing it to another prospective buyer. Take a look at the following guide to figure out when you should really be considering making a purchase.
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How Much House Can I Afford?

Determining how much house you can buy versus how much house you should buy is receiving much more attention these days, since the 2009 housing market crash. In the early 2000s, many homeowners overextended themselves on huge mortgage payments and wound up in trouble when they lost their jobs. How do you calculate what you should be spending on a home? First, you run the numbers. What Is Your Monthly Income? Mortgage officer Roger Reitland says this is the first question lenders will ask potential mortgage recipients. This income should be documented with paystubs and tax returns. Any unreported income will not be factored into the loan application process.
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Buying a House with Cash, and How to Pay in Cash

Buying a house with cash is one option for prospective home buyers. However, if you want to pay in cash, you should know how to properly negotiate the deal and make sure that it's worth it on your end. Paying for a house with cash is certainly attainable if you have adequately saved along the way and are sure that you won't put yourself into a troubling position. If you are interested in buying a house with case, take a look at the following tips and suggestions.
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Should I Borrow from My 401k to Buy a House?

You've found your dream home and are now wondering, "Should I borrow from my 401(k) to buy a house?" You can use a 401(k) for payment towards a new home, but before you do, it's crucial to take a look at the disadvantages that come with it. However, there are advantages as well. Ultimately, it's up to you to decide whether or not you can take such a risk. The following tips and bits of advice can help you answer this common home buying question.
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Can I Buy a House? House Hunting Considerations

Should you buy a house? Should we buy a house? Can I buy a house? There's no getting around the fact that buying a home is an exciting but daunting process. Whether you are getting ready to buy your first home or you are trying to decide whether you should even buy a home, or you need to find a new home because you are starting a family, there are many questions you will probably want to have answered, including, "Can I buy a house?" Here are some common house buying scenarios along with related questions for you to consider.
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Buying a House Without a Realtor: Pros and Cons to Consider

Everyone strives to save money on major purchases. So, when it comes to buying a house, paying a Realtor's commission can seem daunting and expensive. The fee—often based on a percentage of the cost of the home—can tally thousands of dollars. But for that money, a potential homeowner gets days, weeks or even months of service and guidance from a housing professional. Are you considering buying a house without a Realtor or real estate agent?
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8 Things to Know When Buying Your First Home

With housing prices remaining below former market peaks, and mortgage interest rates remaining historically low, buying your first home in today's market can be a wise investment. For first-time homebuyers, this process can be stressful and confusing. The best way to avoid undue pressure and frustration is to conduct careful research and prepare for potential pitfalls. Before you start looking for your dream home, consider the following steps that will make buying your first home a positive experience.
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7 Mortgage Questions to Ask a Lender or Broker

A home is one of the biggest investments a person will ever make. You will likely ask your lender or broker several mortgage questions along the way. Whether you are interested in purchasing your first home, need to secure a home loan or need home insurance or you are ready to move to another home, knowing more about how the process works and finding out the answers to key frequently asked questions, such as the ones listed below, can make the entire process much easier.
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