Even first-time home buyers know that there are closing costs associated with buying a home. But they don't always know what the words "closing costs" actually mean, what they include, or why they have to pay them. When you're handing over that much money, however, it's important that you understand exactly why you're doing it.

What are closing costs?

Closing costs are the fees associated with buying a home that you pay at closing. Closing is when the sale of your home is closed, and the title to the home is transferred to the buyer from the seller.

What fees are included in closing costs?

There are many fees that can be included in closing costs. Such fees include:

  •         Application fee
  •         Appraisal
  •         Attorney fee
  • …

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After years of dutifully saving money, you’re finally ready to buy your first place. You can’t wait to move out of the cramped apartment you’ve shared with your growing family for the past two years. If you can relate to this scenario, you might currently be scouring listings in your desired neighborhood. You may also be compiling a detailed list of must-haves for your new abode. When looking for the perfect place, don’t neglect to consider the following items.

Storage Space

When touring prospective homes, many people concentrate on kitchens and bathrooms. In their quest to buy a home with quartz counter tops or double sinks, they sometimes overlook the less glamorous issue of storage space. However, having enough room to neatly organize all of your…

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Credit is just about everything when it comes to buying a home. You need credit to buy the home (the mortgage), you need credit to qualify for the mortgage, and your mortgage payments will impact your credit if they're not paid or not paid on time.

Many home buyers, particularly first-timers, don't fully understand the impact that credit has on the home buying process. Here are 3 things that home buyers need to know about credit.

1. You need good credit

Your credit score tells lenders a lot about you, whether you pay your bills on time or at all. This tells them whether you'll be able to handle the long-term responsibility of a mortgage and whether they'd need to worry that you might not be able to pay it.

Most reputable lenders won't give a…

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When you find the home you want to buy, the next step is putting in an offer so the seller knows you're interested. But how much do you offer? Do you offer the asking price, or more, or less? There are several factors you should look at when deciding how much to offer initially.

Comps (Comparable Sales)

You want to first take a look at comparable sales. Comparable sales are the sales in the same general area, with homes that are roughly the same size, the same number of rooms, and otherwise similar to the house you want to buy. They should also be recent, usually within about the last three months. The comps can help you see how different the seller's asking price is from how much comparable homes have sold for. This will give you a starting point…

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