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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Aside from good credit, a down payment is one of the top factors when applying for a mortgage. Without a down payment, you're likely to find that many lenders refuse to even speak with you, and others will be willing to give you the loan, but with much higher fees and interest rates.

What is a down payment?

A down payment is the money that you put down on a home when you buy it. This is separate from your mortgage and is cash that you come up with yourself. Most people save money over a period of months or years for a down payment, though some have taken out personal loans to get the money.

How much do you need?

The typical down payment is 20%. On a home that costs $100,000, this would be $20,000. Depending on the lender, you may be able to…

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The real estate market is dynamic and exciting in various parts of the country. Although every area is different, there are similarities throughout the country. Buying a home is one of the most important investments that a person can make. The current real estate market trends are preventing some people from buying a home.

  •         Lack of Inventory
  •         Rising Housing Prices
  •         Relaxed Lending Standards

Lack of Inventory

One of the biggest trends in the market today is a lack of available inventory. There are numerous buyers who want to purchase a home in many areas. However, there are simply not enough homes on the market. Home builders are not building enough new homes to keep up with demand from buyers.

The current lack…

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Real estate agents’ sole obligation is to their clients. They are required to do everything they can to ensure that the home buying or selling process runs smoothly. As a client, the agent will be your advocate. This is the person you will turn to when you the going becomes tough. You expose yourself to possible disappointment by failing to choose the right agent. You need someone who can represent your interests properly. Understand what an agent does is a great way to make sure that you will choose the right agent.

1. Pricing Your Home

Home pricing is by far the most important part of selling your house. A top realtor will not give you false promises in a bid to make you happy. The agent will rely on their real estate training, understanding of…

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Whether you are buying or selling a home, a real estate agent can make the process much quicker and more painless. Chances are, your time is valuable, and a good Realtor can handle a lot of the work entailed in finding and closing on a new home or unloading your current home for a good asking price. How smoothly the process goes depends on finding a good Realtor, and the following questions for any prospective agent can help you find one.

  1. How Long Have You Been a Realtor? Regardless of whether you're looking for a mechanic, plumber, heart surgeon or a Realtor, everyone is comforted to know they are dealing with an experienced professional who knows the ins and outs of their job. The best indicator of this is finding out how long they've been in…

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One of the most challenging aspects of selling your home is keeping it clean and pristine for future buyers who seem to stop by with only a moment’s notice. Keeping your home show ready is necessary if you want to sell quickly. This process can be made far less stressful if you incorporate these seven hacks.

 

1. Simplify your belongings:

Sort and discard unwanted items before you pay a mover to move them. Doing so will not only help you when organizing your new home, it will automatically make your current one look less cluttered. Consider renting a storage unit for belongings you wish to keep that are not used daily. The savings gained from selling your home sooner will outweigh the nominal cost. Many self-storage companies offer very low…

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Owning a home is one of the greatest American dreams. You get to decorate it as you like, customize your bedroom, or accessorize with the latest art painting. But did you know that having your own home comes with financial benefits?

 

Before you got a home, all the money went to the landlord, and nothing came to you as a tax deduction. However, once you buy a home, you’re entitled to some tax breaks. What’s more, these benefits do not only apply to single-family homeowners. Condominiums, apartments, townhouses, and mobile homes are all eligible as long as you are entering into a mortgage contract.

 

Here are some top tax benefits of owning a home.

 

Mortgage Interest Deductions

The fact that you can subtract any mortgage interest that…

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Electrical Wiring

Electrical wiring can be a serious, and possibly deadly problem if overlooked during an inspection. The home inspection professional should check the electrical box to make sure that it is capable of supplying the needed power throughout the home. Older homes may have wiring that is not up to code, which the new home buyer will have to upgrade if not discovered before the inspection. Insulation on old wiring wears away after time, which can cause fires.

House Grading

The grade of the home and the lot is one of the most overlooked issues for home buyers. To avoid lower-level moisture and foundation issues, the property around the home must slope slightly away from the home. Experts suggest a slope of around one inch per foot for…

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The expert who inspects your home will walk through every area of the interior and exterior, so you must prepare the property beforehand. Here are some tips for preparing your home for an inspection.

 

Tip 1: Perform Lawn Care

The inspector needs to reach all of the devices outside your home, including the air conditioner, utility lines and rooftop. Make sure to perform lawn care by trimming shrubs, weeds and trees. In addition, remove debris such as tree branches from your home’s lawns.

 

Tip 2: Provide Access To Every Building and Space

An inspector must look at every space in your home and its outbuildings. If there is a garden shed or a storage barn, make sure that there are keys available for these buildings. Inside a home, the…

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