tag:blogger.com,1999:blog-24411978Tue, 27 Apr 2010 01:20:31 +0000This blog is a Q&A tool for home buyers. If you have questions about the home buying process, this is a great place to ask them.http://www.homebuyinginstitute.com/homebuyingtips/noreply@blogger.com (Brandon)Blogger500125tag:blogger.com,1999:blog-24411978.post-7389633610620796725Mon, 26 Apr 2010 22:30:00 +00002010-04-26T18:20:31.832-07:00Real Estate Short SaleQuestion: "I am thinking about buying a short sale process, but I've heard the process can take a really long time. So I started researching this online. I came across one article that said Congress was taking measures to speed up the process, to help reduce foreclosures. Is this true? How long does a short sale take these days, from a buyer's perspective?"I have three yes's for you:Yes, the http://www.homebuyinginstitute.com/homebuyingtips/2010/04/how-long-does-short-sale-take-these.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-8935041078634143298Mon, 26 Apr 2010 12:29:00 +00002010-04-26T05:59:14.897-07:00Home loansQuestion: "I have read conflicting information about the minimum down payment required for FHA home loans, and I couldn't find anything official on the HUD or FHA website. What is the absolute minimum down payment requirement for these loans?"There's a reason you've seen conflicting information on this subject. The requirement was recently increased from 3% to 3.5% for these mortgages. This http://www.homebuyinginstitute.com/homebuyingtips/2010/04/minimum-down-payment-on-fha-home-loans.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-7912240256832832556Sun, 25 Apr 2010 13:20:00 +00002010-04-25T06:50:13.091-07:00Home buying processQuestion: "I have been looking at homes for sale in my area, and I see that most of them include a listing price for the property. How do the sellers come up with the listing price for a house, and is it negotiable?"Let me start with the second part of your question, because it's the quickest and easiest to answer.Yes, you can negotiate the listing price when buying a house. In fact, the current http://www.homebuyinginstitute.com/homebuyingtips/2010/04/where-do-home-sellers-get-listing-price.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-785586008827617525Sat, 24 Apr 2010 17:49:00 +00002010-04-24T11:08:45.048-07:00Home buying processQuestion: "If I've already made an offer to buy a home, and the seller has accepted it, is there any way I can back out of the deal? How do I back out of buying a house after the contract has been accepted?"Yes, backing out is an option for you. But depending on the terms of your contract, you might lose the earnest money deposit you put down. Most real estate contracts have contingencies that http://www.homebuyinginstitute.com/homebuyingtips/2010/04/how-to-back-out-of-buying-house.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-304861724367832624Fri, 23 Apr 2010 18:20:00 +00002010-04-23T12:25:01.905-07:00Home buying processQuestion: "I've been told I could get a good deal on a HUD home, but I'm not sure how to locate these properties. How do I find homes for sale in my area, and what do I need to do to purchase one?"It has gotten much easier to find these properties over the years, thanks to the Internet. The Department of Housing and Urban Development actually has an online database of HUD homes for sale in http://www.homebuyinginstitute.com/homebuyingtips/2010/04/find-hud-homes-for-sale.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-1936520885697594511Fri, 23 Apr 2010 18:00:00 +00002010-04-23T12:30:30.278-07:00Home buying processQuestion: "I hear the phrase closing escrow used a lot in real estate discussions. What exactly does this mean? What is escrow and how does it work when buying a home?"Let's start with a basic definition for the benefit of all readers. And then we can talk about the closing side of things. In real estate terms, escrow is when a neutral third party holds money on behalf of two other parties.For http://www.homebuyinginstitute.com/homebuyingtips/2010/04/what-does-closing-escrow-mean.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-4813386202536117956Fri, 23 Apr 2010 17:44:00 +00002010-04-23T12:36:31.266-07:00Bad Credit MortgageQuestion: "I want to purchase my first house in the summer, but my credit is not very good. Can I buy a house with a bad credit score, and what type of mortgage should I use?"You probably won't be able to purchase a house with bad credit right now, because most mortgage lenders are steering clear of subprime loans. A subprime mortgage is one given to a person who doesn't qualify for regular loan http://www.homebuyinginstitute.com/homebuyingtips/2010/04/can-i-buy-house-with-bad-credit-score.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-2878978323740878908Fri, 23 Apr 2010 14:09:00 +00002010-04-23T07:58:35.963-07:00Home loansQuestion: "I recently spoke to a friend of mine who works for a bank. I told him about my plans to buy a home, and the fact that I don't have much to put down. He said I would need to pay PMI mortgage insurance on the loan, before a lender would work with me. I'm still not clear on the reasons for this. Why do I have to pay for insurance on my loan?"Let's start with a terminology note, for the http://www.homebuyinginstitute.com/homebuyingtips/2010/04/why-do-i-need-to-pay-pmi-mortgage.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-9049744766725217004Fri, 23 Apr 2010 13:35:00 +00002010-04-23T07:02:03.078-07:00Home loansQuestion: "I am a veteran, and I plan to buy a home soon. I've seen current mortgage rates being advertised online, but I'm not sure if this applies to VA loans or just regular loans. Where do I go to find out the current VA home loan rates that are available these days?"Good question. When you see interest rates advertised on TV, in print or online, you are only seeing the average rates being http://www.homebuyinginstitute.com/homebuyingtips/2010/04/where-do-va-home-loan-rates-come-from.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-274317243917543958Wed, 21 Apr 2010 13:28:00 +00002010-04-21T07:52:48.431-07:00Home loansQuestion: "What is the general mortgage timeline that takes place when buying a home? I'm just wondering how long it takes to get from the application process to the actual signing."The mortgage timeline will vary based on the type of loan you're using, and the type of real estate transaction. So there's not one size that fits all. But there are certain milestones that take place along the way, http://www.homebuyinginstitute.com/homebuyingtips/2010/04/mortgage-timeline-when-buying-home.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-8906131377306624851Tue, 20 Apr 2010 18:56:00 +00002010-04-20T12:32:01.341-07:00Home buying processReader Question: "I have seen a lot of articles about buying a home in Texas, but none of them explain what makes the process unique. How do I buy a house in Texas, and does it differ from any other state in the U.S.?"For the most part, buying a home in Texas is like anywhere else. You'll probably pay more in closing costs than a buyer in another state (Texas has one of the highest averages). Buthttp://www.homebuyinginstitute.com/homebuyingtips/2010/04/how-to-buy-house-in-texas-home-buying.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-3609333543560546404Wed, 07 Apr 2010 14:41:00 +00002010-04-07T08:04:30.395-07:00Home loansReader Question: "I had to sell my last home through a short sale process. That was about a year ago. Now I'm in the market for a new home. My question is, can I get a mortgage loan after the short sale I went through on the last property?"Hard to say for sure. It depends on several factors. More than anything, it depends on: (A) the circumstances surrounding the short sale, and (B) the impact ithttp://www.homebuyinginstitute.com/homebuyingtips/2010/04/mortgage-after-short-sale.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-4431606243964512057Sat, 03 Apr 2010 13:10:00 +00002010-04-03T06:33:07.266-07:00Home buying processQuestion: "I have been told that my lender will send an appraiser out to the house I'm buying. What do home appraisers look for during the appraisal process? What do they use to determine the value of a property?"This is an important time in the home-buying process, because it can make your mortgage approval move forward or stop in its tracks. It's also an uncertain time for buyers, because you http://www.homebuyinginstitute.com/homebuyingtips/2010/04/what-do-home-appraisers-look-for-during.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-4916700691175911457Fri, 02 Apr 2010 19:16:00 +00002010-04-02T13:57:55.813-07:00Home loansEvery first-time home buyer should spend time with a mortgage terms glossary, before plunging into the home-buying process. That's why we would like to feature our own glossary of mortgage terminology, as a starting point for your research. Go there nowThis might not seem like a big deal, but it truly is. If you start shopping for a mortgage loan before you understand the terminology, you could http://www.homebuyinginstitute.com/homebuyingtips/2010/04/mortgage-terms-glossary-featured.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-3840311618470873225Fri, 02 Apr 2010 14:19:00 +00002010-04-02T07:43:19.670-07:00Home ForeclosureQuestion: "I am going into foreclosure because of a series of financial setbacks, but I need time to make living arrangements. How long can I stay in my house after foreclosure, before the eviction takes effect? How does the process usually work?"For what it's worth, I'm sorry to hear about your financial problems. Sadly, your situation is a fairly common one right now. Our economic recession hashttp://www.homebuyinginstitute.com/homebuyingtips/2010/04/how-long-can-i-live-in-my-house-after.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-1154406077417716716Fri, 02 Apr 2010 01:31:00 +00002010-04-01T19:10:27.262-07:00Home loansQuestion: "I know how much money I have to spend on a house, but I'm not that familiar with the different kinds of mortgage loans. How can I find the best home loan for me, based on my needs?"It sounds like you've done some math already, to find out how much you can afford to spend. If that's true, you're off to a very good start. Once you have a monthly spending limit in mind, the process of http://www.homebuyinginstitute.com/homebuyingtips/2010/04/best-home-loan-for-me.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-6266071324104725641Thu, 01 Apr 2010 23:08:00 +00002010-04-01T16:19:10.729-07:00Home buying processSince 2006, we have received thousands of home buyers questions, from people all over the United States. We have answered many of those questions on this website, and you'll find more than 125 of them on our Q&A library page.Here are some of the most common questions from first-time home buyers, based on the emails we receive:1. What credit score do I need to buy a home?This question brings more http://www.homebuyinginstitute.com/homebuyingtips/2010/04/common-questions-about-buying-house.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-8770084482079174184Thu, 01 Apr 2010 22:54:00 +00002010-04-01T17:11:33.915-07:00Home buying processQuestion: "We are planning to buy a house in the 250k dollar range. How much earnest money should we pay for a home purchase in this price range?"I've answered your question below. But for the interest of other readers, I'd like to start with a brief definition of the earnest money deposit. The best way to understand this term is to break it down to the root words:Earnest -- The dictionary http://www.homebuyinginstitute.com/homebuyingtips/2010/04/how-much-earnest-money.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-6802707678401093369Wed, 31 Mar 2010 14:08:00 +00002010-03-31T07:26:51.353-07:00Home buying processQuestion: "I made an offer on a home, and my lender recently sent their appraiser out to determine the value. The appraisal was below the purchase price I agreed to. The lender is now unwilling to give me a mortgage to cover the purchase price of the home. What can I do in this situation?"Having a property appraisal less than the purchase price is a fairly common scenario. In fact, it's more http://www.homebuyinginstitute.com/homebuyingtips/2010/03/appraisal-below-purchase-price.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-1341222276139963969Wed, 31 Mar 2010 13:29:00 +00002010-03-31T06:56:46.952-07:00Home buying processQuestion: "What happens during the home buyer inspection process? What does the inspector look at, and what should I do if he uncovers something bad?"These are all very good questions. It sounds like you've already decided to get a home buyer inspection before buying a house. Good for you.But for the sake of other readers (who may be undecided on the matter), I have to say this: Every home buyer http://www.homebuyinginstitute.com/homebuyingtips/2010/03/home-buyer-inspection.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-5972664466846986713Thu, 18 Feb 2010 15:35:00 +00002010-02-22T08:58:05.304-08:00Home loansQuestion: "I will be taking out a mortgage loan for about $200,000 to cover the cost of a home. How much will my mortgage payment be each month, based on this amount? Do I just divide it by the number of installments and then add in the interest?"Generally speaking, there are four or five components that determine the monthly amount you have to pay. So let's start by discussing each of these http://www.homebuyinginstitute.com/homebuyingtips/2010/02/how-much-will-my-mortgage-payment-be.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-3295919230080007245Wed, 17 Feb 2010 22:28:00 +00002010-02-17T15:18:06.554-08:00insuranceQuestion: "I'm moving to Florida, and I've been told it's a good idea to get hurricane insurance down there. This is completely new to me. I have owned several homes in the past, but I've never needed anything more than a regular homeowners policy. What should I know about Florida hurricane insurance, as a future home buyer in that state?"Yes, it's a good idea to have this type of coverage. This http://www.homebuyinginstitute.com/homebuyingtips/2010/02/questions-about-florida-hurricane.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-1823484691243344639Wed, 17 Feb 2010 18:05:00 +00002010-02-17T10:41:03.979-08:00Home buying processQuestion: "I'm planning to buy a home in California for the first time, sometime later this year. I'm nervous about the process, because I've heard horror stories about foreclosures and such. It's pretty much a regular feature on the news around here. What kind of tips do you have for buying a home in California, and avoiding some of the common mistakes people make?"Yours is an excellent questionhttp://www.homebuyinginstitute.com/homebuyingtips/2010/02/how-to-buy-home-in-california-right-way.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-7618587648068051964Mon, 15 Feb 2010 18:47:00 +00002010-02-15T11:13:04.383-08:00Home buying processQuestion: "I was told that title insurance would be one of my closing fees when buying my first home. How much does title insurance cost, on average? Is there any way to avoid paying it?"Let me start with a definition, for readers who are unfamiliar with the term. Title insurance provides protection in the event of an ownership dispute. A real estate title is a document that shows ownership of a http://www.homebuyinginstitute.com/homebuyingtips/2010/02/how-much-does-title-insurance-cost-on.htmlnoreply@blogger.com (Brandon)tag:blogger.com,1999:blog-24411978.post-1974289016272685739Sun, 14 Feb 2010 21:10:00 +00002010-02-14T13:46:59.771-08:00Home loansQuestion: "Who offers the cheapest fixed-rate mortgages days? Are there any particular lenders that have a reputation for offering the cheapest loans, or does it just very on a case-by-case basis?"First, we need to define exactly what the word cheapest means. When it comes to mortgage loans, this word usually refers to the lowest interest rate and closing costs. The loan itself won't change from http://www.homebuyinginstitute.com/homebuyingtips/2010/02/cheapest-fixed-rate-mortgage-loans.htmlnoreply@blogger.com (Brandon)