Mortgages - What you need to know!

As with everything else about real estate, sales contracts or purchase agreements vary from state to state -- and even by real estate company in some places. Variations in regulations place even greater emphasis on working with professionals with local knowledge. While the terms used may change from place to place, there are seven common terms that are particularly important for you to understand. 1. Buyer cost sheet.  Technically, this sheet is not part of the purchase contract, but it's still important. A property purchase agreement can range from a few pages to a dozen or more, depending on your location and the complexity of the transaction. Buyers need to focus closely on the buyer cost sheet, sometimes called "cash to close." The buyer cost sheet -- typically generated by your lender but sometimes given to you by a Realtor -- should include everything you will be responsible for paying when you buy a home. Items included on a buyer cost sheet may inclu...

Home buying basics Buying a home is probably the biggest investment you’ll ever make in your lifetime. Here are some basic tips to get you started as you plan for your purchase. Once you've decided to take the plunge and switch from renter to homeowner, your first step should be to research your financing options so that you can decide which loan term best suits your need. The Mortgage Bankers Association reported that 85 percent of purchase home loans in June 2012 were 30-year fixed-rate mortgages, popular among both first-time and repeat homebuyers. But before you jump on the 30-year bandwagon, you should understand all the loan-term options available to ensure you're getting the best home loan to suit both your lifestyle and financial needs. Fixed-rate home loans Fixed-rate home loans are available in a variety of terms, including 30, 20 and 15 years. Some lenders even offer less-popular 7, 10, 17 or 25-year loan terms. Thirty-year fixed-rate mortgages are really the d...