10 Things to Take the Trauma Out of Homebuying

1. Find a real estate professional who’s simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It’s critical that the practitioner you choose is both skilled and a good fit with your personality.
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A successful first home purchase starts with a realistic budget, a clear search strategy and an understanding of how representation and the purchase contract work.

Before house hunting

1. Speak with more than one lender about financing options. 2. Budget for taxes, insurance, maintenance and closing costs, not just principal …

A first-time buyer can reduce avoidable risks by addressing five common planning mistakes.

Mistake 1: using the maximum loan approval as the budget

Consider taxes, insurance, maintenance, association dues and savings before deciding what payment is comfortable.

Mistake 2: overlooking inspections and disclosures

Review available seller information and consult qualified …

Homeownership offers potential benefits but involves financial risks and obligations.

Control over the property

Owners generally have greater flexibility to make changes, subject to zoning, permits, covenants and association rules.

Equity and value

Principal repayment can build equity, but property values can fall and transaction costs reduce net proceeds.

Payment …

10 Steps to Prepare for Homeownership

1.      Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2.      Develop a wish list of what you’d like your …

The Pros and Cons of Condos

Condominiums and townhouses offer an affordable option to single-family homes in most areas. But consider these facts before you buy.

1. Storage. Some condos have storage lockers, but usually there are no attics or basements …

Tips on Buying in a Tight Market

Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps.

1. Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy …

Tips for Finding the Perfect Neighborhood

The neighborhood you choose can have a big impact on your lifestyle—safety, available amenities, and convenience all play their part.

1. Make a list of the activities—movies, health club, church—you engage in regularly and stores you …

Credit scores can influence mortgage eligibility, pricing and available loan programs. There is no universal credit-score threshold that qualifies every borrower for every loan.

Payment history

Paying obligations on time generally supports credit health. Missed payments and collections can hurt eligibility, depending on the scoring model and lender.

Credit utilization …

Credit preparation should emphasize accurate reports, manageable balances and reliable payments rather than promises about a particular score.

Review the basics

Check credit reports for errors, pay obligations on time and monitor credit-card balances relative to available limits.

Avoid unnecessary changes

Before opening new credit accounts or taking on large …