Our next several posts will discuss the various activities that must happen before you can close on a mortgage loan, and tells you what will happen at the closing meeting, including what types of documents you can expect to receive.
Consumer advocates strongly recommend that buyers hire their own agents. They further argue that a coop-fee has already been built-in to the purchase price, and therefore, there is no need for the buyer or seller to incur additional fees when the cooperating agent represents the buyer.
Depending on the economy, you may find yourself in a buyer’s market in which the buyers get the best deals, or you may find yourself in a seller’s market in which the sellers get the upper hand. Sometimes, you’ll find yourself somewhere in between.
One Month Before Moving Obtain an IRS Change of Address form, call 1-800-829-1040 and ask for Form 3903 to help deduct Moving Expenses. Gather moving supplies, boxes, tape, rope.
If you feel less than certain that you will be able to go through with the purchase for any reason, you can – and should – go one step further. Insist on adding an ‘escape clause’ to your offer. This allows you to back out of an agreement without incurring any penalty or disadvantage. This […]
There is a rule of thumb that says that if you have the capacity to repay the mortgage, you can afford a single-family house that costs up to two and one-half times your annual gross income. (Annual gross income is the amount you make before taxes are deducted.) Like other rules of thumb, this one […]