As we show you in this video, laws vary by state. Some states require a lawyer to assist in several aspects of the home buying process while other states do not as long as a qualified real estate professional is involved. Even if your state doesn't require one you may want to hire a lawyer…
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What Is Earnest Money, And How Much Should I Set Aside?
Like the video shows, “earnest money” is money you put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price though the amount can vary with local customs and conditions. If your offer is accepted the earnest money…
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What Makes Up Closing Costs?
What you’ll see in this video is, there may be closing costs customary or unique to a certain locality but closing costs are usually made up of the following: Attorney's or escrow fees (Yours and your lender's if applicable) Property taxes (to cover tax period to date) Interest (paid from date of closing to 30…
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What Do I Get At Closing?
For most real estate loans, you will receive a Closing Disclosure 3 business days before loan consummation – which frequently happens at the closing meeting. At the meeting itself you should receive a copy of your Mortgage Note – your obligation to repay- your Mortgage or Deed of Trust the binding Sales Contract and –…
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