Homebuyers have been enjoying incredibly low mortgage rates for many years now. In fact, the average annual rate on 30-year fixed-rate mortgages has only hit 4% once over the past five years.
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Finding the right house and negotiating an offer can be pretty labor-intensive and even stressful. Throw in problems with closing into the mix, and you’ve got yourself a bonafide headache. In a perfect world, a deal would close without a hitch.
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In comparison to other types of investments, real estate income properties come with a reasonably safe reward profile compared to the level of risk they come with. If you’ve got a real estate investment profile in the works, there may be a property or two that you’re considering letting go of.
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Coming up with enough cash to make a home purchase isn’t exactly easy to do, and not too many people can scrounge up that kind of money. Yet in a competitive market where homes are being snatched up just as fast as they are listed for sale, all-cash is king.
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Condominium buildings and planned unit developments are typically run by a homeowners’ association (HOA), which in turn is run by an owner-elected Board of Directors. The members who serve on the board are responsible for making a lot of critical decisions about the association’s finances, a well as the overall state of the building.
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As if the purchase price of a home isn’t expensive enough, there are also plenty of other expenses associated with closing that can really add up. In fact, these closing costs can add up to be anywhere between 2% to 5% of the purchase price of the home, on average. The more expensive the home, the more you can expect to pay in closing costs.
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It’s a terrible feeling that no buyer wants to experience: regretting your decision after agreeing to buy a house. Whether you’re reconsidering the location, the lack of a master ensuite, or the expense related to updating the place, there are plenty of reasons why you might wish you could turn back the hands of time.
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Everyone knows what an open house is. Sellers essentially give free reign to prospective buyers to meander through the home for a couple of hours to scope out the property and get a feel for whether or not they might be interested in further pursuing a potential offer.
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When you first apply for a mortgage, you might not give too much consideration to the prepayment penalty – but you probably should.
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