Buy House

Checklist for buying a house Get up to 4 MortgageOffers. When Banks Compete, You Win! Your House Buying Checklist Oneof the most important things you can do is to make a checklist as you search for, find and buy a home. By keepingon top of your game-plan at all times you will greatly increase your chances of success. To save time, bookmarkthis page and refer to the following checklist frequently. Follow the links, print out this checklist and let itincrease your house buying effectiveness. House Buying Checklist Be an informed buyer. There are well over 150 pages of information hereas well as links to much more information. Numerous guides are available on specific subjects. Our Bookstore had additional recommendedreading. Gather as much information as you can. You can keep up-to-date by subscribing to our free newsletter and by visitingthe What's New page. Want more information on the process of home buying? Get the Home Buyer's Defense Guide andget 6 free bonuses. Buying your firsthome ? See the page devoted to first time home buying . Familiarize yourself with the mortgage process. Have mortgage questions ? Need a few mortgage tips ? See the sections devoted to those subjects. Begin the application process by getting prequalified and preapproved from a Mortgage Lender. Do this first. Your Agent will need your mortgage qualification, and it will significantlystrengthen your offer when you find a home. At Lending Tree , you can submit a quick andeasy application, and within 2 business days get up to 4 offers from lenders so that you can compare terms and rates . Get your financialpicture in focus as soon as possible. Since it is an importantcomponent, be aware of your credit situation. You can get a free copy of your credit report or, see the credit center for additional resources for getting your credit report. The best time to work on your budget is before you move. Want to maximize your financial picture? See the section devoted to budget hints . Wondering about how much time is needed to buy a home? See the sample homebuying timeline . Find an Agent that you trust. It is important to do this before you go rushing off looking for homes or you may end up with norepresentation. See the Agency and BuyerAgent pages for important discussions regarding "who representswho." Looking to find an Agent? Click here to choose an Agent in your area .You can compare backgrounds, experience and more. Thinking about doing it on your own? See the section on buying on your own for things watch for. Determine your housing needs and wants to determine what typesof houses you should be considering. Familiarize yourself with the various types of housing available: Single family , townhouse ,and condo . If you are planning on buying or building a new home, see our section devotedto building a house including house building tips , resources and howto find a contractor . Have general questions about buying a home? See the questions homebuyers ask page. Still have a question about a Real Estate term or its definition? See our Real Estate Glossary . A question on a mortgage term? See the Mortgage Glossary . House Hunting Time! First, see the article devoted to finding the right home . Then,make a scorecard for each house to help you keep track of the properties you've seen. Familiarize yourself with howto set a value on a house . This can save you a great deal oftime and helps to avoid disappointment. When you find an acceptable house, write an offer . Familiarize yourselfwith how offers become contracts . Need examples of offers and contracts available for your state? See FIndLegalForms.com Negotiate your best deal using the information you have acquired. If you haven't already done so, apply for a mortgage loan . Arrange for homeinspection . Protect yourself and do not skip this step! Learn about homewarranties and what they cover. Compare and secure homeownersinsurance . Since homeowners insurance is a long term expense,getting the best deal here brings savings that continue. Arrange for closing agent or attorney. Make all final preparations for closing . Make movingplans . If you plan to use a moving company, make comparisonsand reserve time now. Secure final loan approval and commitment from the lending institution.If you have done your "up-front" work, this should be one of your easiest steps. Do a final walkthrough of the house. Final closingand settlement . Let us know what you liked or disliked about thisweb site! Move to your new home and begin enjoying it--you deserve it! Subscribe to the Home Buyer's Information Center newsletter Get Your Credit Score Compare Mortgage Offersat LendingTree.com COMPARE Mortgages Agents Insurance TheHome Buyer Defense Guide with 6 FREE BONUSES Searchfor Agents Anonymously Free Credit Report Find Homes at Bargain.com RECOMMENDED READING TheHome Buyer Defense Guide with 6 Free Bonuses Home Buying For Dummies (you won'tbe after reading this book!) 10 Steps to Home Ownership Simple, concisestep-by-step guide HOME | Your Checklist | To-Do Lists | Agents | Mortgages | Questions | Finda Home | Inspections | Research | More Links | Bookstore

Florida Real Estate

Interinvestments Realty - Pre-construction News and Florida Real Estate Information Pre-construction News & Real Estate Information in Florida! HOME | BUYING | SELLING | FINANCING | FAQ’S | RELOCATING | JOIN US | MANAGEMENT | CONTACT US Aventura Bal Harbour Brickell Coconut Grove Coral Gables Cutler Ridge Dadeland Doral Downtown Miami Fisher Island Golden Beach Homestead Key Biscayne Kendall Miami Beach Midtown Miami North Bay Village North Miami North Miami Beach Pinecrest Sunny Isles Beach Surfside South Beach Westchester Coral Springs Ft. Lauderdale-Pompano Hallandale Beach Hollywood Pembroke Pines Weston Tamarac Boca Raton West Palm Beach Palm City Delray Beach Boyton Beach Hypoluxo Royal Palm Beach Palm Beach Gardens Port St. Lucie Indian River-Vero Beach Savona-Palm Coast Solivita -- Bellalago Poinciana Reunion Lake Marion Tierra del Sol Sand Lake Arbor Lakes Heritage Key Villas Itopia -- Bradenton Parrish Palmetto Ellenton Tampa St Petersburg Sarasota Gateway Town & Country Pelican Preserve Cypress Club Oasis Royal Greens Bay Colony The Seasons Hammock Bay Tuscany Reserve The Colony Golf & Bay Club Cove Towers Tiburon St. Augustine Jacksonville Daytona Pensacola Panama City You are in > Home Isles of Bayshore - South Dade The Isles at Bayshore is now featuring the "California Collection,"showcasing distinctive west-coast architecture. Every home is filled withluxurious extras offered in Developer's signature "Everything's Included"home, featuring thousands of dollars in extras at no extra charge. [MORE] Heritage Key Villas - Kissimmee Heritage Key Villas is an idyllic community offering privately-ownedvacation town-homes in Kissimmee, Florida - one of the world's largest andmost popular resort areas. Whether you enjoy quiet, evening sunsets orlively, big-city entertainment and attractions, Heritage Key Villa offersthe best of both worlds. [MORE] Little Harbor - Bradenton Little Harbor, the biggest waterfront living experience on Tampa Bay. Thisone-of-a-kind coastal village presents an enchanting combination of beach,bay, river and harbor-front residential homes and resort-style residencesalong with a colorful mix of amenities that evoke the grace of a bygoneCaribbean lifestyle. [MORE] LATEST PRE-CONSTRUCTION NEWS december 08, 2005 TEN is an exclusive living concept [more] december 08, 2005 Cabana Cay features the best of everything [more] december 08, 2005 Nestled in the heart of South Tampa, Grand Key [more] november 05, 2005 Wind - is located in Downtown Miami! [more] november 05, 2005 Waterfront Town Home Residences [more] october 17, 2005 Bella Mare - For Immediate Occupancy! [more] october 17, 2005 Family Homes and Townhomes in South Dade [more] october 01, 2005 Trump Towers Luxury condos in Sunny Isles Beach [more] october 01, 2005 The Isles at Bayshore is a luxurious Mediterranean [more] FEATURED DEVELOPMENTS - Trump Grande - Fisher Island - Capital Towers - Axis - Bella Mare - Midtown Miami - Bellalago - Palencia - Tuscany Reserve - Venetian Golf & Country Club - Westshore Yacht Club - Silver Lake MARKET NEWS > Israelis buy up Miami land - Downtown Miami > Builder reveals Miami Makeover - Downtown Miami > New Development in Miami River - Downtown Miami > Overseas investors find South Florida to be a hot property > St. Joe chief takes his story to Wall Street International Properties - Cocos Beach - NICARAGUA - Pinos Verdes - COSTA RICA - Porton Andalucia COSTA RICA - Tamarindo Heights COSTA RICA FIND DEVELOPMENTS BY AREA Dade Aventura | Bal Harbour | Brickell | Coconut Grove | Coral Gables | Cutler Ridge | Dadeland | Doral | Downtown Miami | Fisher Island | Golden Beach | Homestead | Key Biscayne | Kendall | Miami Beach | Midtown Miami | North Bay Village | North Miami | North Miami Beach | Pinecrest | Sunny Isles Beach | Surfside | South Beach | Westchester Broward Coral Springs | Fort. Lauderdale - Pompano Beach | Hallandale Beach | Hollywood | Pembroke Pines | Weston | Tamarac Palm Beach Boca Raton | West Palm Beach | Palm City | Delray Beach | Boyton Beach | Hypoluxo | Royal Palm Beach | Palm Beach Gardens Central Florida / Space Coast Port St. Lucie | Indian River - Vero Beach | Savona - Palm Coast Orlando Solivita | -- Bellalago | Poinciana | Reunion | Lake Marion | Tierra del Sol | Sand Lake | Arbor Lakes | Heritage Key Villas Manatee Brandenton | Parrish | Palmetto | Ellenton Hillsboro Tampa Pinnellas St Petersburg Sarasota Sarasota Ft. Myers Gateway Town & Country | Pelican Preserve | Cypress Club | Oasis | Royal Greens Naples Bay Colony | The Seasons | Hammocks Bay | Tuscany Reserve | The Colony Golf & Bay Club | Cove Towers | Tiburon Northeast Florida St. Augustine | Jacksonville | Daytona Northwest Florida Pensacola | Panama City Search Here Miami-Dade Broward Palm Beach C. Florida/Spacecoast Orlando Tampa Ft. 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land for sale and

LandAndFarm.com - Land for sale, Farms for sale, Rural Property for sale Advertise here Search Properties Wanted Auctions Newsletter Quick Start Register About My Properties Number of visitors online now: 231 Thursday, December 29, 2005 Ad Prices Help Contact Login Subscribe to Rural Property Bulletin Last Few Listings Most Viewed Least Viewed Recently Updated Search by USA Map Rural Property Sites Tool Box Get new properties in your email box! Newsletter Sign-up: yourname@xyz.com HTML TEXT For fun: old listings Contact Us Community Stats Seller emails: 102,892 Property emails: 110,227 Property Views: 13,028,620 Newsletter Subscribers: 14,850 Site Statistics Property 1761 Brokerage 15 Finance & Mortgages 3 Wanted 1 Businesses For Sale 7 Livestock 1 Rural Living 16 Miscellaneous 3 By Land Use: commercial land : 117 dairy farm : 22 fish - aquaculture : 15 forest - natural : 283 forest - planted : 116 historic : 41 horse farm : 380 hospitality : 61 hunting property : 610 livestock operation : 129 mobile home park : 4 oil or minerals : 7 orchard : 17 organic uses : 20 pasture : 319 permanent crops : 43 poultry farm : 33 recreational property : 677 residential land : 844 row crops : 107 undeveloped land : 377 vegetable farm : 15 vineyard : 15 waterfront : 152 By Country: United States : 1709 Canada : 39 South Africa : 34 Zambia : 5 Botswana : 5 Chile : 4 Argentina : 2 Belize : 2 Brazil : 2 Mozambique : 2 Australia : 1 Namibia : 1 Kenya : 1 By Price Per Acre: <$100: 8 $100 to $500 : 34 $500 to $2,000 : 280 $2,000 to $5,000 : 402 >$5,000 : 734 By Acres: <50 : 991 <200 : 1460 200 to 500 : 182 500 to 1,000 : 78 >1,000 : 108 By State/Province: Alabama : 24 Arizona : 11 Arkansas : 14 California : 20 Colorado : 29 Connecticut : 4 Florida : 88 Georgia : 283 Idaho : 12 Illinois : 29 Indiana : 7 Iowa : 9 Kansas : 17 Kentucky : 58 Louisiana : 13 Maine : 32 Maryland : 6 Massachusetts : 7 Michigan : 7 Minnesota : 16 Mississippi : 14 Missouri : 76 Montana : 6 Nebraska : 4 Nevada : 6 New Hampshire : 5 New Jersey : 16 New Mexico : 7 New York : 75 North Carolina : 59 North Dakota : 38 Ohio : 61 Oklahoma : 9 Oregon : 6 Pennsylvania : 6 South Carolina : 64 South Dakota : 22 Tennessee : 293 Texas : 27 Utah : 11 Vermont : 11 Virginia : 123 Washington : 11 West Virginia : 49 Wisconsin : 18 Wyoming : 6 Alberta : 1 British Columbia : 3 Buenos Aires Capital Federal : 1 IV Coquimbo : 1 Manitoba : 1 Mendoza : 1 New Brunswick : 11 Nova Scotia : 12 Ontario : 3 Para : 1 Quebec : 3 Queensland : 1 Saskatchewan : 5 VII Maule : 1 XI Aysen : 2 Not In USA or Canada : 1 Steve's Financial Modeling Tutorial Properties by: Land Use Country State Acres Price Per Acre LandAndFarm.com News Search for land for sale and farms for sale in the U.S., Canada and more than 200 other countries. Click here to see our advertising prices . jc-today -- NEWS: Avian Flu Study Underway The eBay Index: Mexican Land on Block LANDBLOG: Hunting Clubs Get Creative LANDBLOG: Vodka From Apples See All News See the LandBlog For Real Estate Agents Protect Yourself: . Tips on how to avoid internet real estate scams. Click here jc-today -- Make Money From Your Site: . NEW! Bulk listing plans! See details here . -- Lodge Farm (multiple Income) ( recreational property, pasture, forest - natural) A 240 acre property with an asking price of $550,000. Farm & MULTIPLE INCOME SOURCEMAPLE SYRUP - VACATION RETREAT RENTAL - HAY - TIMBERSAINT-PIERRE-BAPTISTE, QUEBEC, CANADA 240 acre farm located ...(Click here to learn more) This property is for sale. Location: Canada . [Email this listing to someone] Virgin Brazil Timberlands ( forest - natural, undeveloped land, recreational property) A 10,763 acre property with an asking price of $199,000. SEVERAL AREAS FROM 10,000.- TO 100,000.- ACRES.PRICE: FROM U$ 17 PER ACRE One of the best worldwide investments.A 10,000 acres parcel cont ...(Click here to learn more) This property is for sale. Location: Brazil . [Email this listing to someone] Walla Walla Farm With Water ( row crops, vegetable farm, vineyard) A 905 acre property with an asking price of $3,000,000. 905 Acres, Fabulous view overlooking Walla Walla valley and Blue Mountains. Prime Vineyard land..currently planted in alfalfa & wheat. 40 acre zoning. ...(Click here to learn more) This property is for sale. Location: Walla Walla , Washington [Email this listing to someone] Horse Lover''s Dream ( horse farm, recreational property, hunting property) A 11.00 acre property with an asking price of $249,000. This beautiful 11-acre property includes fenced pastures, a pond, and riding trails, located outside of Douds in historic Van Buren County, Iowa. Als ...(Click here to learn more) This property is for sale. Location: Van Buren , Iowa [Email this listing to someone] 4br 3ba On 66 Acres ( horse farm, residential land, recreational property) A 66 acre property with an asking price of $1,150,000. 66 Acres of Hardwoods and Pastures with Beautiful Views! $1,150,000Country living in a beautiful home on 66 pastoral acres. With 36 acres of hardw ...(Click here to learn more) This property is for sale. Location: Hall , Georgia [Email this listing to someone] Custom Home On 13 Acres& Lake ( recreational property, waterfront, horse farm) A 13.00 acre property with an asking price of $697,500. If you are looking for Privacy,Look No Further! This is the Builders Private Home! There are so many customs features to this amazing property. First ...(Click here to learn more) This property is for sale. Location: Georgia [Email this listing to someone] New Hunting Cabin ( hunting property, recreational property) A 6.05 acre property with an asking price of $74,900. Brand new cabin on over 6 acres with a stream and stateland across the road on 2 sides. New septic, new well and electric. Wrap around porch and no ne ...(Click here to learn more) This property is for sale. Location: Chenango , New York [Email this listing to someone] 12/29/2005 3:37:29 PM Web LandAndFarm.com Search eBay Land Listings! Quick Search Search Properties/ Advanced Search Recent searches: 3 properties - 38 seconds ago 20 properties - 1 minute ago 9 properties - 1 minute ago 16 properties - 1 minute ago Click a Pro! Visit the following real estate pros for the best properties from around the world! Debra Dodd, TENNESSEE Craig McKenzie, South Africa (Singell) Countrytyme, OHIO (Kimmel) Countrytyme ALC LTD, OHIO Virginia R. Reid, MAINE Melinda Barrington, TENNESSEE David A. Francis III, GEORGIA (Smith) Cozy Cove Realty, GEORGIA Judith Parcel, MISSOURI (Shortt) Shortt Auction & Realty Co., SOUTH CAROLINA (Davenport) Davenport Realty United Country , VIRGINIA Iris Crockett, VIRGINIA Kenneth Marston, VIRGINIA Kathy Milton, FLORIDA Jonathan Adams (Chapman) Bruner Land Company, OHIO Walt Thigpen, GEORGIA Ryan Folk, GEORGIA Floyd Tiller, TENNESSEE Steve Landreth, ILLINOIS (Parks) Southern Timber Consultants, GEORGIA Jane Wyatt, WEST VIRGINIA (Champion) Tree Frog Properties, FLORIDA (King) Allans Point, Canada (Kuykendall) Middle Bay Realty, VIRGINIA Jerry Lewis, SOUTH CAROLINA (See) ERA Kline May Realty, VIRGINIA Gary Grigsby, KANSAS Charley Black, GEORGIA (Petit, e-PRO) C21/Hilgart Realty Inc., WISCONSIN (Ferguson) Farm and Country Realty, NEW YORK (Brashear) Brashear Realty Corp., GEORGIA (Burtt) Mattie Burtt Realty Inc., COLORADO Wayne Tiller, TENNESSEE John Coates, Canada Adam Fleck, NORTH DAKOTA (Brown) Brown Realty Co. , LOUISIANA Charles R. McMillan Jr., SOUTH CAROLINA Rod Kemink, SOUTH DAKOTA Sharon Sevedge, MISSOURI Kay Petty, TENNESSEE Sandra Rowlett, KENTUCKY (Greenlee) Greenlee Properties Inc., WEST VIRGINIA Russell Falk, GEORGIA Vicky Poe, TENNESSEE Jim McEwen, TENNESSEE max huff, TENNESSEE Brenda Sala, FLORIDA (Bottoms) United Country Bottom Line Realty, MISSOURI Lloyd DeFoor, GEORGIA (Holley) ReMax Riverside Realty LLC, TENNESSEE Debra Corr, NEW YORK Raborn Taylor III, GEORGIA Ruby Baker, TENNESSEE Vonda Clerc, SOUTH CAROLINA Adrienne WaltersAnders Laura Bailey, TENNESSEE Larry McCoy, TENNESSEE Jeanne Dufort, GEORGIA Tom Bell, GEORGIA Maureen Shepherd, TENNESSEE Don Butts, GEORGIA Kenny King, ALABAMA Larry Jolley, TENNESSEE John Davis, TENNESSEE Brenda Koon, ILLINOIS Philip Weatherford, SOUTH CAROLINA Jackie shane Upchurch, NORTH CAROLINA (Burkholder) Kline Commercial Realty, VIRGINIA Clark Rose, TENNESSEE Denny Tincher, VIRGINIA J.P. 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THIELKE, TX (Singletary) Singletree Inc., GEORGIA Dean Vorland, NORTH DAKOTA Mary Jane Kneisly, Broker, NOT IN USA OR CANADA ANTHONY PRINCE, NY (Hanes) RE/MAX Properties North, GEORGIA Jack Thyfault, NEW YORK (Blake) CB Isaac Realty, FLORIDA (King) Redstone Properties, MASSACHUSETTS Ken Richards, GEORGIA Debbie Rector, FLORIDA (Vetsch) Realty Professionals/The Vetsch Team, GEORGIA Larry Hale, MISSOURI Jim Thorpe, SOUTH DAKOTA (Rochelle) Century 21 Kelso Realty & Auction, Inc., TENNESSEE Jay Barron, TENNESSEE Bill Kohlmoos, NEVADA Rick Moody (TN Lic.#00221320), TENNESSEE Eddie Drinkard, GEORGIA Chuck Clausen, GEORGIA (Jones) Strand Agency, NORTH DAKOTA Robin McDaniel, MISSISSIPPI Marilyn Pelletti Harold N Bass, Jr, TENNESSEE (Wilson) Advanced Realty Bob Rounds, NEW YORK Janie Tyree, VIRGINIA FRANK LEPARD, NEW YORK T. Allen Whitmer, MONTANA Eddy Clemons, VIRGINIA (Aldridge) Basin Creek Realty, NORTH CAROLINA Traci Dower, TENNESSEE Robert Smith, FLORIDA (Stratton) Ed Stratton, NEW YORK Jason Forgue, MASSACHUSETTS George Dale, OKLAHOMA (Ham) The Cheryl Ham Team, VIRGINIA Joanne Lowry, FLORIDA Tracy Evans, WEST VIRGINIA Dennis Kaiser, NORTH DAKOTA John Mullaley, CALIFORNIA (Mayton) Agricultural Asset Services Inc., MISSISSIPPI Mark Haynes, KENTUCKY Barbara Sandgren, COLORADO (Wade) Demeree Realty, NEW YORK John Sanders, WEST VIRGINIA ©1998-2005 - LandAndFarm.com - Contact Us - Privacy Notice - Disclaimer - UserAgreement - Advertise With Us

Home Mortgage Insurance Home

Looking for the Best Mortgage ESPAÑOL Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage--whether it’s a home purchase, a refinancing, or a home equity loan--is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars. Skip to content Obtain information from several lenders Obtain all important cost information Obtain the best deal that you can Remember: Shop, compare, negotiate Fair lending is required by law Credit problems? Glossary Mortgage shopping worksheet For more information Obtain Information from Several Lenders Home loans are available from several types of lenders-- thrift institutions , commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price. You can also get a home loan through a mortgage broker . Brokers arrange transactions rather than lending money directly; in other words, they find a lender for you. A broker’s access to several lenders can mean a wider selection of loan products and terms from which you can choose. Brokers will generally contact several lenders regarding your application, but they are not obligated to find the best deal for you unless they have contracted with you to act as your agent. Consequently, you should consider contacting more than one broker, just as you should with banks or thrift institutions. Whether you are dealing with a lender or a broker may not always be clear. Some financial institutions operate as both lenders and brokers. And most brokers’ advertisements do not use the word "broker." Therefore, be sure to ask whether a broker is involved. This information is important because brokers are usually paid a fee for their services that may be separate from and in addition to the lender’s origination or other fees. A broker’s compensation may be in the form of "points" paid at closing or as an add-on to your interest rate , or both. You should ask each broker you work with how he or she will be compensated so that you can compare the different fees. Be prepared to negotiate with the brokers as well as the lenders. Obtain All Important Cost Information Be sure to get information about mortgages from several lenders or brokers. Know how much of a down payment you can afford, and find out all the costs involved in the loan. Knowing just the amount of the monthly payment or the interest rate is not enough. Ask for information about the same loan amount, loan term, and type of loan so that you can compare the information. The following information is important to get from each lender and broker: Rates Ask each lender and broker for a list of its current mortgage interest rates and whether the rates being quoted are the lowest for that day or week. Ask whether the rate is fixed or adjustable . Keep in mind that when interest rates for adjustable-rate loans go up, generally so does the monthly payment. If the rate quoted is for an adjustable-rate loan, ask how your rate and loan payment will vary, including whether your loan payment will be reduced when rates go down. Ask about the loan’s annual percentage rate (APR) . The APR takes into account not only the interest rate but also points, broker fees, and certain other credit charges that you may be required to pay, expressed as a yearly rate. Points Points are fees paid to the lender or broker for the loan and are often linked to the interest rate; usually the more points you pay, the lower the rate. Check your local newspaper for information about rates and points currently being offered. Ask for points to be quoted to you as a dollar amount--rather than just as the number of points--so that you will actually know how much you will have to pay. Fees A home loan often involves many fees, such as loan origination or underwriting fees , broker fees, and transaction, settlement, and closing costs . Every lender or broker should be able to give you an estimate of its fees. Many of these fees are negotiable. Some fees are paid when you apply for a loan (such as application and appraisal fees), and others are paid at closing. In some cases, you can borrow the money needed to pay these fees, but doing so will increase your loan amount and total costs. "No cost" loans are sometimes available, but they usually involve higher rates. Ask what each fee includes. Several items may be lumped into one fee. Ask for an explanation of any fee you do not understand. Some common fees associated with a home loan closing are listed on the Mortgage Shopping Worksheet in this brochure. Down Payments and Private Mortgage Insurance Some lenders require 20 percent of the home’s purchase price as a down payment. However, many lenders now offer loans that require less than 20 percent down--sometimes as little as 5 percent on conventional loans . If a 20 percent down payment is not made, lenders usually require the home buyer to purchase private mortgage insurance (PMI) to protect the lender in case the home buyer fails to pay. When government-assisted programs such as FHA (Federal Housing Administration), VA (Veterans Administration), or Rural Development Services are available, the down payment requirements may be substantially smaller. Ask about the lender’s requirements for a down payment, including what you need to do to verify that funds for your down payment are available. Ask your lender about special programs it may offer. If PMI is required for your loan, Ask what the total cost of the insurance will be. Ask how much your monthly payment will be when including the PMI premium. Ask how long you will be required to carry PMI. Obtain the Best Deal That You Can Once you know what each lender has to offer, negotiate for the best deal that you can. On any given day, lenders and brokers may offer different prices for the same loan terms to different consumers, even if those consumers have the same loan qualifications. The most likely reason for this difference in price is that loan officers and brokers are often allowed to keep some or all of this difference as extra compensation. Generally, the difference between the lowest available price for a loan product and any higher price that the borrower agrees to pay is an overage . When overages occur, they are built into the prices quoted to consumers. They can occur in both fixed and variable-rate loans and can be in the form of points, fees, or the interest rate. Whether quoted to you by a loan officer or a broker, the price of any loan may contain overages. Have the lender or broker write down all the costs associated with the loan. Then ask if the lender or broker will waive or reduce one or more of its fees or agree to a lower rate or fewer points. You’ll want to make sure that the lender or broker is not agreeing to lower one fee while raising another or to lower the rate while raising points. There’s no harm in asking lenders or brokers if they can give better terms than the original ones they quoted or than those you have found elsewhere. Once you are satisfied with the terms you have negotiated, you may want to obtain a written lock-in from the lender or broker. The lock-in should include the rate that you have agreed upon, the period the lock-in lasts, and the number of points to be paid. A fee may be charged for locking in the loan rate. This fee may be refundable at closing. Lock-ins can protect you from rate increases while your loan is being processed; if rates fall, however, you could end up with a less favorable rate. Should that happen, try to negotiate a compromise with the lender or broker. Remember: Shop, Compare, Negotiate When buying a home, remember to shop around, to compare costs and terms, and to negotiate for the best deal. Your local newspaper and the Internet are good places to start shopping for a loan. You can usually find information both on interest rates and on points for several lenders. Since rates and points can change daily, you’ll want to check your newspaper often when shopping for a home loan. But the newspaper does not list the fees, so be sure to ask the lenders about them. The Mortgage Shopping Worksheet that follows may also help you. Take it with you when you speak to each lender or broker and write down the information you obtain. Don’t be afraid to make lenders and brokers compete with each other for your business by letting them know that you are shopping for the best deal. Fair Lending Is Required by Law The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, whether all or part of the applicant’s income comes from a public assistance program, or whether the applicant has in good faith exercised a right under the Consumer Credit Protection Act. The Fair Housing Act prohibits discrimination in residential real estate transactions on the basis of race, color, religion, sex, handicap, familial status, or national origin. Under these laws, a consumer cannot be refused a loan based on these characteristics nor be charged more for a loan or offered less favorable terms based on such characteristics. Credit Problems? Still Shop, Compare, and Negotiate Don’t assume that minor credit problems or difficulties stemming from unique circumstances, such as illness or temporary loss of income, will limit your loan choices to only high-cost lenders.If your credit report contains negative information that is accurate, but there are good reasons for trusting you to repay a loan, be sure to explain your situation to the lender or broker. If your credit problems cannot be explained, you will probably have to pay more than borrowers who have good credit histories. But don’t assume that the only way to get credit is to pay a high price. Ask how your past credit history affects the price of your loan and what you would need to do to get a better price. Take the time to shop around and negotiate the best deal that you can. Whether you have credit problems or not, it’s a good idea to review your credit report for accuracy and completeness before you apply for a loan. To order a copy of your credit report, contact: Equifax: (800) 685-1111 TransUnion: (800) 888-4213 Experian: (888) 397-3742 Glossary Adjustable-rate loans , also known as variable-rate loans, usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. When interest rates rise, generally so do your loan payments; and when interest rates fall, your monthly payments may be lowered. Annual percentage rate (APR) is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay. Conventional loans are mortgage loans other than those insured or guaranteed by a government agency such as the FHA (Federal Housing Administration), the VA (Veterans Administration), or the Rural Development Services (formerly know as Farmers Home Administration, or FmHA). Escrow is the holding of money or documents by a neutral third party prior to closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance. Fixed-rate loans generally have repayment terms of 15, 20, or 30 years. Both the interest rate and the monthly payments (for principal and interest) stay the same during the life of the loan. The interest rate is the cost of borrowing money expressed as a percentage rate. Interest rates can change because of market conditions. Loan origination fees are fees charged by the lender for processing the loan and are often expressed as a percentage of the loan amount. Lock-in refers to a written agreement guaranteeing a home buyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time, such as 60 or 90 days. Often the agreement also specifies the number of points to be paid at closing. A mortgage is a document signed by a borrower when a home loan is made that gives the lender a right to take possession of the property if the borrower fails to pay off the loan. Overages are the difference between the lowest available price and any higher price that the home buyer agrees to pay for the loan. Loan officers and brokers are often allowed to keep some or all of this difference as extra compensation. Points are fees paid to the lender for the loan. One point equals 1 percent of the loan amount. Points are usually paid in cash at closing. In some cases, the money needed to pay points can be borrowed, but doing so will increase the loan amount and the total costs. Private mortgage insurance (PMI) protects the lender against a loss if a borrower defaults on the loan. It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value. Thrift institution is a general term for savings banks and savings and loan associations. Transaction, settlement, or closing costs may include application fees; title examination, abstract of title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys’ fees; recording fees; and notary, appraisal, and credit report fees. Under the Real Estate Settlement Procedures Act, the borrower receives a good faith estimate of closing costs at the time of application or within three days of application. The good faith estimate lists each expected cost either as an amount or a range. Mortgage Shopping Worksheet File for Printing Worksheet (12KB PDF) Lender 1 Lender 2 Name of Lender: ___ ___ Name of Contact: ___ ___ Date of Contact: ___ ___ Mortgage Amount: ___ ___ mortgage 1 mortgage 2 mortgage 1 mortgage 2 Basic Information on the Loans Type of Mortgage: fixed rate, adjustable rate, conventional, FHA, other? If adjustable, see below ___ ___ ___ ___ Minimum down payment required ___ ___ ___ ___ Loan term (length of loan) ___ ___ ___ ___ Contract interest rate ___ ___ ___ ___ Annual percentage rate (APR) ___ ___ ___ ___ Points (may be called loan discount points) ___ ___ ___ ___ Monthly Private Mortgage Insurance (PMI) premiums ___ ___ ___ ___ How long must you keep PMI? ___ ___ ___ ___ Estimated monthly escrow for taxes and hazard insurance ___ ___ ___ ___ Estimated monthly payment (Principal, Interest, Taxes, Insurance, PMI) ___ ___ ___ ___ Fees Different institutions may have different names for somefees and may charge different fees. We have listed some typical fees you may see on loan documents. Application fee or Loan processing fee ___ ___ ___ ___ Origination fee or Underwriting fee ___ ___ ___ ___ Lender fee or Funding fee ___ ___ ___ ___ Appraisal fee ___ ___ ___ ___ Attorney fees ___ ___ ___ ___ Document preparation and recording fees ___ ___ ___ ___ Broker fees (may be quoted as points, origination fees, or interest rate add-on) ___ ___ ___ ___ Credit report fee ___ ___ ___ ___ Other fees ___ ___ ___ ___ Other Costs at Closing/Settlement Title search/Title insurance For lender ___ ___ ___ ___ For you ___ ___ ___ ___ Estimated prepaid amounts for interest, taxes, hazard insurance, payments to escrow ___ ___ ___ ___ State and local taxes, stamp taxes, transfer taxes ___ ___ ___ ___ Flood determination ___ ___ ___ ___ Prepaid Private Mortgage Insurance (PMI) ___ ___ ___ ___ Surveys and home inspections ___ ___ ___ ___ Total Fees and Other Closing/Settlement Cost Estimates ___ ___ ___ ___ Lender 1 Lender 2 Name of Lender: mortgage 1 mortgage 2 mortgage 1 mortgage 2 Other Questions and Considerations about the Loan Are any of the fees or costs waivable? ___ ___ ___ ___ Prepayment penalties Is there a prepayment penalty? ___ ___ ___ ___ If so, how much is it? ___ ___ ___ ___ How long does the penalty period last? (for example, 3 years? 5 years?) ___ ___ ___ ___ Are extra principal payments allowed? ___ ___ ___ ___ Lock-ins Is the lock-in agreement in writing? ___ ___ ___ ___ Is there a fee to lock-in? ___ ___ ___ ___ When does the lock-in occur—at application, approval, or another time? ___ ___ ___ ___ How long will the lock-in last? ___ ___ ___ ___ If the rate drops before closing, can you lock-in at a lower rate? ___ ___ ___ ___ If the loan is an adjustable rate mortgage: What is the initial rate? ___ ___ ___ ___ What is the maximum the rate could be next year? ___ ___ ___ ___ What are the rate and payment caps each year and over the life of the loan? ___ ___ ___ ___ What is the frequency of rate change and of any changes to the monthly payment? ___ ___ ___ ___ What is the index that the lender will use? ___ ___ ___ ___ What margin will the lender add to the index? ___ ___ ___ ___ Credit life insurance Does the monthly amount quoted to you include a charge for credit life insurance? ___ ___ ___ ___ If so, does the lender require credit life insurance as a condition of the loan? ___ ___ ___ ___ How much does the credit life insurance cost? ___ ___ ___ ___ How much lower would your monthly payment be without the credit life insurance? ___ ___ ___ ___ If the lender does not require credit life insurance, and you still want to buy it, what rates can you get from other insurance providers? ___ ___ ___ ___ This brochure was prepared by the following agencies: Department of Housing and Urban Development Department of Justice Department of the Treasury Federal Deposit Insurance Corporation Federal Housing Finance Board Federal Reserve Board Federal Trade Commission National Credit Union Administration Office of Federal Housing Enterprise Oversight Office of the Comptroller of the Currency Office of Thrift Supervision These agencies (except the Department of the Treasury) enforce compliance with laws that prohibit discrimination in lending. If you feel that you have been discriminated against in the home financing process, you may want to contact one of the agencies listed above about your rights under these laws. For more information on home lending issues, visit ( http://www.consumer.gov ), write to the Federal Citizen Information Center, Pueblo, CO 81009 or visit the Center’s Web site at ( http://www.pueblo.gsa.gov ). The following brochures are available from the Center: A Consumer’s Guide to Mortgage Lock-Ins A Consumer’s Guide to Mortgage Refinancing Buying Your Home: Settlement Costs and Helpful Information Consumer Handbook on Adjustable Rate Mortgages Guide to Single Family Home Mortgage Insurance Home Buyer’s Vocabulary Home Mortgages: Understanding the Process and Your Rights to Fair Lending How to Buy a Home with a Low Down Payment How to Dispute Credit Report Errors The HUD Home Buying Guide What You Should Know About Home Equity Lines of Credit Home | Consumer information | Publications | Brochures | Accessibility | Contact Us Last update: January 22, 2004

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