7 Hidden Costs Of Buying A House

Buying a HouseWhen you are looking to buy a house, you may need to be looking for a mortgage loan as well. Because house prices have risen so rapidly, a risk premium on the mortgage is no longer necessary. Now all these houses are on the market, and marketed down at incredible prices. As a home buyer, you can peruse thousands of real estate listings on sites such as , then ask your agent to set up appointments to see your favorites in person.

In the seller’s market that we are in, many buyers forgo an inspection contingency in order to make their offer more attractive. On top of the 28% lenders allow for monthly housing expenses, they will usually let you spend another 10% for other debt repayments such as student loans, car loans and other similar loans.

Buying a new home (particularly for the first time) requires a mortgage, where …

The Hidden Costs Of Buying A Foreclosed Home

foreclosed homesForeclosures in U.S. have reached an all time high with lenders on a selling front. Buying a foreclosed home can be a great way to invest in real estate, especially since there is substantially less competition than buying listed homes. MRC is a private company that provides mortgage information and connects homebuyers with lenders. Foreclosed properties are piling up faster than they can be sold, but that doesn’t mean buyers can snap up a great house with little effort.

One of the keys to remember about the drop in value that many of these areas are seeing due to the number of foreclosures is that prices are down by 20 percent. Yes, the process of buying a foreclosure can come with it’s own set of obstacles and headaches.

Moreover, the buyers are required to pay about 10% of the total price of the property immediately while the remaining amount must …