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November 7, 2009 9:11:34 AM EST

Real Estate

Personal Finance A Home-Buying Primer

IF YOU'VE NEVER BOUGHT A HOUSE BEFORE, much of the jargon and terminology could prove daunting. After all, who would give "discount points" or "5-1 adjustables" the slightest thought unless they absolutely had to? We've arranged this short primer on the basics of buying a home as a series of questions and answers that try to address the basic issues with which every home buyer must grapple. (continued...)


Buying

  • A Home-Buying Primer
    Don't let the process intimidate you. From brokers to bank loans, we'll tell you everything you need to know.
  • Cut Those Closing Costs!
    When it comes to closing costs, you may be getting ripped off. If a bank or mortgage brokerage really wants the business, it'll start cutting those fees quickly. Here's some advice on how to get the lowest costs possible.
  • What Kind of Loan Should We Get?
    Learn about the different types of loans available and where the best place is to get them.

Calculators

  • To Rent or to Buy?
    It's almost always better to own your home rather than to rent, right? Our worksheet will help you determine which path is best.
  • Fixed Rate or Adjustable?
    The answer depends on the direction of interest rates and how long you plan to stay in your home.
  • How Much House Can You Afford?
    Whether you're looking for a modest two-bedroom or something to rival Hugh Hefner's mansion, we'll tell you just how far your resources can take you.
  • Points or No Points?
    By paying a discount point, you can lower your interest rate. But could this money be otherwise invested? Use our worksheet to determine if paying points will help you in the long-run.
  • The Mortgage Calculator
    Calculate your monthly payments and analyze your mortgage-interest deduction.

Living There

Selling

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