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Understanding the Costs Involved in Buying a Home

Understanding the Costs Involved in Buying a Home
Although the thought of paying a mortgage is more enticing than paying rent, it's important to understand all the costs involved in buying and owning a home as you determine whether you can afford to join the ranks of homeowners. Potential buyers sometimes forget to factor in the down payment, homeowners insurance and the possibility of depreciation, as well as the costs associated with closing the transaction, moving, purchasing major appliances, and home, landscape and pool maintenance, not to mention furnishings and design accessories once you move in.   The days of calling up the landlord to fix your problems come to an abrupt halt when you're a homeowner. You'll be responsible for everything from malfunctioning appliances to leaky faucets to broken heating and air conditioning units and everything in between. And if you buy an older home, you'll probably eventually encounter costly repairs, such as replacing the roof or windows....
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Setting Up Mortgage Contingencies

Setting Up Mortgage Contingencies
When you’re buying a house, there are a lot of unknowns—and once you’ve bought a home, you’re committed, usually for years. Contingencies clauses in your home purchase contract might help take away some of the uncertainty of buying a home by detailing conditions that must be met before closing will take place. How mortgage contingencies protect buyers One very common contingency is a mortgage contingency. A mortgage contingency gives buyers added security during the home-buying process; it states that a buyer will try to get a particular kind of mortgage (traditional, Veterans Affairs or Federal Housing Administration) at or below a certain interest rate for a set amount of the purchase price (generally 80 percent) by a specific date before closing. If the buyer is unable to secure a loan at the stated terms, he can back out of the contract, and the earnest money deposit returns to him. How...
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