What is the difference between an appraisal and a home inspection?
A property appraisal is a document used by banks to estimate a property's market value before giving a loan on the property. A home inspection is an evaluation of a home's condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy.
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Advantage of Good Credit
It pays to have good credit. We'll look at two numbers: the first with a good credit score, the second with a poor credit score. In each example the loan amount is $150,000. Let's say that with a good credit score you could get a mortgage interest rate of 6%. Your monthly payments would be $899.33. Over the entire 30 years of the loan, you would pay an additional $173,757.28 in interest. Now, if you have a poor credit score, your mortgage interest rate would be about 8%. Your monthly payments would be $1,100.65 and over the 30 year pay back period you would pay $246.232.87 just in interest.
The good news for those with poor credit is that Carrie Pierce provides complimentary credit repair assistance.
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Are you waiting for the market to get better? Waiting might be a bad idea. Experts don't actually know when a real estate has bounced back until 9 months after it happens. If you wait too long for prices to come down further, you may miss out and end up paying more for a home in a stronger market. It's very difficult to time the exact bottom of the market, most great purchases are made around the bottom of the market. More Home Buyer Tips |
