| When looking into buying real estate, either for your | | | | Understanding what your credit report says is |
| primary residence or for investment, with prices down | | | | essential. Do not order your credit report online. Most |
| now is a great time to invest. What prices are in one | | | | people do or they order their free report. What they |
| city does not mean that they will be the same in | | | | don't realize is by doing this they worsen the score, |
| another city. | | | | every time a report is pulled your score will lower. The |
| House prices change from one area to another due to | | | | lender will be pulling your report. You should order your |
| a variety of factors including: inventories, climate, crime | | | | credit report directly through the credit bureaus by |
| rate, economy and population growth. The best | | | | calling their 800 numbers. Be careful, they will try to get |
| performing zip codes within a city or area have low | | | | you to order it online, be persistent, stay on the phone |
| crime rates, good school districts along with the | | | | and ask for a written copy to be mailed to you. This is |
| hospitals, malls and police stations. You should drive | | | | true copy and what the mortgage company or bank |
| around in the neighborhood you are considering buying | | | | will receive. |
| in at different times of the day just to get a good feel | | | | Consider using a mortgage broker, the fee you will pay |
| of the area. If you are near or on water and you are | | | | will be worth it because they represent several |
| new to the area be sure to check and see what | | | | companies. They will have options available and you |
| water levels are after heavy rains or in the spring if it | | | | can choice the one right for you. Make sure that the |
| is area where there is run off from snow. | | | | bank or mortgage company does not sell you a higher |
| At this time with so many foreclosed homes on the | | | | interest rate than you qualify for. Don't be afraid to |
| market, in almost all areas of the country, your real | | | | negotiate with your bank or broker, you negotiated for |
| estate agent should be able to advise you of the best | | | | the price of your home, you can do the same with the |
| deals in your area. If you are buying investment | | | | mortgage. Every fee on the mortgage is negotiable, |
| property you should stay within your general area as it | | | | the only things not, are the taxes, insurance and filing |
| best not to be an absentee landlord, even if you have | | | | fees. When you use a broker, tell him you are willing to |
| a good manager. Another tip is do not buy from the | | | | pay a half point origination fee, but you don't expect to |
| selling agent of the property, and that is because they | | | | pay any back end fees. |
| represent the seller. You need to get someone, | | | | Always read your closing documents very carefully |
| another agent, to represent you. | | | | and have an attorney present. It is better to spend a |
| A good mortgage can also play a role in your | | | | few hundred dollars now, on an attorney to save the |
| investments. Always read your loan application | | | | possibility of a few thousand later to avoid a serious |
| carefully before signing it. Avoiding a prepayment | | | | problem. |
| penalty can save you thousands when selling. | | | | |