Table Of Content

® Home Buying Kit For Dummies , 5th Edition Visit www.dummies.com/cheatsheet/homebuyingkit to view this book's cheat sheet. Table of Contents Introduction About This Book: The Eric Tyson/ Ray Brown Difference Conventions Used in This Book How This Book Is Organized Part I: Home Economics Part II: Financing 101 Part III: Property, Players, and Prices Part IV: Making the Deal Part V: The Part of Tens Part VI: Appendixes Icons Used in This Book Where to Go from Here Part I: Home Economics Chapter 1: Deciding Whether to Buy Weighing the Advantages of Owning versus Renting Ownership advantages Renting advantages The Pitfalls of the Rent-versus-Buy Decision Renting because it seems cheaper Fretting too much over job security Buying when you expect to move soon Succumbing to pushy salespeople Ignoring logistics Overbuying Underbuying Buying because it’s a grown-up thing to do Buying because you’re afraid that escalating prices will lock you out Misunderstanding what you can afford Chapter 2: Getting Your Financial House in Order Surveying Your Spending Gathering the data Analyzing your spending numbers Reckoning Your Savings Requirements Setting some goals Retirement savings accounts and a dilemma Other reasons to save Protecting Yourself, Your Dependents, and Your Assets Insuring yourself Insuring your assets Invest in Yourself Chapter 3: What Can You Afford to Buy? Lenders Can’t Tell You What You Can Afford The Cost of Buying and Owning a Home Mortgage payments Property taxes Insurance Maintenance and other costs The tax benefits of homeownership Closing Costs Accumulating the Down Payment The 20 percent solution Ways to buy with less money down Where to invest the down payment Chapter 4: Why Home Prices Rise and Fall What Drives Real Estate Markets and Prices? Jobs, glorious jobs Available housing Inventory of homes for sale and actual sales The rental market How to Get a Good Buy in Any Market Seek hidden opportunities to add value Buy when others are scared to buy Find a motivated seller Buy during slow periods Become a great negotiator Buy in a good neighborhood Part II: Financing 101 Chapter 5: Understanding and Improving Your Credit Score The Record You Can’t Ignore: Your Credit Report What your credit history comprises What goes into your credit report Why you should check your credit report The Most Popular Kid on the Block: FICO Scores How scores work — the short version How a FICO score assesses your credit history — the long version What FICO scores ignore Why your score is what it is Getting Hold of Your Report and Score Chapter 6: Selecting a Mortgage Fixed or Adjustable? That Is the Interest(ing) Question Distinguishing fixed-rate mortgages from adjustables Looking at hybrid loans Starting out risky: Interest-only mortgages Making the fixed/adjustable decision Deciding on your loan’s life: 15 years or 30? Finding a Fixed-Rate Mortgage The all-important interest rate The finer points of points Other lender fees Arriving at the Absolute Best Adjustable Where an ARM’s interest rate comes from How often does the interest rate adjust? Limits on interest-rate adjustments Locating the Best, Lowest-Cost Lenders Shopping on your own Working with a mortgage broker Chapter 7: Mortgage Quandaries, Conundrums, and Forms Overcoming Common Mortgage Problems Insufficient income Debt and credit problems Dealing with Appraisal Problems You’ve overpaid The appraiser doesn’t know your area The appraiser/lender is sandbagging you Those Darn Mortgage Forms The laundry list of required documents Permissions to inspect your finances The Uniform Residential Loan Application Other typical documents Part III: Property, Players, and Prices Chapter 8: Where and What to Buy Location, Location, Value Characteristics of good neighborhoods Selecting your best neighborhood Fundamental Principles for Selecting Your Home The principle of progression: Why to buy one of the cheaper homes on the block The principle of regression: Why not to buy the most expensive house on the block The principle of conformity: Why unusual is usually costly Defining Home Sweet Home Detached residences Attached residences Finding a Great Deal Finding a fixer-upper Taking over a foreclosure Seeking a short sale Pooling Your Resources: Ad Hoc Partnerships Types of residential partnerships Structuring a successful partnership Chapter 9: Assembling an All-Star Real Estate Team The Team Concept Lining up the players Avoiding gratuitous advice Reeling in a Real Estate Agent Types of agent relationships How agents get paid Characteristics of good agents Selecting your agent Getting the most from your agent Bagging a Broker Landing a Lender Procuring Property Inspectors Electing an Escrow Officer Finding (Or Forgoing) Financial and Tax Advisors Looking for Lawyers Selecting your lawyer Getting the most out of a lawyer Chapter 10: What’s It Worth? The Three Elusive Components of Worth Value is a moving target Cost is yesterday

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America's #1 bestselling home buying guide Want to buy a house, but concerned about the real estate market? Have no fear-- Home Buying Kit For Dummies arms you with Eric Tyson and Ray Brown's time-tested advice and updated strategies for buying a home in current market conditions. You'll discover ho