Extra Inspections

Extra Inspections

If your home inspector discovers a serious problem, another more specific inspection may be recommended. It’s a good idea to consider having your home inspected for the presence of a variety of health-related risks like radon gas, asbestos, or possible problems...
Extra Inspections

Settlement Procedures Act

The Real Estate Settlement Procedures Act(RESPA) requires lenders to disclose information to potential customers throughout the mortgage process. By doing so, it protects borrowers from abuses by lending institutions. RESPA mandates that lenders fully inform borrowers...
Extra Inspections

Included Items

When buying a house, make sure the purchase and sale agreement specifies all the items to be included in the sale. The seller should be clear about any items (the dining room chandelier, for example) that he does not intend to convey with the property, and the buyer...
Extra Inspections

Adjustable Rate Mortgages

Payments increase or decrease on a regular schedule with changes in interest rates; increases subject to limits. Types: Balloon Mortgage – Offers very low rates for an initial period of time (usually 5, 7, or 10 years); when time has elapsed, the balance is due...
Extra Inspections

Federal Housing Administration

Now an agency within HUD, the Federal Housing Administration was established in 1934 to advance opportunities for Americans to own homes. By providing private lenders with mortgage insurance, the FHA gives them the security they need to lend to first-time buyers who...
Extra Inspections

Vacation Home

Some people buy a vacation home with the idea of turning it into a permanent retirement home down the road, which puts them ahead on their payments. Another benefit is that the interest and property taxes are tax deductible, which helps to offset the cost of paying...