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Buying a House! http://money.cnn.com/magazines/moneymag/money101/lesson8/index.htm Go to the above website and take yourself through a “guided tour” of Lesson 8. Answer the questions associated with the first 6 mini-lessons listed – IN YOUR OWN WORDS. Top Things to Know 1. List and explain each of the top 10 things to know when buying a home. Are You Ready to Own? 2. Explain the two tips given to consider when you are buying your own home. Setting Your Budget 3. Starting with your credit, what do they suggest you look out for? What could a low credit score do to your interest rates? 4. What are the two “rules of thumb” to consider when you are thinking of your ideal home price? 5. How much does the ideal lender like to see given as a down payment? 6. What is a “piggyback loan”? 7. If you do not have the available cash, and you are a first-time home buyer, what other option do you have to come up with the money for your down payment? Picking a Team 8. What percentage of sellers list their homes through a real estate agent? 9. Where do buying agents get their money? The Hunt 10. Other than using your real estate agent, what else can you do to assist in your search for the perfect home? 11. What does this article suggest that first-time buyers pay attention to? 12. What are some suggestions the article gives for when you begin touring homes? Closing the Deal 13. When placing a bid, what factors should you take into consideration? 14. How far from the acceptance of the offer should you estimate for the closing date? 15. What three elements should your closing be contingent (dependant) on? 16. How much does it cost, on average, for a home inspection?
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