Where you live should reflect your lifestyle. These questions will help you find the best community for you. Federal fair housing law prohibits real estate agents from steering you to one neighborhood or another, but agents they can direct you to resources that will answer your key questions about neighborhoods you're considering. Is it close to my favorite spots? Make a list of activities you...

Once you are under contract, the buyer’s lender will send out an appraiser to make sure the purchase price is in line with the property’s value. Appraisals help guide mortgage terms. The appraised value of a home is an important factor in the loan underwriting process. Although lenders may use the sale price to determine the amount of the mortgage they will offer, they generally only do so when...

Residential property appraisals are conducted by licensed residential or certified residential appraisers to helps the lender ensure the purchase price is in line with the property’s value. Today, an appraisals may or may not require an in-person visit. Appraisers also conduct "desktop appraisals" on homes that don't require an on-site inspection, and hybrid appraisals, in which on-site information is...

You can expect a home inspector to evaluate these nice areas or systems. Structure The home’s “skeleton” should be able to stand up to weather, gravity, and the earth that surrounds it. Structural components include items such as the foundation and the framing. Exterior The inspector should look at sidewalks, driveways, steps, windows, doors, siding, trim, and surface drainage. They...

A final walk-through is the time to make sure that your new home is in the same condition you expected it would be. Closing time is hectic, but you should always make time for a final walk-through to make sure that your home is in the same condition you expected it would be. Here’s a detailed list of what to check for on your final walk-through. Basement, attic, and every room, closet, and crawl...

Every lender requires documentation as part of the process of approving a mortgage loan. Here are documents you’re generally required to provide to your mortgage lender. W-2 statements and tax returns — business tax returns if you're self-employed — for the last two or three years for every person signing the loan. At least one pay stub for each person signing the loan. Account...

You'll walk away from the closing table with a big stack of papers. Know what to file away for future reference. Loan estimate Your lender is required to provide you with this three-page document within three business days of receiving your loan application. It will show estimates for your interest rate, monthly payment, closing costs, taxes, and insurance. You'll also learn how your interest rate...

A homeowners’ insurance policy protects you against certain losses your new home may experience. Coverage is generally required by lenders prior to closing. Some lenders collect the homeowners’ insurance premium as part of your monthly mortgage payment, place it in an escrow account, and pay the insurer on your behalf. Coverage exclusions: There are two types of coverage provided by a...

Title insurance protects your ownership right to your home, both from fraudulent claims against your ownership and from mistakes made in earlier sales, such as misspellings of a person’s name or an inaccurate description of the property. In some states it is customary for the seller to purchase the policy on your behalf. Your mortgage lender will require it. Title insurance protects the lender...