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CHECKLIST Your Mortgage Application Every lender requires documents as part of the process of approving a mortgage loan. Here are documents you’re generally required to provide.. W-2 Tax returns — or 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 […]

WORKSHEET Service Provider Contacts You won’t necessarily need all these professionals, but your REALTOR® can help you assemble a list.   Name Contact Info REALTOR® ADVISERS Real estate attorney Appraiser Tax adviser INSPECTORS Home inspector Termite inspector Flood plain inspector Radon inspector Zoning inspector Lead paint inspector Occupancy permit inspector    OTHER SERVICES Survey company […]

QUESTIONS TO ASK About Property Tax It’s natural for the sale price of a home to loom large in your mind. But don’t forget to look at what your property tax bill might be. What is the assessed value of the property? Assessed value is generally less than market value. A recent copy of the […]

WHAT TO KNOW About the Appraisal Process Once you are under contract, your 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 […]

VOCABULARY Green Home Terms Whether you’re building the home of your dreams or looking for an existing unit, there’s a lot of data involved in finding the right environmentally friendly dwelling. Here’s a breakdown of the different certification systems for energy-efficient homes. RESNET The Residential Energy Services Network is a not-for-profit corporation that develops industry-wide […]

QUESTIONS TO ASK When Choosing a Home Inspector Do you belong to a professional association? There are many associations for home inspectors, but some groups confer questionable credentials or certifications in return for nothing more than a fee. Make sure the association your home inspector names is a reputable, nonprofit trade organization. Will your report […]

QUESTIONS TO ASK The Condo Board Before you purchase a condo, you should have an attorney review property documents for you. However, you should contact the board yourself ahead of time. You’ll learn how responsive and organized its members are and be alerted to potential problems. How many units are owner-occupied? Generally, the higher the […]