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Buying a New Home? Here's What You Need to Know

By Stephanie Welch Alexander
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Know your loans.
« Location, location, location. | Consider a buyer's broker. »
A loan rate can look great in an advertisement, but once bankers have drawn you in to the branch office, what will you really pay? Points, PMI (private mortgage insurance) and closing costs can drive your mortgage cost up.

Some programs allow buyers to have smaller down payments -- but how long are you required to stay in the home without penalty -- and how much more will you pay each month?

Be sure to read all the clauses and fine print before getting a mortgage. And don't be afraid to shop around for the best rate.



Know your needs.

Weigh the costs of home ownership.

Better to build or buy?

Location, location, location.

Know your loans.


Consider a buyer's broker.

Demand full disclosure and a professional home inspection.

Get it in writing.

What to do after the sale.

Don't forget about taxes.
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