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home financing

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Buying a Home

How to Find Your Dream Home in 10 days

July 9, 2013

You’ve probably heard of the movie, How to Lose a Guy in 10 Days. Watching that film had us thinking…what else can be done in a 10-day time period? How about finding your next home? It’s possible! We’ve broken down the process day by day to show you how. DAY 1: BUDGET   Wake up, stretch, get a cup of coffee and get ready to look at your finances. Make a detailed list of all your monthly expenses and determine what you can afford to…

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Financing & Insuring

Quick Facts on PMI

June 19, 2013

What is PMI? PMI stands for private mortgage insurance. It’s an insurance policy that protects a mortgage lender against loss if a borrower defaults on a loan. Who is asked to pay PMI? It varies, but lenders typically require PMI on conventional loans with a less than 20% down payment. How much does PMI cost? PMI cost varies according to many factors, including the amount you’re borrowing, your loan type and term, your credit score and the amount of your down payment. In general, PMI…

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Buying a Home

3 Ways to Take Advantage of the Current Housing Market

April 8, 2013

Have you read the positive housing market news lately? From many accounts, the economy seems to be on the road to recovery. But the question remains: Is now a good time to buy a new home? There are positive aspects to every market. Here’s how to take advantage of what’s happening now: 1. Secure a mortgage before rates rise (even more) Interest rates are on the rise, but that doesn’t mean it’s time to hold off. Rates are still much lower than in previous decades.…

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Financing & Insuring

How Much House Can I Afford?

February 25, 2013

Attractive interest rates, news of rising home values and tight rental markets have many Americans daydreaming about a new home. If you’re one of them, you may be surprised by how much home you can afford—and how easy it can be to find out. Step 1: Review your budget. If you don’t already have a budget, write down all of your regular expenses and determine what kind of payment you feel comfortable making every month. Need a budget worksheet to help you get started? There’s…

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Financing & Insuring

From the FAQ File: Credit Health

January 2, 2013

Some of the questions we receive aren’t about Richmond American Homes, but about homebuying in general. For example… Q: Do I have to have spotless credit to buy a home? A: No, but a good credit history may help you get a better interest rate on your mortgage. If you’re not sure whether you’re ready to buy a home, you may be interested in our free First-time Homebuyer Guide. It contains budget worksheets, credit management tips, mortgage FAQs, moving checklists and other resources to help…

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