Nolo's Essential Guide to Buying Your First Home (80 page)

Read Nolo's Essential Guide to Buying Your First Home Online

Authors: Ilona Bray,Alayna Schroeder,Marcia Stewart

Tags: #Law, #Business & Economics, #House buying, #Property, #Real Estate

BOOK: Nolo's Essential Guide to Buying Your First Home
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Junk mail, stopping
 
L
 
Landscaping and gardening
 
hazard insurance coverage
 
old houses and
 
overview
 
restrictions on tree removal
 
Lawn, replacing with native plants
 
Lawsuits
 
against community associations
 
against prospective house
 
seller unable/unwilling to transfer property
 
against specific developers
 
Layout and floorplan
 
assessing
 
houses overlooked due to poor
 
of old houses
 
Lead-based paint
 
disclosure requirements
 
inspections to check for
 
Leases, proprietary, for co-op buyers
 
Lenders
 
approval or commitment letters from
 
closing agent coordination role
 
closing date and commitment of
 
co-op closing role
 
credit history requirements
 
debt-to-income ratio requirements
 
foreclosed properties and
 
government-assisted loan information from
 
help in creating intrafamily loan documents
 
inspection requirements
 
mortgage broker liaison role
 
mortgage-related websites
 
occupation requirements of
 
overview
 
for preapproval
 
preapproval vs. prequalification
 
pre-closing investigations by
 
profits from points
 
repair requirements of
 
researching interest rates
 
seller financing and
 
short sale approval requirement
 
title insurance requirements
 
See also
Financing entries; Loan entries; Mortgage entries
 
Lender’s or mortgagee’s policies
 
See also
Title insurance
 
Leshnower, Richard, background and thoughts
 
LIBOR (London Interbank Offer Rate), indexes from
 
Liens
 
tax, on foreclosed properties
 
title clouds and
 
Life-of-the-loan caps, for ARMs
 
Life plans
 
as house priority
 
single persons and homeownership
 
Lifestyle, as house priority
 
Listing agents
 
Living costs (loss of use), hazard insurance coverage
 
Living trusts, shared property and
 
Loan fees
 
FHA loans
 
intrafamily loans
 
purchase agreement clause
 
VA loans
 
Loan officers
 
See also
Lenders; Mortgage brokers or bankers
 
Loan origination fees.
See
Points
 
Loans
 
amount and conditions in purchase agreements
 
default provisions
 
home equity lines of credit
 
home equity loans
 
hybrid
 
piggyback (80/10/10)
 
recasting
 
student
 
from Virgin Money
 
See also
Financing entries; Government-assisted loans; Mortgage entries; Preapproval
 
Loan-to-value ratio, interest rates and
 
Locks, changing after move
 
London Interbank Offer Rate (LIBOR), indexes from
 
Looking at prospective houses
 
amount of time spent
 
caution against signing on spot
 
children at visits
 
condominiums
 
co-ops
 
feng shui tips
 
finding out what’s available
 
First-Look Home Inspection Checklist
 
FSBOs houses
 
full-service rebate agents and
 
house visit checklist
 
house visit planning
 
layout and floorplan assessment
 
newly built houses
 
open houses vs. individual appointments
 
overview
 
picking up paperwork
 
questions for seller
 
real estate agent roles
 
recent remodels
 
staging
 
what to expect
 
See also
Neighborhoods; Open houses; Overlooked houses
 
Lot size, not-yet-built houses and
 
M
 
Macintosh operating systems
 
installing CD-ROM forms
 
listening to audio files
 
Maintenance and repairs
 
“as-is” property
 
bank-required repairs
 
for CIDs
 
by community associations
 
cost of
 
developer responsibility for
 
hazard insurance exclusions
 
by home inspectors
 
home warranties
 
information resources
 
of items listed in inspection report
 
maintenance records
 
money for deposited in escrow accounts
 
tearing down vs. repairing
 
See also
Fixer-uppers; Inspections/inspection reports; Remodeling
 
Maintenance services, professional
 
Manufactured homes.
See
Factory made homes
 
Margins
 
for ARMs
 
for two-step loans
 
Market temperature
 
down payment amount and
 
hot and cold markets
 
interest-only ARMS and
 
new-home financing and
 
offer amount and
 
offer strategies for cold markets
 
offer strategies for hot markets
 
overpriced houses
 
seller financing and
 
Married couples
 
community property
 
community property with right of survivorship
 
houses contributed by each person
 
joint tenants with right of survivorship
 
sole property and
 
tenants by the entirety
 
Medical bills, liability insurance coverage
 
MLS.
See
Multiple Listing Service
 
Mobile or modular homes.
See
Factory made homes
 
Mold problems, specialized inspections
 
Mom’s Crunchy Granola Cookies, recipe
 
Mortgage applications.
See
Uniform Residential Loan Application
 
Mortgage Broker Interview Questionnaire
 
Mortgage brokers or bankers
 
attorneys for
 
brokers distinguished from bankers
 
to calculate ARM payments
 
certification of
 
closing role
 
gift letter requirements
 
government-assisted loan information
 
how they are paid
 
as information resource
 
from lending institution
 
for newly built houses
 
overview
 
preapproval from
 
repair solutions from
 
to research interest rates
 
responsibilities of
 
selecting
 
Uniform Residential Loan Application assistance
 
Mortgagee’s or lender’s policies
 
See also
Title insurance
 
Mortgage payments (repayment schedules)
 
for balloon loans
 
closing date and
 
debt-to-income ratio and
 
down payment amount and
 
gifts from family or friends
 
interest rates and
 
listed in monthly payment letter
 
loans from family or friends
 
making payment arrangements
 
for option arms
 
principal and interest variations
 
principal component of
 
for seller-financed loans
 
for VA loans
 
See also
Interest, mortgage
 
Mortgage rate buydowns
 
for new homes
 
for seller-financed loans
 
Mortgages
 
closing documents
 
debt-to-income ratio and
 
from developers
 
first, loans from family or friends
 
hybrid loans
 
for loans from family or friends
 
online glossaries
 
online sites
 
overview
 
prepayment penalties
 
purchasing online
 
researching
 

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