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#1 Don’t “Gush” To The Seller’s Realtor®
Control your emotion! Remember, the seller’s Realtor® DOES NOT work for you. Everything you say and do is shared with the seller shortly after you view the home or meet with the real estate agent. “Falling in love” hurts your ability to negotiate.

#2 Many Homes Are Over-priced Today
According to Standard and Poor's business research division, the average American home value dropped by more than 12% from 2007. This is the biggest drop in home values since 1987; the year the home value study was first done. It makes sense to negotiate ALL real estate purchases.

#3 Watch Out for the Internet “Bait & Switch” Scam
The bait is a very low introductory interest rate offer by an unfamiliar home loan company. The switch varies a little. The common switches look like this:
  1. The interest rate increases in the future. These are sometimes called ARMs (Adjustable Rate Mortgages). We’ve all heard the bad press in the last year about “adjustable ARMs.”
  2. You only get the low rate by “paying points” to buy down the interest rate. Whether you pay the high interest rate over time or up front, you still pay too much for the money.
  3. You get hit on closing with surprise fees. Companies that use this tactic are betting you won’t back out at the closing table.
 
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Top 5 Insider Money-Saving Secrets

Top 5 Insider Money-Saving SecretsHomes cost many thousands of dollars. Even small mistakes on numbers this large, can be costly. We provide these insider secrets to help you make a better deal on what may be the largest purchase of your life!
 


#4 Don’t Be a Victim of Mortgage Fraud
According to a study done by the FBI, mortgage fraud in 2006 caused industry losses between $946 million and $4.2 billion. Run away from a mortgage broker that encourages you to over-estimate your income and assets or a broker that under-estimates your interest rate and closing costs. In 2006, the Mortgage Asset Research Institute said that $276 billion in unverified income loans were made… 60% of which the income was exaggerated by at least 50%.
Mortgage Insurance companies are on high alert. Avoid a serious delay or denial of your loan by insisting on flawless credit information.

#5 Avoid The "Sell-It-High-And-Make-It-Fly" Loan Officers
Most Loan Officers are paid a commission based on the amount of fees they charge on your loan. While you should expect to pay a small percentage to the Loan Officer as an "Origination Fee", watch closely to make sure you are not being overcharged by a shady Loan Officer that is only interested in how much money you can make them, rather than what's in your best interest.
Be wary if they don't clearly explain the Good Faith Estimate line-by-line and leave you with a copy at your inital meeting (weeks before the closing).

 

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