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| Buying a Home |
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Homeownership can be a reality for all Americans. In fact, more Americans than ever are becoming homeowners. In 2000, the US homeownership rate reached 67.7%, the highest rate ever.
Why own a home? A home is shelter, but it is also an asset and an investment. According to the US Department of Housing and Urban Development, here are just a few things you’ll want to have handy before you start completing your home loan applications:
1. Pay stubs for the past 2-3 months
2. W-2 forms for the past 2 years
3. Information on long-term debts
4. Recent bank statements
5. Tax returns for the past 2 years
6. Proof of any other income
7. Address and description of the property you wish to buy
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What is a Mortgage? |
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mort·gage [mawr-gij] noun, verb, -gaged, -gag·ing.
–noun 1. a conveyance of an interest in property as security for the repayment of money borrowed.
2. the deed by which such a transaction is effected.
3. the rights conferred by it, or the state of the property conveyed.
–verb (used with object) 4. Law. to convey or place (real property) under a mortgage.
5. to place under advance obligation; pledge: to mortgage one's life to the defense of democracy.
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How Can I Find Out Information About My Credit History? |
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There are three major credit reporting companies: Equifax, Experian, and Trans Union. All you have to do is call one of these organizations and request your report. Once you receive it (most are doing this electronically these days, so you can have your report almost immediately), go through the report line by line and check for mistakes.
Some people even get a report from each major credit reporting company, so that they can compare the content across all three. You shouldn’t have to pay more than $20 for a full report including credit score. It is possible to get one free report each year, however that report, does not include your credit score. Contact the reporting companies at the numbers listed for more information.
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