Knowing the property taxes that you will pay is a key fact in evaluating the cost of owning a home. The listing information on a property usually includes the prior years property taxes. If this information is not included, contact the local assessors office, or ask your real estate professional about obtaining the figure and documentation from the seller. Figures will change tax rates vary, so factor that into your budget. Remember that tax payments and mortgage interest are usually deductible from your Federal income taxes. Your real estate professional may have advice about additional tax liabilities or benefits for a particular property.

It is difficult not to hit information overload while looking at possible home purchases. Take pictures, measure and maintain a scorecard as you go, but pay especial attention to these things: Maintenance and Potential Problems. Look critically at systems like heat and AC; appliances and working mechanisms like doors and garage doors. Observe the roof as best you can; even though it will probably be inspected, its a critical aspect of each house. Look down! Carpets and floors are big wear points. Ask lots of questions about the house, and include questions about the neighborhood and community. Look for clear and complete answers as you go. Consistent questions and a scorecard will save you time in the long run. This free Federal resource may be useful: https://www.hud.gov/sites/documents/CHECKLIST-EN.PDF

Watch this short video for some useful tips for the overall home-search process. These include: Take lots of pictures of each. Outside, key rooms, yard, garage and features you care about. Comparing pictures is faster than re-visiting. Document and "score" as you go. Measure — ideally, the same measurements for each place. The Federal Housing and Urban Development agency - HUD - provides a helpful scorecard to use. They recently moved the scorecard; heres the new web address: https://www.hud.gov/sites/documents/CHECKLIST-EN.PDF Alternatively, keeping record on a smartphone with an app or spreadsheet may facilitate the process, especially for couples and families.

Learning everything about a community in making a home-buying decision can be tough. Here are some tips: Visit the library. Community libraries are a great way to get the pulse of a place — resources, local events, and more. Contact schools. If the schools will be part of your life in a new place, connect with them directly. Try the Chamber of Commerce. Many communities maintain a formal Chamber of Commerce, and helping someone understand what the community has to offer is their job. Welcome kits, maps and other information may save you time. And of course, talk to real estate professionals. Being a local expert is their job.

Once you have supplied these 6 facts to a lender, the clock is started for them to return a Loan Application within 3 business days: Loan Amount Estimated Property Value Property Address Your Name(s) Your Social Security Number(s) Your Income Lenders are free to collect additional information based on their loan application processes, but are not free to change the 3 business day deadline. Once these 6 facts are accepted in an application, lenders are required to respond on time.