Fearless Home

On mortgages:
"There are two basic rules to remember when you’re in the market for a home loan. First, there are a lot of lenders out there competing for your business, so shop aggressively for the best deal. Second, never forget that the loan officer is a salesperson. While a good salesperson knows his or her products inside out and can help you find the one that fits best, you must never confuse a loan officer with a financial counselor. That loan officer wants to sell you a mortgage, the larger the better. And he or she earns more profit on some loans than on others."

On specialty loan plans:
"At first glance, bi-weekly payment plans seem to make money materialize out of the clouds... Actually the magic of these plans is quite transparent and not magical at all. You pay off the loan early because you’re paying more money each year. By making payments every two weeks, you end up making thirteen months’ worth of payments each year instead of twelve."

On home styles:
"Though they’ve been designed to meet our every need (with the help of buyer-preference surveys and focus group studies), some aspects of contemporary-style homes still take getting used to. First, with the open kitchen/family room arrangement, it can seem you’re always in the kitchen. The family cook(s) had better be tidy, because there’s no place to hide your mess... And if everyone in the household has a self-contained bedroom-bath area with their own television, computer and phone, you may find that you don’t talk to each other so much any more."

On dealing with real estate agents:
"Do a lot of research before you sign up a buyer’s agent. You want one who has a no-nonsense reputation for bringing sound contracts to the table that will close without headaches... If you use an agent who has a reputation for presenting offers that fall apart before they close, or who’s haphazard about paperwork, or who’s simply unpleasant to work with, you could find that your strong purchase offers get rejected...and you might never know what the problem was."

On negotiating a deal:
"Brace yourself for the idea that the sellers’ agent may try to shop your offer around, hoping to draw a higher bid from another buyer. You can try to limit this by putting an expiration date on your purchase offer, say forty-eight hours from the time your agent presents it. Creating a little bit of urgency is a tried-and-true retailing tool."

On getting insurance:
"If the sellers of that home filed a couple of claims over the past few years, that home has a rap sheet that could cause insurers to balk at giving you a policy. You do have the power to check out your CLUE report -- and that of the house."

On finding a neighborhood:
"I’m convinced there are only two things honest people routinely lie about: their weight and their commute. If you ask them, they’ll shave a bit off each."

On community associations:
"Before you move into any neighborhood governed by a community association -- including detached homes in a neighborhood governed by a homeowners’ association, as well as townhouses and apartments owned separately or as condos or co-ops -- it’s critical that you review the association’s financial statements as well as it’s governing documents... Sure, they’re boring, but associations are clubs you can’t quit, and belonging to a badly run association can make your life miserable."