Real Estate Lawyer: Down Payment, Credit, Key to Mortgage Rate

Thursday, 28 Aug 2014 04:39 PM

By Bill Hoffmann

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Saving enough money for a down payment on a home or apartment is one of the most important financial decisions a person can make, real estate lawyer Shari Olefson says.

"Saving the down payment is the number one thing, and of course, really getting your credit score to look stellar," Olefson said Thursday on "The Steve Malzberg Show" on Newsmax TV.

"Those are the things that are going to get you the best rates."

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Olefson — director of The Carnegie Group and author of "Financial Fresh Start: Your Five-Step Plan for Adapting and Prospering in the New Economy" and "Foreclosure Nation: Mortgaging the American Dream" — said prices of real estate transactions are rising.

"The closing costs to buy a home are up 6 percent now and even owning a home, we know taxes and insurance and all those other fees associated with home ownership are very high," she said.

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