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Home Buying Process

Buying a home can be a very stable and solid investment. Not only can it provide helpful tax benefits, but it also allows you to build equity for a stronger financial future. If you’re just starting to think about buying a house, you’ve come to the right place.

Did you know?

Purchasing a home can be a very stable and solid investment. Not only can it provide helpful tax benefits, but it also allows you to build equity for a stronger financial future.

Check your credit history first

This will give you a good idea of the rates lenders are likely to offer you.

Pre-qualified vs. Pre-approval: What’s the difference?

Getting pre-approved or pre-qualified can be a great way to show sellers you’re serious about buying a home. If you’re looking in a competitive market, it can really help you stand out.

Pre-qualification

This is a preliminary step in obtaining a loan and it’s something you can do yourself. It provides a good indication of what homes you can qualify for. None of this information is verified. This is where pre-approval comes into play.

Pre-approval

Pre-approval tells sellers and agents that you’re serious about buying a home and that financing will not be a problem. With a home loan pre-approval in hand, your lender will have verified all the information you included on your application. Your name could move to the top of the list if a house has multiple bids. Pre-approval is not the final step. Lenders will require that you specify a property before locking the rate.

Determine your down payment

The more the better. If you can put down 20 to 30% get a better loan term . But if you can’t swing that much, don’t let it stop you from applying. Lenders realize that many of us can’t afford the traditional 20% down. But leave yourself some breathing room. You’ll need some cash for decorating, appliances, landscaping or more. And don’t forget about the closing costs.

 

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