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Getting a pre-approval
You’ve spent countless hours on Zillow, Pinterest, and watching HGTV and you think you know what it is you want, but you’re not entirely sure how to get it. You determine you need a loan, but you’ve never taken out a loan of this magnitude. You fear rejection, you fear being under prepared for the conversation with a loan officer. Good news! The bank wants to loan you money! That’s how banks work; they make money on funds they loan out and they need homebuyers just as much as homebuyers need them.
Closing Costs Defined
Closing costs are the funds that are due at closing, above and beyond your down payment amount. These vary for each transaction depending on a number of different factors including credit score, loan type, interest rate, etc. and are generally 2.5-3% of your loan amount. So, if your loan is $100,000 you can expect to pay approximately $3,000 in closing costs for that transaction. To help you better understand what these fees entail, I’ve outlined the broad strokes.
How to prepare for buying your first home.
Buying your first home can feel overwhelming at first; you don’t know where to start and the process is completely new, which can make for an intimidating situation. Worry not, this brief guide will provide you with the foundational information you need to move forward with confidence. Read on to learn more about the key steps to successfully purchasing your first property.