preapproval: How to Leap Those First-Time Buyer's Hurdles
- 01/15/12 03:30 AM
First-time home buyers have plenty of obstacles to overcome. There is an intricate maze of details that need to be carefully navigated. Following are five obstacles that first-time buyers have to overcome when looking to buy a home: Down Payment: Saving enough for the down payment may not be sufficient. Closing costs must also be considered. Closing costs are additional fees such as the lawyer's fees, escrow charges, appraisal fees, financing fees and utility adjustments. A good rule of thumb is 2% of the purchase price will cover the closing costs. So for a $200,000 home with a 5% down payment, you … (0 comments)
preapproval: Why Smart Buyers Get Pre-approved for a Mortgage
- 11/03/11 01:04 PM
It’s a smart idea to get pre-approved for a mortgage before you begin shopping. Often, a real estate agent will ask if you’ve been pre-approved. A pre-approval and pre-qualification indicates how much money you can afford to borrow to buy a home. Pre-qualified and pre-approved mortgages can be obtained with no obligation, and that means you won’t have to purchase a property nor is it necessary to use the lender who gave you the pre-approval. The terms pre-approval and pre-qualification are sometimes used interchangeably, however they do refer to different services. Pre-qualified mortgages are based solely on information you … (2 comments)
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Dave Hill PhD,ePro,SFR,CIAS,BPOR,CNE,CSC Chicago Area Real Estate Agent
First-time home buyers have plenty of obstacles to overcome. There is an intricate maze of details that need to be carefully navigated. Following are five obstacles that first-time buyers have to overcome when looking to buy a home: Down Payment: Saving enough for the down payment may not be sufficient. Closing costs must also be considered. Closing costs are additional fees such as the lawyer's fees, escrow charges, appraisal fees, financing fees and utility adjustments. A good rule of thumb is 2% of the purchase price will cover the closing costs. So for a $200,000 home with a 5% down payment, you … (0 comments)
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