When you want to purchase a home, one of your first steps should be meeting with a local lender and getting pre-approved for a loan.
This step is important for 3 reasons:
1. You'll know what you can spend. Looking at homes you can't purchase not only wastes your time, it's depressing. And, as many home shoppers have learned, once you switch to homes you can afford, none of them will please you. 2. You'll know if you need to restrict your search to homes that meet certain loan requirements. Some loans have … (0 comments)
first time buyer buffalo ny: The purchase price is just one component of a home purchase offer
- 12/06/13 11:04 PM
While most sellers look first at the stated purchase price of a home in Buffalo, the price is really only the starting point. Other details reveal the true costs to the buyer and the true proceeds to the seller. The most obvious is the request for the seller to pay the buyer's closing costs. Depending upon the loan program, this could be as much as 9% of the purchase price. On a home valued at $200,000, paying buyer's closing costs could mean an $12,000 reduction in proceeds for the seller – and an $12,000 savings for the buyer. Then … (1 comments)
Becoming pre-approved – the important first step in shopping for a new home
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