Buying a home is a complex process that can seem overwhelming, especially for first-time home buyers. Knowing more about what to expect can make the process seem a bit clearer, which can ease buyers’ concerns.
Here are some of the basics to keep in mind for understanding the real estate market:
- Get a pre-approval letter. This piece of paper indicates that you’re financially ready to buy a home and lets you know the estimated amount you can expect to borrow. This letter comes from a lender, who will verify all of the information you give them.
- Know the lingo. The real estate market has its own lingo that can be confusing to buyers. Commonly used terms include “closing costs,” which are the expenses the buyer and seller pay when completing the deal, and “listing,” which refers to the buyer’s agreement to let the real estate broker market the home and take care of selling it.
- Choose the right mortgage. There are several types of home loans available, including fixed rate, adjustable rate and special loans for first-time home buyers. You should choose a home loan that fits your financial situation and helps you afford a home that’s within your budget.
Want more help understanding the real estate market? Contact me today!
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