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15 Homebuying Terms You Should Know When Searching for Your New Home

RIS Media

Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. During this time, the home is inspected and appraised, and the title searched for liens, etc. Loan estimate : A three-page document sent to an applicant, often three days after they apply for a home loan.

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How to Choose a Mortgage Lender: 10 Steps For Success

Redfin

Understand loan options: Learn about different mortgages like conventional, jumbo, and government-backed loans (FHA, VA, USDA). Prepare thoroughly : Improve your credit score, set a budget, and get pre-approved to streamline the home-buying process and secure a favorable mortgage.

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How to Buy a House in San Diego: 14 Steps to Close the Sale

HomeLight

With tips on everything from how to save for your down payment, specific loan programs for buyers, and what you should look for in an agent, we’ve got you covered. Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs you might have as well. Loans are between 3%-3.5%

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How to Buy a House in the Bay Area: 14 Steps to Close the Sale

HomeLight

With tips on everything from how to save for your down payment, specific loan programs for buyers, and what you should look for in an agent, we’ve got you covered. Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs to consider as well. Loans are between 3%-3.5%

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Buy Your First Home in Massachusetts: 15 Questions Answered

Realty Biz

This includes checking your credit score, saving for a down payment, and getting pre-approved for a mortgage. Online mortgage calculators can provide a rough estimate, but getting pre-approved by a lender will give you a more accurate figure. What Is a Mortgage Pre-Approval? They typically range from 1% to 3% of the loan amount.

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How to Buy a House in 15 Steps: The Ultimate Guide

Redfin

Your credit score is important as it influences whether you qualify for a loan, the type of loan, and what interest rate you’ll receive. Generally speaking, a credit score of 620 is the minimum credit score for a conventional loan, although some lenders look for a score of 700 for new homebuyers. VA loan: Backed by the U.S.

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This Checklist and Timeline Is Your GPS for Buying a House

HomeLight

Your debts include student loans, car loans, child support payments, and credit card bills, plus your mortgage. Paying off some loans before you start house-hunting can help you to qualify for a bigger home loan. Pre-qualification is just an estimate of what size loan you might qualify for.