Redfin

JULY 30, 2025

This way, you’ll have a chance to build equity. The longer you own your home, the more equity you’ll build, leading to greater financial return when you decide to sell your home. >> Should I get pre-qualified or pre-approved for a mortgage? >> Read: Pre-qualified vs. Pre-approved: What’s the Difference?

Pre-approval

HomeLight

MARCH 6, 2023

Consider factors such as how long you plan to be in the area, if you have steady employment, and if you have enough money saved for not just the down payment, but for closing costs , maintenance, property taxes, and more. During this time, review your credit score and determine if it’s considered excellent, good, fair, or poor.

Earnest money deposit

Redfin

AUGUST 29, 2024

Homeownership is a long-term investment, and staying in one place allows you to build equity and stability. These loans are typically issued for more expensive homes and come with stricter qualification requirements. Get pre-approved As you’re researching how to buy a house, you will want to get a mortgage pre-approval.

Earnest money deposit

The Close

DECEMBER 29, 2022

It generally results in a higher interest rate or additional points, but it’s a way for homeowners to leverage their equity in a property. Loans with less than 20% down often require buyers to pay private mortgage insurance until they reach a certain equity ratio. Earnest money deposit. Certificate of eligibility.

Purchase and sale agreement