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17 First-Time Homebuyer Mistakes to Consider and How to Avoid Them

Redfin

Not getting pre-approved for a home loan before starting your search A common mistake for first-time homebuyers is jumping into the search without first getting pre-approved for a mortgage. Options like FHA loans , VA loans , and USDA loans offer low down payments and more lenient credit guidelines.

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How to Buy a Foreclosed Home: The Ultimate Step-by-Step Guide

Redfin

If the auction accepts financing, make sure you have a pre-approval ready. Government-owned properties Some mortgages are government-backed, like VA loans and FHA loans. If a buyer with a government-backed loan goes into foreclosure, the government will take control of the property.

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Insights Into The Maryland Housing Market: Trends And Forecasts For 2024

Realty Biz

Getting Pre-Approved For A Mortgage In a seller’s market like Maryland, getting pre-approved for a mortgage loan should be one of the first steps for hopeful buyers. Pre-approval provides a significant advantage by showing sellers you are a serious buyer with the financing ready to make a purchase.

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

HomeLight

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. Typically, the higher your credit score, the lower your interest rate will be, which saves you money over the life of the loan. Loans are between 3%-3.5% Visit this link on the U.S.

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

HomeLight

Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs to consider as well. Typically, the higher your credit score, the lower your interest rate will be, which saves you money over the life of the loan. Loans are between 3%-3.5%

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Get Ahead of Appraiser Required Repairs: How Sellers Can Avoid the Most Common Closing Killers

HomeLight

These are standards related to the overall condition of a property which will play a role in the willingness and/or ability of a lender to finance a buyer’s loan. But when you place your home on the market, it’s hard to predict if your top offer will come from a cash buyer or a buyer pre-qualified for a home loan.

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

Redfin

Debt-to-income ratio (DTI) Another major factor that a lender will consider when approving your mortgage loan is your debt-to-income ratio (DTI). Jumbo loan: Also known as non-conforming loans, jumbo loans exceed the limits set by conforming loans. What is a home inspection contingency?