Don't just go with your primary bank. Get quotes from multiple sources, including local banks, credit unions, and online brokers. Compare their loan estimates, looking closely at both the interest rates and the loan origination fees. 3. Understand Your Loan Options
These are the fees required to finalize the mortgage, typically ranging from 2% to 5% of the loan amount. You must save for these in addition to your down payment. guide to buying your first house
Lenders like to see that you will have some money left in the bank after closing to cover emergencies or immediate repairs. 3. Determine Your Budget Don't just go with your primary bank
Attend open houses and private showings with your agent. Don't just look at the house itself; look at the neighborhood. Visit the area at different times of the day and week. Check traffic patterns during your potential commute times. Look at the condition of neighboring homes. Phase 4: Making an Offer and Closing Lenders like to see that you will have