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Important things to know

Closing Costs

When purchasing a home, there are out of pocket costs involved aside from getting a loan. Closing costs involves fees charged by the lender and escrow company which is around 4 to 6% of the loan amount. Prior to searching for homes, Buyers need to prepare for this cost to enable them to put an offer and be ready to close their transaction.

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Getting Prequalified

Getting Prequalified will direct both the buyer and the agent on what price range to look at. Not knowing what you are qualified for will result into wasted time and frustration. Many Sellers and their listing agents require a buyer to get prequalified before they schedule a showing.

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Appraisal

The bank will order an appraisal, which will determine the market value of the house you are purchasing. The bank will base how much they will loan on the appraisal value. If the appraisal value is higher than the purchase price, the bank will loan you X percent of the purchase price. If the appraisal value is lower than the purchase price, the bank will loan you X percent of the appraisal value. X percent is the percentage the bank is willing to loan a buyer, otherwise referred to as Loan to Value.

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