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TLDR: This step includes everything you need to do and know before you make an offer. You’ll move on to the next step when you’re ready to make an offer.
TLDR: This step includes everything you need to do and know before you make an offer. You’ll move on to the next step when you’re ready to make an offer.
An Overview of Step 1
An Overview of Step 1
Step 1 encompasses all activities before an offer is made, and includes information about all things financing-related, including how much to put down, how much to save for closing costs, looking up loan assistance and grant programs, finding a lender, and getting pre-qualified or pre-approved. Probably the most fun of any of the tasks, you'll also look at houses in this step.
Step 1 Tasks
Step 1 Tasks
Prepare to Pay for the Property
Calculate What You Can Afford (optional)
Estimate Your Down Payment (optional)
Estimate Your Cost to Close (optional)
Save for Settlement Costs (optional)
Look Up Loan Assistance (optional)
Improve Your Credit Score (optional)
Make a List of Desired Features (optional)
Fun Fact
Fun Fact
Real estate is the most common way to become a millionaire in the United States!
A Word to the Wise: Knowing the Intricacies of Financing will get you a Good Deal
A Word to the Wise: Knowing the Intricacies of Financing will get you a Good Deal
Let's start with the most basic requirement for buying a house: paying for the property. You'll either need cash or a loan to get the house, and because paying the seller for your purchase is such a major requirement to close on the property, you'll want to know something about house loans, also known as mortgages.
While the subject of mortgages and interest rates can make many an eye glaze over, knowing the ins and outs of lending terms can help you save a boatload of money both in the short and the long term. With that in mind, our goal is to provide you with information that allows you to make the best decisions for you–but in order to keep you from clicking away to a different page, we’ll keep our explanations simple.
Next Steps
Next Steps
You'll move on to Step 2 once you've gotten pre-approved for a house and are ready to make an offer!
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