Whether you’re buying your first home or your dream home, knowing what to expect can take the guesswork out of the process. We’ve partnered with Better Mortgage to highlight expert tips on how to buy your perfect home.
The Path to Homeownership
Step 1
Terms to know
Down Payment
A down payment is the cash you pay upfront when you’re buying a home. The down payment represents a portion of the purchase price, and buyers typically take out a mortgage loan to finance the remaining amount.
Step 2
Terms to know
Mortgage Pre-approval
A mortgage pre-approval means that a lender is prepared to offer you a mortgage. The lender will issue a pre-approval letter to show how much you can borrow. Many sellers require a pre-approval letter before they accept an offer.
Step 3
Terms to know
Conventional Loan
A conventional loan is a mortgage loan that you would receive from a non-government lender. There are several types of conventional loans available and they vary in terms of their eligibility requirements, interest rates, and more.
Step 4
Terms to know
Housing Expense Ratio
A housing expense ratio is a calculation used by mortgage lenders to determine what percentage of your income you’ll need to cover housing costs. These include expenses such as monthly mortgage payments, interest, taxes, and insurance.
Step 5
Terms to know
Bidding War
A bidding war is a fairly common occurrence and it happens when two or more prospective buyers compete for ownership of a property by incrementally increasing bids.
Step 6
Terms to know
Home Inspection
A home inspection allows you to evaluate the current condition of the property they'd like to buy. Although not a required part of getting a mortgage, it's an important step that can help prevent unwanted surprises.
A Place to Call Home
The right property can make a big difference to the way you view homeownership and your life as a homeowner. Planning your budget carefully, knowing what to look for, and having the right partner in your corner can make the homebuying process easier and help you turn your new house into a forever home.
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