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Purchasing property can be a daunting task. There are many steps, people and organizations involved to make it happen. It can be confusing but it really is not, but there are professionals to guide you through the steps as well if you chose to. The key point to remember is that it is your money not theirs; so don’t be shy to ask questions, make sure you get the best service and your questions are answered clearly and you understand. After all you are the one that has to live with the consequences and end up with payments for the next 15 or 30 years!
So without further delay here are the steps a typical real estate purchase will look like:
- Go to the bank and get prequalified for a loan amount
- Find the place you can afford the monthly payments for
- Put in a contract for the property
- Agree to a sales price (make sure you haggle)
- Agree to a settlement date (that is when you get your keys)
- Get your loan papers completed and your down payment ready
- Show up at closing date
- Give money to the seller
- Sign lots of papers
- Get the house key
Congratulations you have a house and a mortgage!
Rule of Thumb
It is your money; not anyone else. Don’t be shy and ask questions
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