shopping for home loan
Mortgage Preapproval Benefits
Sometimes buyers wait until they've found their dream home to apply for a mortgage. But it's better to get preapproved for one ahead of time. Preapproval will:
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Make you a more attractive candidate to sellers.
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Give you a realistic understanding of how much house you can afford, so that you don't waste time, energy, or emotion on a property that's too expensive.
At closing, the terms of your home loan will be documented in either a mortgage or a deed of trust, depending on the state in which you live. In the next module, we'll look at how to locate the right home for you.