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5 STEPS TO BUYING REAL ESTATE: Step 2 – Money!! Obtaining a pre-approval for your mortgage

Be aware of your options: talk to professionals.

– Have you saved for a down payment?  It’d be nice if you could pay cash on a home, but if you are like most people, you aren’t able to do that just yet.  Ideally, you’ll want to have 20% down. The minimum down payment percentage depends on your bank so do some shopping around and keep an eye on interest rates.

– I recommend using Dave Ramsey’s Mortgage Calculator: http://www.daveramsey.com/articles/article/articleID/mortgage-calculator/category/lifeandmoney_realestate/?snid=tools.mortgagecalc#/entry_form  Play around with the different tools available to become familiar with different options for paying off your mortgage.

– Reach out to your family, friends, neighbors, to ask them about their home buying experience.  Gather some advice from them as well as your real estate agent.

– Obtaining your pre-approval from the bank.  Basically, what you’ll want to take with you to the bank are the following: SSN, Driver’s License, hourly/salary wage, bonuses, overtime, and what your total income was for the past two years per year.

Buying Real Estate 5 stair steps

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