Earnest money is an amount of money you put down to show you’re serious about purchasing a home. It’s also known as a good faith deposit.When a buyer and seller enter into a contract,
Buyer Tip - Get Pre Approved
Dated: November 21 2020
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Before you start shopping, it's important to get an idea of how much a lender will give you to purchase your first home.
You may think you can afford a $300,000 home, but lenders may think you're only good for $200,000 based on factors like how much other debt you have, your monthly income, and how long you've been at your current job.
In addition, many realtors will not spend time with clients who haven't clarified how much they can afford to spend.
You will also want to make sure to get preapproved for a loan before placing an offer on a home. In many instances, sellers will not even entertain an offer that’s not accompanied by a mortgage preapproval.
Start by applying for a mortgage and completing the necessary paperwork. It is beneficial to shop around for a lender and to compare interest rates and fees.
Message me for any questions or recommendations for a great lender!
I am a REALTOR┬«, in The East Coast & Central part of Florida. Specializing in Vero Beach, Sebastian, Palm Bay & surrounding areas. We have a wide variety of real estate homes in all Indian River Co....
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