Don’t Go Shopping for a New Home Before You Know Exactly How Much You Can Spend!
It’s always best to pre-qualify for a mortgage so you know exactly how much a financial institution would be willing to lend you.
In the pre-qualification process, you will find out:
- Exactly how much home or land you can afford
- How much cash you will need for the down payment
- The minimum down payment, and advantages of higher down payments
- What the bank feels you can afford for a monthly payment
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