Basics of Buying a Home
How do I get a mortgage?
- Once the offer has been accepted, you'll apply for financing. Typically, the buyer pays 10 or 20 percent of the purchase price in cash and takes a loan for the balance.
- Banks and other institutions offer a wide range of mortgages with a variety of interest rates and terms. It pays to shop around and compare. You will probably be charged a "loan application fee" of a few hundred dollars.
- Some people "pre-qualify" for a mortgage before they make an offer. That speeds up the process.
Practical Law Home | Buying or Selling a Home | *Basics of Buying a Home*
Basics of Selling a Home | Why Real Estate Is Covered By Special Laws | Real Estate Brokers
The Purchase Contract | Financing a Home Purchase | The Closing | The Fair Housing Act
Where to Get More Information