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March 18, 2013

Buying or Selling a Home

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.

>>Under the law, who does the buyer's real estate agent work for?
>>What is an offer?
>>How do I get a mortgage?
>>What is the title search?
>>What happens at the closing?

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