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The first step in buying a home is getting pre-approved for a mortgage. A pre-approval helps you understand how much you can borrow and shows sellers that you’re a serious buyer. To get pre-approved, you’ll need to provide financial documents such as proof of income, credit history, and bank statements.

The amount needed for a down payment depends on the loan type. Conventional loans typically require 5–20%, while FHA loans may require as little as 3.5%. Some programs, like VA loans, offer 0% down payment options for qualified buyers.

Closing costs are fees associated with finalizing a home purchase, including lender fees, title insurance, appraisal fees, and taxes. They usually range between 2–5% of the home’s purchase price.

A fixed-rate mortgage offers consistent monthly payments over the loan term, making it ideal for long-term stability. An ARM has lower initial rates that adjust after a set period, which can be beneficial if you plan to sell or refinance before the rate adjusts.

Your affordability depends on your income, debt-to-income (DTI) ratio, credit score, and the loan terms. Use our online affordability calculator to estimate your budget.

Refinancing replaces your existing mortgage with a new one, usually to lower your interest rate, reduce your monthly payment, or switch loan types. It’s also a good option for accessing home equity or shortening your loan term.

Refinancing costs typically include appraisal fees, title insurance, and lender fees. These costs range between 2–6% of the loan amount. Some lenders offer “no-closing-cost” refinancing, where costs are rolled into the loan balance.

Most lenders require at least 20% equity to qualify for a conventional refinance. However, government-backed programs, such as FHA or VA streamline refinancing, may have lower equity requirements.

A cash-out refinance allows you to replace your current mortgage with a new, larger one and take the difference in cash. This is often used for home improvements, debt consolidation, or other major expenses.

Refinancing makes sense if it lowers your interest rate, shortens your loan term, or reduces your monthly payment. Use our refinance calculator to see if you could save money.

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What is Home Equity Loan (HEL)—Everything You Need to Know HEL, or home equity loan, is one of the most commonly used financing methods in the US. However, it is one of those loan types where you have to pledge something as collateral. So, is it a good option? What are the drawbacks and perks […]

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How to Buy a Home—Step-by-Step Guide for Home Buyers

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Home Equity Loan vs Home Equity Line Of Credit

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What are the Benefits of Refinancing Your Home Loan?

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What is the one thing most homeowners do when the interest rates dip? Yes, you guessed it right—they go for refinancing. Refinancing your home loan not only lowers the interest rate and shortens monthly installments, but it is beneficial in many other ways. The following are the top benefits of refinancing your home loan, but […]

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