FREQUENTLY ASKED QUESTIONS

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How do pre-qualification and pre-approval for a mortgage differ from each other?

Pre-qualification for a mortgage provides you with an estimated borrowing amount, while pre-approval involves a comprehensive evaluation of your credit and financial status by a lender to determine the specific loan amount you are approved for. Pre-approval holds more reliability and value when making a home offer.

When selecting a neighborhood for your new home, what factors should I take into consideration?

When choosing a neighborhood, it's important to think about various aspects. These include the location, schools, safety, amenities, and future development. Consider your lifestyle and priorities, and collaborate with your real estate agent to identify a neighborhood that suits your requirements.

What is the recommended budget for closing costs when purchasing a home?

The range for closing costs is typically between 2% to 5% of the purchase price of the home. These costs encompass various fees for services such as appraisals, inspections, title insurance, and lender charges. For a more accurate estimate, it is advisable to consult your real estate agent and lender.