Getting pre-approved for a mortgage is an important step in the home buying process. Pre-approval shows sellers that you are a serious buyer and that you have the financial means to purchase a home. To get pre-approved, you will need to provide your lender with information about your income, debts, and assets. Your lender will then review your information and issue you a pre-approval letter.
What are the closing costs associated with a mortgage?
Closing costs are the fees that you will need to pay in order to finalize your mortgage loan. These costs can include things like the loan origination fee, appraisal fee, title insurance, and attorney fees. Closing costs typically range from 2% to 5% of the loan amount.
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