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Stephanie Pedersen
Stephanie Pedersen
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Stephanie Pedersen

Financing – You will need to get pre approved for a loan before purchasing a home. It’s a good idea to go through this process before you start looking at homes. This will give you a better idea of what price range you will be comfortable buying in. MORTGAGE CALCULATOR 

How to get financing – Contact a mortgage broker or a bank. They can take most of your financial information over the phone and can give you a rough idea of what you can get pre approved for. Once you get an idea you will need to supply them with the necessary supporting documents to get the official pre approval letter. You will need a pre approval letter to go under contract on a new home. I recommend you “shop around” for the best interest rate. This can make a big difference over a 30 year mortgage and also can make a difference in your monthly payment. Ask Stephanie who she recommends you call.

Financing options – There are several different loans you may qualify for and it’s much easier than you may think. When I began my first home search I thought I would need 20% down. I was wrong. Like many other first time home buyers I didn’t realize their were several options available. After consulting a mortgage broker I was surprised to find that not only did I qualify for a loan but I qualified for a few different loans. In fact, as a first time home buyer I qualified for a Rural Development Loan. That meant I could purchase my first home with no money down. 100% financing!  I have had many first time home buyers successfully purchase their first home using this loan option. It’s a great option for those that don’t have the savings to bring to the table or simply want to keep their hard earned savings in their pocket.

MORTGAGE CALCULATOR