Closing costs typically range from 2% to 5% of the purchase price. This covers things like appraisal fees, title insurance, and lender processing fees. Some buyers negotiate with the seller to cover part of these costs, but it’s best to plan as though you’ll need to pay them yourself. Here’s a simple savings plan you can start today: • Open a separate savings account just for your home purchase. • Set up automatic transfers — even a small amount adds up quickly. • Put windfalls like tax refunds, bonuses, or side hustle income into this account.
THE PRE-APPROVAL ADVANTAGE
Before you even start touring homes, getting pre-approved by a lender is one of the smartest moves you can make. A pre- approval tells you exactly what you can borrow, gives you credibility with sellers, and often speeds up the closing process. The pre-approval process is straightforward. Your lender will review your income, assets, debts, and credit history, then provide a letter stating how much they’re willing to lend you. This letter is like having a “green light” in hand — it shows sellers you’re serious and ready to act. If you’re not sure where to start, I can connect you with lenders I trust who will take the time to explain your options and find the best fit for your situation. Buying a home isn’t just about the numbers — it’s also about your mindset. This process will bring up big decisions, and sometimes those decisions come with emotions attached. Being financially prepared helps you stay calm and confident when
20
Powered by FlippingBook