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When you are ready to take the next step, you have one of
two choices:
1) You
can get "credit approved" which means you meet
with one of our loan counselors and make a formal loan application
before you sign a contract to buy a home. We process your
application and send it to a lender. If they approve your
loan, you will receive an approval letter which is good
for about 60 days. Then you can go out and choose a home
knowing exactly how much you can spend and what it will
cost you OR
2) You
can sign a contract to buy a home. Once you have signed
a contract, you have only 10 days to make your formal loan
application. At that time, the same process described in
step one above will take place.
Either
way, fees you need to be prepared to pay include:
- $50
per unmarried person for a mortgage credit report (if
you are married, both of you can get your credit report
for one $50 fee)
- $250
for an appraisal to determine the value of the property
- $175
for a home inspection to determine the condition of the
property and if any repairs must be made
-
A binder or down payment towards the purchase of your
home, which is usually $500.
These
costs are included in your part of the down payment and
closing costs.
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