Evan Templeman explains how you can buy a house without breaking the bank
Evan has ridden the waves in an industry that’s seen drastic changes. When Kosher Money first recorded a podcast episode with Evan, mortgage rates were at an all-time low. Now that they’ve risen — considerably — we touched base again to get the updated how-to for home-buyers in the American market.
Preapproval on your mortgage is an absolute must; it’s the only way a real estate agent will entertain an offer from a potential buyer. When you submit a preapproval to a realtor, you’re showing them, hey, I’m a legitimate buyer.
To obtain a preapproval on a loan, you need to call a bank or lender and submit basic documentation and information about your file. What is your purchase price? How much do you have available to put down?
Assuming your credit is good, you have the requisite down payment based on the loan you want to apply for, and your income will support that loan amount, you should be cleared for the preapproval, which you can then submit to the realtor.
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