Purchasing
Buying a home is an exciting milestone, and the mortgage process begins with choosing between purchasing and refinancing. Purchasing refers to securing a mortgage to buy a new property, while refinancing involves replacing an existing mortgage with a new one—usually to get a better rate or different terms. If you're buying a home for the first time or moving into a new one, you're in the purchasing phase of the mortgage journey.
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Purchasing is for individuals buying a new property, unlike refinancing which is for those who already own a home.
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A mortgage pre-approval helps determine your budget and strengthens your offer when house hunting.
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Down payments typically range from 3% to 20% depending on the loan type and buyer qualifications.
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Home inspections and appraisals are key steps to protect your investment and validate property value.
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Closing involves finalizing the mortgage, signing documents, and officially taking ownership of your new home.