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Stretch Your Dollar: Tips for shopping for your first home

Stretch Your Dollar

(WTNH) — If you need to get into a new home, it’s an ideal time. Prices are dropping for off-season shoppers and the industry is seeing low mortgage rates. We are stretching your dollar with a few tips to make the process go smoother for you.

Super low mortgage rates are bringing some apartment renters into the housing market. If you’re shopping for your first home, here are some tips to make it an easier process:

  • Get your mortgage pre-approved. That’s the first thing recommended by real estate pros. In a piece on home buying tips in USA Today. That pre-approval will help you zero in on the price range for a house you can afford and it tells sellers that you’re serious and ready to buy.
  • Even though you can act quickly with the pre-approval — be prepared for a process that can take months. You may find your dream house, but your offer may not be accepted.
  • Brace yourself for the closing process — it can be both costly and longer than you’d like.
  • Be prepared for all the costs that go with the closing — costs like lawyer fees, insurance and other expenses.
  • You’ll want to budget as much as 5% of the overall cost of the home to cover all your closing costs.

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