Before Looking at Homes...
What do you think the most important thing a homeowner should do before looking at homes? *cue Jeopardy music*
If you answered B. Get pre-approved, then you are correct!
Getting pre-approved is essential before looking at homes. This is because your pre-approval will determine what kind of budget you can work with and therefore influence the types of homes you will look at.
Know Your APR
Hot #mortgage tip of the day: Know your APR.
What is an annual percentage rate (#APR)?
According to Investopedia, an APR is the annual rate of interest that is charged to borrowers and paid to investors.
APR is expressed as a percentage and represents the yearly cost of funds over the term of a loan. While it doesn’t include compounding, it does include fees or additional costs of transactions.