Equity is how much of something you truly own. For a house, it’s the home’s value minus what you still owe.
Example:
If you have a loan for $100,000, owe $50,000 left on it, and the home is worth $150,000, your equity is $100,000.
Look for a lender
Who you borrow money from matters. If you aren't paying outright, then shopping around for different programs, incentives, or even just customer support are important. This is an expensive business!
Pre-qualification
Once you chose a lender, it's time to get prequalified. Work with their representatives, app, or website to get initial approval for a loan. This often requires documents like pay stubs, bank statements, and a soft credit pull.
Working with an agent
If you haven't already, it's time to find an agent. Working with someone that communicates effectively and you trust, as well as has local knowledge and expertise is critical to your transaction-and finding your home. Let's start looking!