Real Estate Investors With 258 Units Explain How To Get Approved For A Home Loan

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Real Estate Investors With 258 Units Explain How To Get Approved For A Home Loan

In this episode, Tony Stephan breaks down the steps required to get approved for your first home loan which include:

Check Your Credit Score & Report
Lenders use your credit score to determine loan approval and interest rates.

Determine How Much You Can Afford
Consider your income, debts, and down payment to estimate what home price fits your budget.

Save for a Down Payment & Closing Costs
Standard down payment: 20% (but some loans allow as low as 3-5%).

Get Pre-Approved for a Mortgage
A lender reviews your credit, income, assets, and debts to determine how much they will lend you.

Find a Home & Make an Offer
Work with a real estate agent to find homes in your price range.

Get a Home Appraisal & Inspection
Appraisal: The lender ensures the home’s value matches the loan amount.
Inspection: A professional checks for major repairs (not required, but recommended).

Secure Final Loan Approval
The lender will verify your finances again (avoid new debt or job changes).

Close on Your New Home
Receive the keys to your new home!
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