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5 Things You Must Do Prior To Selling Your Home

  1. Understand your options: A fixed-rate mortgage, your monthly payments remain the same during the entire length of the mortgage. An Adjustable-rate mortgage, you will often receive a lower initial interest rate, but your monthly payment amount can rise and fall as interest rates fluctuate. A Balloon or reset mortgage, you once again may be offered a low interest rate, but it will hold for a limited time.
  2. Become a rate watcher:  Your daily newspaper tracks these rates, so stay current by watching whether rates are rising, falling or remaining stable.
  3. Get Pre-approved: Getting pre-approved for a mortgage loan gives the homebuyer additional bargaining leverage when competing with other buyers for a home. A home seller will be more likely to accept an offer from a pre-approved borrower.
  4. Consider making a higher down payment: Making a higher down payment will reduce your mortgage. Putting a higher down payment can often get you lower-cost financing.
  5. Select your lender carefully: Try to get a referral from your bank or credit union, real estate agent, government housing agency, or friends and relatives who have successfully purchased homes. Never trust a mortgage offer that arrives via email, as it is likely originated from a spammer.