How Do You Actually Buy a House?

What is the most practical first step? 

• Finding a realtor

• Choosing a house

• Making sure you can get a loan

• Hiring movers

What is a loan officer?

• The person who will get you a mortgage (a loan to buy a house).

• The person who will help you find the perfect house. 

• The person who will negotiate the best home price for you. 

What will the pre-approval application include? 

• Shoe size, weight, height

• Income, credit history, current assets

• Debt, salary, number of children

“The better your _______________ history and the more money you can put towards the __________________, the better your [loan’s] terms will be.”

• U.S., house

• credit, mortgage

• Credit, down payment

What is the ideal down payment?

• 20%

• 10%

• 15%

• 30%

What are closing costs?

• The price of the house. 

• All the extra expenses that you’ll have to pay to finalize the deal

• The amount you pay your realtor. 

Who is responsible for deciding how much house you can afford?

• you are

• your mom

• your loan officer

What is a realtor?

• The person who inspects your house to make sure it has no problems.

• The person at the bank who approves your loan. 

• The person whose job is to find you a house and help you negotiate for it. 

When do realtors get paid?

• Before they start working for you

• When/if the deal is done

Who holds the ultimate power to approve or deny your loan?

• The loan officer

• The realtor

• The underwriter

• The inspector