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| Get Everything in Writing |
- Agent agreement
In some states, you have to sign an agreement that you understand your agent's role in your transaction. If you work with a buyer's broker, always sign an agreement to specify time limit and service fees.
- Purchase contract
Verbal contracts guarantee nothing. Read the purchase contract thoroughly and revise any terms unfavorable to you.
- Loan commitment
After you submit the loan application, you receive your lender's written pledge to loan you a certain amount of money on a specific property for a certain time.
- Interest rate lock-in
This is your lender's written commitment to guarantee you a certain interest rate. Be sure that it's valid for 30-45 days to cover your closing.
- Closing costs estimate
Lenders are required by law to give you a good-faith estimate of settlement costs within three days after you apply for a loan.
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