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What You Should Know About Advance Payments When Purchasing a Home

Advance payments are an essential part of the home-buying process. Understanding what they are and how they work can help buyers make informed decisions and avoid surprises. As you embark on your home-buying journey, make sure to consult with a trusted real estate professional like JD Puri.<br>https://www.facebook.com/jdpuri/

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What You Should Know About Advance Payments When Purchasing a Home

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  1. What You Should Know About Advance Payments When Purchasing a Home

  2. Introduction Purchasing a home can be an exciting experience, but it's important to understand the financial obligations that come with it. One such obligation is making advance payments. In this presentation, we will discuss what advance payments are, why they are important, and what you should know about them when purchasing a home. We will also provide insights from real estate expert JD Puri, a well-known realtor with extensive experience in the industry.

  3. What Are Advance Payments? Advance payments are important because they help ensure that the buyer has the financial capacity to purchase and maintain the property. They also demonstrate the buyer's commitment to the purchase and can make the offer more attractive to sellers. In addition, lenders often require advance payments as part of the loan approval process.

  4. When purchasing a home, there are several things you should keep in mind regarding advance payments: What You Should Know About Advance Payment:

  5. Down Payment: The down payment is typically 5% to 20% of the home's purchase price. The larger the down payment, the lower the monthly mortgage payments will be. Jaideep Puri suggests that buyers should aim for a down payment of at least 20% to avoid paying private mortgage insurance

  6. Closing Costs Closing costs vary depending on the location and purchase price of the home. Buyers should ask their . JD Puri Realtor lender for a detailed breakdown of these costs and be prepared to pay them upfront.

  7. Property Taxes and Insurance Contingencies Buyers should include contingencies in their purchase agreement, which allow them to back out of the deal if certain conditions are not met. JD Puri advises that buyers should have a professional inspection done and make sure the purchase agreement includes an appraisal contingency These expenses are typically paid upfront and may be included in the closing costs. JD Purirecommends that buyers should research property tax rates in the area and get multiple insurance quotes to find the best rate.

  8. Contact Us Jdpuri.com (778)-990-3830 12030 80 Ave #103, Surrey, BC V3W 3M1, Canada

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