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Building Blox Explained
What Actually Happens When You Buy a House?
The full journey from first search to keys, in one walkthrough.
Planned · about 8 minRead the lesson
Chapter One · The Beginning
Preparing to Buy
Every purchase starts before the home search. These lessons build on each other: understand ownership, check your credit, set a budget, learn how mortgages work, choose your agent, get preapproved with a lender you choose, and plan your cash.
8 lessons · 34 minutes · Free
- 1Understanding HomeownershipOwning a home means paying for and caring for a property, and building equity as you do.4 min
With ownership in focus, the next question is whether buying makes sense for you right now.
- 2Renting vs. BuyingNeither is always better. It depends on how long you plan to stay and what you can comfortably afford.4 min
If buying fits your plans, lenders will look first at your credit.
- 3Understanding Your CreditYour credit score helps lenders judge risk. Higher scores often qualify for better rates.4 min
With your credit in view, you can set a realistic budget.
- 4Budgeting for a HomeWhat a lender approves and what feels comfortable aren't always the same number.5 min
Your budget sets a target payment. Next, see how a mortgage creates that payment.
- 5Mortgage BasicsA mortgage is a loan to buy a home, and the home itself secures the loan.4 min
Now that you know how a mortgage works, choose the professional who'll guide you from here.
- 6Choosing the Right Real Estate AgentA buyer's agent represents your interests. Choose one the way you'd choose any trusted advisor.4 min
With your agent beside you, the next step is getting preapproved. Your agent can suggest lenders; the choice is yours.
- 7Getting PreapprovedPreapproval is a lender's conditional estimate of what you can borrow, based on verified information.4 min
Your preapproval shows the loan amount. Next, plan the cash you'll need at closing.
- 8Down Payments and Closing CostsYou'll need cash for two things: the down payment and closing costs.5 min
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Building Blox Academy is for education only and is not legal, financial or tax advice. Real estate rules vary by state. Completing lessons does not mean you are preapproved or qualified for a loan. Building Blox is not a lender or a law firm. Educational Accuracy and State-Specific Disclaimer