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10 tips for first-time homebuyers

Published: Thursday, July 17 2014 12:17 p.m. MDT

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Sellers typically won't accept your offer unless it's all cash or you have a lender's letter saying you can get the financing you need to close the deal. Consequently, being prequalified for a loan is crucial, says Matt Phipps, a Realtor at Phipps Real Estate in Warwick, Rhode Island.

"You don't want to lose the house of your dreams because you weren't prequalified for the mortgage," Phipps says.
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