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You can walk away at anytime, if you don't like what you getting into, evening at the closing table. You risk losing any earnest money and appraisal fees.
Once you sign the paperwork at the closing table, the house becomes yours.
My two cents on purchases - get a home inspection!!!
If the home inspection turns up anything. If the sellers think you are going to walk away, you can negotiate the price down - reducing the loan amount for a smaller payment.
We did have the inspection already. It went well other than a handful
of small things which we requested they fix and waiting to hear back.
As a first time homebuyer, I am just really nervous and want to be
as educated as I can be throughout the process. Dealing with the
Mortgage co seems to be going well so far though.
Thanks for the input.....
Oh yeah, anyone know anything about the prepayment penalty thing?
Can a lender supply you with a total cost estimate for say the first
ten years of your mortgage like zillow is doing now?