How Much Can You Afford?
Establish a realistic budget that takes into account current debt, home expenses such as taxes, insurance, utilities and maintenance.
Getting Pre-Approved for a Loan
Lenders will look at your credit scores, financial history, income, federal tax returns and long term debt such as credit cards, auto loans and child support, etc. Ask me for lender referrals.
Deciding on a Mortgage
A fixed rate mortgage is where the interest rate remains the same for the entire term of the loan, usually 15 to 30 years.
An adjustable rate mortgage is linked to a financial index so the rate fluctuates with changes in the market conditions. Payments vary over the life of the loan but usually include a life time cap.
Fine Tuning Your Budget
There are 3 major costs associated with purchasing a property:
Down Payment: This is how much you pay upfront. The standard is 20% but other programs are available.
Monthly Mortgage Cost: Mortgage principal payment, home owners insurance, mortgage insurance (if applicable), property taxes.
Closing Cost: Appraisals, title insurance, inspections, attorneys, real estate transfer tax and legal fees.
Begin Searching for a Home
This is when you call me with your property preferences as they relate to desired home features, location and must haves! It’s best to prioritizes your preferences.
Making an Offer
I will help you decide on the offer based on current market conditions and similar sold homes. Negotiations may follow as we work toward an agreement.
Your Offer Is Accepted
Now it’s time to finalize your loan and have the inspections done. I can offer inspector referrals and help your prioritize the home inspection report and recommend contractors as needed.
This is the day you’ve been waiting for! We will do a pre-closing walk through. Your attorney will contact you with the necessary funds needed to close which are are disclosed on a statement for your review prior to closing. Money is exchanged, paper work is signed and the title of the property is transferred. The home is now yours!