Many buyers are unsure of how much they can afford when purchasing a home.  It is important to sit down with a Mortgage Loan Officer to review your income, debt and credit score, with their professional help you will be able to determine how much home you can afford.

After getting pre-approved, we recommend taking time to go to as many open houses as you can.  Determine what you absolutely must have, what you’d like to have, and what is negotiable.

There are many ways to find a realtor, but the best way is by referral. Ask some people who have recently bought a home, who they used, why and if they would recommend them.

The most important thing when choosing a realtor is how comfortable you feel working with them.  You will be spending a lot of time together, and a degree of trust is important.  How experienced is your agent with working with buyers? 

It is advisable to put down 20%, however, you can purchase a home with as little 3.5% down.  This is something that can be discussed further with your Mortgage Broker.

A series of things happen once your offer is accepted.  The first thing is the escrow is opened, and you will be sent instructions to mail, wire your deposit.  Next, you lender will start processing your loan to get the appraisal ordered and inspections are ordered.

Escrow and title are typically independent or third party agencies that work on behalf of both you and the seller, holding and reconciling all funds required for the completion of the transaction.  They also assure the property information is accurate and clear of any liens. 

Your home is ultimately worth what a buyer(market) is willing to pay for it.  However, the estimated value is determined by what is called a CMA, comparative market analysis, which looks at what other homes sold for in the same area of similar size, and attributes, within the last 6 months.