Should I make financed purchases while I am looking for a home?

It’s generally advisable to avoid making large financed purchases while house hunting, as it can impact your credit score and debt-to-income ratio, potentially affecting your mortgage approval.

What is earnest money? How much should I set aside?

Earnest money is a deposit made by the buyer to demonstrate commitment to the purchase. The amount varies but is typically 1-3% of the home’s purchase price.

How do I determine the initial offer?

Your real estate agent will help you analyze market conditions, comparable sales and property conditions to determine a competitive and reasonable initial offer.

How do I make an offer?

Your real estate agent will present the written offer to the seller’s agent, who will then present it to the seller for consideration and negotiation.

Do I need to be there for the inspection?

While it’s not required, it’s beneficial to be present during the home inspection to gain insights and ask questions about the property’s condition.

What does a home inspector do, and how does an inspection figure in the purchase of a home?

A home inspector assesses the property’s condition and identifies potential issues. The inspection report helps you make informed decisions and negotiate repairs with the seller.

How many homes should I consider before choosing one?

There’s no set number, as it depends on your preferences and market availability. It’s essential to be patient and choose a home that meets your needs.

What should I look for when walking through a home?

Pay attention to the home’s layout, condition of major systems (electrical, plumbing, HVAC), potential repairs or renovations and neighborhood amenities.

How does the lender decide the maximum loan amount that can afford?

Lenders consider factors like credit score, income, debts and down payment to determine the maximum loan amount you can afford.

How does purchasing a home compare with renting?

Purchasing a home offers potential equity building and tax benefits while renting provides more flexibility and less responsibility for maintenance.

How do I know if I’m ready to buy a home?

Evaluate your financial readiness, stability and long-term plans. If you’re financially prepared and plan to stay in the area for a while, homeownership may be a good fit.