First, you need to know how much you can borrow. Getting pre-approved for a mortgage is the first step. We work with amazing lenders who can help you figure out what works for you. Contact us now and let’s see where you stand!

It depends on the lender and the other aspects of your file that the lender looks at. In general, many lenders have programs available for a credit score of 600 or higher, though some can go as low as 580.

While we recommend that you consult with a lender for a definitive answer on this question, a good rule of thumb is simply take your gross yearly income and multiply it by 3 to get the ballpark value of the home you can afford. Keep in mind that this is a very general rule of thumb, and there are several factors that will influence the results including debt-to-income ratio, down payment, interest rate and taxes.

The national average for down payments is 11%. But that figure includes first time and repeat buyers. FHA loans require only 3.5% down, and VA loans or USDA loans can be made with zero down.

Home shoppers pay little or no fees to an agent to buy a home. Agents who represent buyers are compensated by the listing broker for bringing home buyers to the table.

When you own a home, the ideal percentage of your gross monthly income that should go toward your mortgage and related expenses is 28 percent. This includes expenses such as taxes and homeowners insurance.

FHA loans are fixed-rate mortgages backed by the government and insured by the Federal Housing Administration. Generally speaking, FHA loans are the easiest type of loan to qualify for. With FHA loans, you can purchase a home with 3.5% down payment and a credit score in the high 500’s.

We recommend working with a local lender because of the one-on-one personal touch a local lender can provide. They know what is expected in our market and are invested in our community. The decision is ultimately up to you, but we are local, and like to see business stay local.

Under normal market conditions, the average time to complete the sale of a home is 30 to 45 days. Well-prepared home buyers can move more quickly.

A homeowners association is a nonprofit association that manages the common areas of a condominium community or subdivision. Unit owners pay a fee to the association in order to maintain areas such as a pool or playground that are owned jointly.

Many of your questions should focus on potential problems and maintenance issues. Does anything need to be replaced? What things require ongoing maintenance (e.g., paint, roof, HVAC, appliances, carpet)? Also ask about the house and neighborhood, focusing on quality of life issues. Ask questions until you understand all of the information given. Making a list of questions ahead of time can help you organize your thoughts and arrange all of the information you receive.

Comparables are recently sold properties that are similar in size, location, and amenities to the home for sale. These properties help an appraiser or Realtor determine a fair market value for a property.

The Multiple Listing Service is an online directory of the homes for sale in an area listed with a realtor. Real estate agents are granted access to the MLS and can use it to find houses in particular price ranges or areas.

This is not usually the best strategy. You will generally get a seller to negotiate more on the price of their home by making a reasonable offer, as opposed to offering well below the market value of the house. If you offer too low you may offend the sellers and make them less likely to negotiate on price. An offer is not all about price. The terms of an offer have a lot to do with how acceptable it is to the seller. Closing costs, closing date, inspections, financing, and repairs are just some of the items that need to be considered when writing an offer.

If a home is in contract and hits a snag due to one of its contingencies, the transaction might cancel. If the transaction cancels, then the seller would need to put the home back on the market and start showing the home again. A backup offer acknowledges the existence of an existing offer and says if the first buyer cancels, then you are automatically in contract with the seller.

Many buyers assume that the builder’s rep will help them with the purchase of their new home. They also assume that working without a Realtor will get them a better deal. However, the builder’s rep is working for the builder – not for you! Their success relies on getting the best deal for the builder. You may not know that the commission for buyer representation is legally part of the purchase price. If you are not using your own Realtor, the builder simply receives an extra 3% from your purchase. It’s free to you to use a Realtor! Your Realtor understands the ins and outs of home buying, can work on your behalf to negotiate a better deal, free upgrades, or simply whatever is in your best interest. Most people wouldn’t consider buying an existing home without a Realtor to represent them. Buyers can avoid a lot of bad surprises with good representation.

Yes! Home inspections are required if you plan on financing your home with an FHA or VA loan. However, home inspections are highly recommended because they can reveal defects in the home that are not easily detected. Home inspections bring peace of mind to one of the biggest investments of a lifetime.

The decision to invest in a home warranty for the purchase is entirely up to the buyer. A home warranty provides coverage on specific items and systems in the home for an amount of time - typically at least a year. Most first-time home buyers purchase a home warranty so they are covered.

Contingencies exist to allow this. For example, upon an unsatisfactory home inspection, the buyer can terminate. Another loophole is the appraisal. That means you can back out if the lender for your loan doesn't think the property is worth what you offered. While buyers can always back out of a deal, doing so without good reason may forfeit their earnest money.

An acre of land is an area of land equal to 43,560 square feet. It is often compared to the size of a football field (without the end zones).

This is something that’s always an important consideration. On the one hand, if you buy a home before you sell the one you're in, you're overextended financially; if you sell before you buy, you might need to rent awhile before finding a new place. But there are ways to do both at once, and one option is to instate a “home sale contingency" in your contract. This means you only agree to buy a home if you can sell the one you're in. The only downside is if your seller doesn't agree (which is possible if they want the timing set in stone).

“Closing” is the final step of completing a real estate transaction. At closing, the title of the property is officially transferred from the seller to the buyer. The “closing costs” are all of the expenses that are paid out at the closing of a real estate transaction. Both buyers and sellers will have separate closing cost amounts. Home buyers will pay anywhere from 2% to 5% of the home’s purchase price in closing fees, whereas sellers tend to pay for the real estate agent’s commission.