Planning ahead is key! Depending on the loan program you choose, you may have a down payment, plus earnest money, closing costs, and moving costs. We recommend you save for a healthy down payment, plus a sum to cover the fees you will incur during the home buying process. That being said, there are loan programs that offer down payment assistance, if needed.
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For earnest money, plan for about 1% of the list price of a house. It is paid by you as soon as you go under contract of a property and is held in a trust account until closing, then credited back to you, as long as you fulfill your obligations under the contract. Buyer closing costs vary, so talk to your lender about what to expect for your situation.
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If you are purchasing your home with a loan, you will need to find a lender and get pre-approved (a pre-approval letter is often required to submit with an offer). We can provide you with a list of trusted lenders, if needed. For a mortgage pre-approval, expect to provide proof of income, debts, bank statements, etc. Lenders will be checking your credit report, so make sure you are informed of your score and try to improve it if the number is too low. If your credit score is good, maintain it that way by avoiding credit and making any large purchases until closing day.
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Having the representation of a Buyer’s Agent ensures that you have an expert on your side to advise and advocate for you, just as the sellers have an agent on their side. We will work hard to protect your best interests all along the way! In addition, we will negotiate with the sellers via their agent with the goal of getting our fee paid by the sellers as part of your offer, and we don’t charge any additional transaction fees.
