For Buyers
How much you can afford
The home you can afford depends on your income, credit rating,
current monthly expenses,
down-payment and the interest rate. There are online calculators
you can use and you may also try our Mortgage Calculator on the
MLS Search page but it is best to visit a lender to find out for
sure and be best prepared.
Shop for a loan
Save money by talking to several lenders, compare
costs and interest rates, negotiate to get a better deal. Before
visiting properties, consider
getting pre-approved for a loan.
Home inspection
A home inspection is an evaluation of a home’s condition by a
trained expert and can help you avoid costly major repairs after
purchase, so make
your offer contingent on a home inspection.
Making an offer
When you make an offer on a house, your biggest decision is how
much to offer. Discuss the process with your real estate agent.If
your offer is low, the seller will usually counter your offer, and you
may
need to negotiate until you both agree to the terms of the sale.
Shop for homeowners insurance
Lenders require that you have homeowners
insurance. As with the loan, be sure to shop around to get a better
deal.
Signing the papers
The final step is called "closing," where
the legal title to the property is transferred to you ("Title" refers to the legal ownership of your new home). The seller should provide title,
free and clear of all claims (liens) by others against your new
home. Be sure to read all papers carefully and/or have your attorney review
them
before signing.
