Purchase a Home
Purchasing a home is a very exciting time, and being well prepared will help you make better decisions. Take this opportunity to learn more about home buying and the mortgage process. Below and throughout this site you will find information that will help you with the purchase of your new home.
Am I really ready to buy?
Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.
How much “house” can I afford?
The first step toward finding the right home is to quickly compute your purchasing power and determine how much you can afford to pay each month. This saves you time by allowing you to focus on homes in your price range.
Some up-front costs include:
Down payment: Typically ranges from 3-30% of the cost of the house. The more you can put down, the greater equity you will have in your home and the lower your monthly payment will be. For down payments less than 20% you may also need to pay mortgage insurance.
Closing Costs: Typically range from 2-6% of the loan amount depending on your area.
On-going Costs:
Your housing costs can include the following:
Monthly mortgage payment
Homeowners insurance
Mortgage Insurance
If applicable - Flood Insurance
If applicable - Property taxes
Utilities
Maintenance
How much can I get pre-qualified for?
Before you go looking for a home, you should see if you are financially able to get a mortgage and get an estimate of what you pre-qualify for from a lender. If you are working with a real estate agent, getting pre-qualified lets them know you are a knowledgeable and serious buyer.
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My Happy Clients
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"We did refinancing with Rita several times. We always work with several agents to find a better quote, and Rita beats competitors with excellent rates. She is very easy to work with - open, honest and clearly explaining all the steps. We although bought our new house with Rita as real estate agent. It was excellent catch, real bargain. We highly reccomend Rita for refinancing and real estate."
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Rita did a fantastic job in assisting me with my first home loan. She was very knowledgeable and answered any and all questions I had. She found the best possible loan with the lowest rate/terms and worked with the lender on my behalf to ensure the approval process was painless. Due to her commitment, I was able to get the loan I wanted and close early. Thank you Rita for all your help!
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Rita had worked very hard on not so simple loan and successfully navigated all pitfalls with underwriter. She delivered what she had promised on every aspect of a deal. Her professionalism should be set as example to a lot of other brokers I had worked with in the past. I highly recommend working with Rita.
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"I refinanced with Rita back in November and it was the most painless and transparent experience I've ever had. She delivered exactly what she promised in terms of timing with no hidden fees and/or costs. I highly recommend Rita to anybody who is looking for a loan!"
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"Very professional yet approachable and personable. Really fights for the best deal possible as quickly as possible. Helps at every point along the way so you are never in a position where you are not sure what to do or how things are going. Accessible via many different means and almost always responds quickly. Definitely worth doing business with."