Typically, you'll need 3-20% of the home's purchase price. The exact amount depends on the type of loan and your financial situation. Some programs offer options with as little as 3% down.
A fixed-rate mortgage keeps the same interest rate for the entire loan term. An adjustable-rate mortgage (ARM) has an interest rate that can change periodically based on market conditions.
On average, it takes 30-45 days from offer acceptance to closing.
However, the entire process, including home searching, can take
2-6 months.
Closing costs typically include loan origination fees, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees, and credit report charges. They usually range from 2-5% of the purchase price.
While not always required, a home inspection is HIGHLY RECOMMENDED. It can reveal potential issues with the home that may affect your decision to buy or the price you're willing to pay.
A general rule is that your monthly home expenses should not exceed 28% of your gross monthly income. We'll work together to determine a comfortable budget based on your specific financial situation.
Private Mortgage Insurance (PMI) is typically required if your down payment is less than 20% of the home's purchase price. It protects the lender if you default on your loan.
Yes, vou can still buy a home with student loan debt. We'll need to look at your debt-to-income ratio and credit score to determine how it affects your home buying options.
It's about your finances and life goals. If you've got stable income, savings, and you're ready to settle down, you might be ready. Let's discuss it over coffee-you could be closer to buying a home than you think!
Reach out to me, and l'lI connect you with some trusted lenderswho have helped many of my clients get pre-approved. It's your first step toward an enjoyable house-hunting journey. Let's sit down and talk about how to get you moving.
Pre-approval gives you a clear idea of how much you can borrow and shows sellers you're a serious buyer. It can give you an edge in competitive markets.