Determining Your Budget

Know What You Can Afford

Your total monthly home payment (including mortgage, taxes, and insurance) should not exceed 28% of your gross monthly income.

Exploring Mortgage Options

Conventional Loans – 620+ credit score, 3-20% down payment, up to $647,200 loan max.
FHA Loans – 3.5% down, 580+ credit score, more flexible credit eligibility.
VA Loans – Zero down for military members & veterans, no PMI.

Finding the Right Home

Must-Haves vs. Nice-to-Haves

• Prioritize essential features like bedrooms, bathrooms, home office, or garage.

• Consider "nice-to-have" upgrades like a pool, patio, or smart home features.

Neighborhood & Location Considerations

• School Districts

• Commute Times

• Local Amenities (grocery stores, parks, hospitals)

• Crime Rates & HOA Fees

• Future Developments & Resale Value

Beyond the Purchase Price

Down Payment & Closing Costs

• The typical down payment is 3.5% of the home’s purchase price.

• Closing costs are separate from your down payment, typically 2-5% of the purchase price

Example for a $300,000 Home

• Down Payment (3.5%) = $10,500

• Closing Costs (3%) = $9,000

• Total Needed Upfront: $19,500

Getting Pre-Approved

Why Get Pre-Approved?

• Shows sellers you’re a serious buyer

• Helps determine how much home you can afford

• Speeds up the homebuying process

Bank vs. Mortgage Broker – What’s the Difference?

• Banks – Offer loans only from their own institution.

• Mortgage Brokers – Work with multiple lenders to find the best rates & terms.

Once pre-approved, we can begin your home search!

Making an Offer & Closing the Deal

Crafting a Strong Offer

• I’ll help you strategize pricing based on market conditions.

• We’ll work together to negotiate the best deal on your behalf.

Once Your Offer is Accepted

• Home Inspection – Ensures there are no major hidden issues.

• Appraisal – Confirms the home is worth the price you’re paying.

The Closing Process

• Typically takes 28-30 days after your offer is accepted.

• Once complete, you receive your keys & officially own your home!