BUYING

One Step Closer to Homeownership
  • Step 1: Identify general requirements and what you need with our free guide. Learn the market with our home search app included.

  • Step 2: Find out how much you can borrow, estimated costs, monthly payments, programs, and more. Complimentary loan consultation with our preferred lender.

  • Step 3: Work with Desireé. After you solidify your budget, we will review your home goals, needs, and identify a plan to obtain your new home with ease.



BUYER FAQ

frequently asked questions:

Will I pay more to be represented as a buyer?
In the vast majority of cases, the answer is no. When a house is listed for sale, the seller’s contract spells out the commission rate that will be awarded to a buyer’s representative. This is known up front and typically covers all, or at least most, of your representative’s compensation.

How much house can I afford?
When evaluating how much you can afford for your home and mortgage, lenders usually use two rules of thumb:

1. Your maximum monthly mortgage payment should not exceed 28 percent of your gross (pre-tax) income.
2. Your maximum debt load, including your mortgage payment, should not exceed 30 percent of your gross income.

These ratios are typical of those required to secure a conventional mortgage. Lenders will be able to supply details about other types of mortgages, such as FHA or VA loans, which offer more flexible qualification standards. There are many types of mortgages and financial tools available that provide flexibility in interest rates, terms, and down payment requirements.

What’s the difference between being pre-qualified and pre-approved for a mortgage? 
Typically you will first pre-qualify for a mortgage, then get pre-approved before you have found the specific home you wish to purchase. What is the difference?

Pre-qualification: An informal determination by a lender or mortgage broker stating how much mortgage you can afford.

Pre-approval: A guarantee in writing by a lender to grant you a loan up to a specified amount.

What documents do I need to prepare for a Home Loan Pre-qualification? 

  • 2 year tax returns including W2’s
  • Bank statements for 2 months
  • Paystubs for 1 month
  • ID and social security card

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All data is deemed reliable but is not guaranteed accurate by the RLS or Century 21. See Terms of Service for additional restrictions. © 2020. Century 21 Allstars. All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert. The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom. We are an equal housing opportunity provider. Consistent with applicable law, we do not discriminate on the basis of race, creed, color, national origin, sexual orientation, lawful source of income, military status, sex, gender identity, age, disability, familial status (having children under age 18), or religion. Equal Housing Opportunity.