In order to obtain a conventional mortgage, home buyers are required to provide a down payment of at least 20% of the purchase price. If you do not have the full 20% down payment, it may be possible to obtain a high-ratio mortgage that will require a down payment of at least 5% and the purchase of default insurance.
Be sure to visit at least two lenders before you make a decision.
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THE BUYING PROCESS
The first question you must ask yourself is: “Why am I moving.” Is it to stop paying rent, to build equity, to accommodate your growing family, or to down-size? Then it is important to establish your “must haves” and your “want to haves.”
Once you have established your needs, it is important to get pre-qualified with a mortgage lender who will assist you in determining the budget for your new home and acquiring loan approval.
After we have determined the type of home you are searching for, your preferred location, and the amount of capital available, I can assist in locating properties that fit your needs.
When we find homes that are of interest to you, I will arrange appointments to view the properties and provide you with timely market information and comparable sales so that you can make an informed decision as to the Market Value of a property. I will assist in advising you which upgrades will enhance the future marketability of your new home and will help connect you with the experts you will need - from home inspectors and legal professionals to reputable trades.