How do I know what price range I can afford in a house?
 

Under my resources page there is a tool which will calculate your mortgage payment on a house at different lending rates, or you can call a mortgage broker and they will help you find out what you can afford. I would recommend contacting Acme Mortgage to get more information tailored to your needs.  Always remember to allow for property tax, insurance and maintenance costs in figuring out what you can spend on a monthly basis for your house.

Should I apply for a mortgage even before I find the house I want?
 

It is an excellent idea to get Pre-Approved for a mortgage early in your house search. When you find a house you like, your offer to buy is much stronger if your agent can assure the seller (backed up by documentation) that you will not have a problem securing a mortgage. An actual mortgage application requires a specific house/address and so cannot be done until after the owner accepts your bid. Note: A pre-qualification is NOT the same as Pre-Approval.

Once my bid is accepted, what happens then?

Included in your Offer to Purchase dates will be built in for you to have some time to get a mortgage commitment and to have an inspection done. When these are done, a Purchase and Sale Agreement will be written up and will cover all terms of the purchase/sale including closing dates. Your agent will be able to go over all this with you on an individualized basis and explain any unclear areas.

What is involved in a Home Inspection, and why is it done?

Once you have found a house you like and have agreed on a price with the seller, you have the right to have the house inspected by a licensed home inspector. If you have this done (which I always recommend), you pay the inspector. The purpose of a home inspection is to identify major problems areas in the house, such as with the roof or heating system. It should not be used as a “laundry list” for the seller to address every item that comes up – every house that is not new and has been lived in will have minor items of note. If there are areas of concern to you, your agent will help you negotiate with the seller to address them. This may involve a change in the house price or having repairs made prior to closing.

Why should I use you, Nick Naoum, to buy my house?