Today's homebuyer has more financing options than have ever been available before. From traditional mortgages to adjustable-rate and hybrid loans, there are financing packages designed to meet the needs of virtually anyone.

Generally, you can afford a home equal to in value to between two and three times your gross yearly income. Ideally, you should have a downpayment of 20% of the purchase price, but no less than 5% of the purchase price. 

Talk to a lender to help you determine the maximum a mortgage amount you can qualify. Explore different loan options and decide what's best for you. If you are a first-time buyer, you may possibly get downpayment assistance from your state and local government. Again, it is best to talk to a lender.

We assist our clients in obtaining satisfactory financing...such as identifying the appropriate type of loan, providing information on reliable financing sources, and advising the buyer about the loan application and underwriting process.

Being preapproved will put a buyer in a stronger negotiating position and can save time in the loan approval process.

When a home seller receives an offer to purchase there are two primary factors that are always considered immediately: How much is the offer; and, does the buyer really have the money? After all, a seller has no way to know who you are or how reliable you may be. In every case a seller is more willing to negotiate price and/or other terms if the availability of the money is assured.

A PREQUALIFICATION simply means that standard ratios are applied to salary and current debt figures, provided by the Buyer, to determine the price of a home for which a buyer should be able to qualify.

A PREAPPROVAL means all of this plus the lender has confirmed a buyer's credit history and has verified income, assets, liabilities and source of down payment funds. Frequently, it will contain conditions such as the home must appraise for the amount offered in the contract, or that you must sign the final application documents.

Note: We recommend a buyer at least get a prequalification letter from a lender prior to making an offer on a home, thus assuring the seller that you are qualified to consider homes within your price range.

With numerous lending resources, we can put you in touch with experienced lenders.

The best way to sort through the options available is to talk with a reliable lender. You can utilize your banking contacts for assistance or ask us for recommendations. We routinely work with reputable lenders who do not have excessive fees at closing, and who are aware of special local programs which may be of advantage to the buyer.