Purchasing a home is a very
exciting time. Being well prepared helps ensure the process runs smoothly and decisions are made to serve your best interest. When we conduct your purchase settlement, you will
have the benefit of an experienced Attorney working on your behalf to negotiate and close
your transaction.
Click
here to get Pre-Qualified We are available to help you every step of the
way. Just call at: 717-975-9446, fax:
717-975-2309, or email at info@dcdlaw.net.
Here is some helpful information to help you
with the purchase of your new home.
Am I really
ready to buy?
Buying a home offers many advantages. One of
the most significant is that it allows you to build equity
(ownership) when you pay your mortgage each month. A common
myth is that monthly mortgage payments are more expensive
than rent. In many cases, mortgage payments are even
less than rent. When considering home ownership for the first
time, you need to decide whether buying makes financial and
practical sense for you right now or if you are better off
renting. Consider both the advantages and disadvantages to
renting as well as buying, and weigh the pros and cons for
your particular situation.
How much “house” can I afford?
The first step toward finding the right home
is to quickly compute your purchasing power and determine
how much you can afford to pay each month. This saves you
time by allowing you to focus on homes in your price range.
You can use calculators and tools
to help you with this.
In addition, you should consider both the up-front and ongoing
costs associated with purchasing a home in the planning stage.
Some up front costs include:
- Down payment: Typically ranges from 3-30%
of the cost of the house. The more you can put down, the
greater equity you will have in your home and the lower
your monthly payment will be. For down payments less than
20% you may also need to pay mortgage insurance.
- Closing Costs: Typically range from 2-6%
of the loan amount depending on your area.
- On-going Costs include:
- Monthly mortgage payment
- Mortgage Insurance, if applicable
- Flood Insurance, if applicable
- Property taxes
- Utilities
- Homeowners insurance
- Maintenance
How much can I get pre-qualified for?
Before you look for a home, know if you are financially able to get a mortgage and have
an estimate of what you pre-qualify for from a lender. If
you are working with a real estate agent, getting pre-qualified
lets them know you are a knowledgeable and serious buyer.
Use calculators
and tools to find the home loan that meets your needs.
Then, you can continue and get on-line Pre-Qualification.
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