Buyer Resources

Home Buyer Resources
US Dept of Housing and Development
First Time Homebuyer Information
Down Payment Assistance Programs
Mortgage Lenders & Reviews

Closing Costs to Expect:

• Lender fees: Charges for loan processing, underwriting, preparation and establishing an escrow account.
• Third-Party Fees: Charges for insurance, title search, and other inspections such as termites.
• Government Fees: Deed recording and state and local mortgage taxes.
• Escrow and Interest Fees: Homeowner’s insurance, loan interest, real estate taxes, and occasionally private mortgage insurance.

Tips for Buying a Home:

• Decide on a Budget: It’s easy to show up to an open house and fall in love, but why waste your time looking at homes that are out of your price range? To calculate a budget that you can live with, start by figuring out how much you spend each month. Over the course of 4 weeks, track your daily expenses to get a sense of how much is going out and where you’re spending most of your available cash.
• Make a Realistic Wish List. Based on your housing budget and where you want to live, compile a list of what you’d like to have in your first home. Be prepared to compromise, you can always upgrade later.
• Get Pre–Approved for a Mortgage. Many deals contingent on financing fall apart because buyers can’t find a bank to give them a mortgage. Start by shopping around for a lender. Speak to at least 3 or 4 different lenders and once you’ve compared a few loans, you can narrow it down to the right one for you.
• Understand the True Costs of Homeownership. Many first time home buyers get caught up with the idea of owning a home that they forget about life after closing. The real costs begin after you move into the house. In addition to mortgage payments, you’ll owe taxes, insurance, HOA fees, and you’ll be responsible for any maintenance issues that arise.
• Know Your Neighborhood: You may love the home, but bad neighborhoods can affect your property’s value. Talk to the neighbors to get the inside scoop on what it’s like to live there. Driving from your potential new home to your office during rush hour can also help you determine what the commute is like.