Deciding to Buy
Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully.
Why Do You Want To Buy?
Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property.
Has Your Income Grown?
Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.
Frequently Asked Questions for Buyers
Typically you’ll need an earnest money deposit, down payment, closing costs, and prepaid items (insurance/taxes). The exact amount depends on your loan type and price point.
Get pre-approved (not just pre-qualified). A pre-approval shows your true buying power and makes your offer stronger.
Pre-qualification is a quick estimate. Pre-approval involves document review and lender underwriting steps, so it’s much more reliable.
Most purchases close in about 30–45 days, depending on financing, appraisal, title, and inspection timelines.
Yes—if your debt-to-income ratio and reserves qualify. This is common for buyers who want to rent out their current property.
A general inspection is standard. Depending on the home, consider roof, HVAC, plumbing, electrical, termite, and (in condos) reviewing building financials and documents.
Options include renegotiating price, increasing your down payment, disputing the appraisal, or switching loan programs—depending on your contract and lender.
Closing costs include lender fees, title fees, escrow, recording, and prepaid items. Buyers often pay most of their own costs.
Sometimes. It depends on how long you plan to keep the home and your cash available at closing.
Only if you’re within a contract contingency (inspection, financing, appraisal, etc.) or per your contract terms — otherwise you may risk losing your deposit.