Redfin

JUNE 27, 2025

Don’t skip critical steps like the home inspection or negotiating closing costs. These can greatly affect both the quality of your purchase and your bottom-line expense. Whether you’re purchasing your first home in Phoenix, AZ or in Trenton, NJ , here’s what you need to know before starting the homebuying process.

Pre-approval

Rochester Real Estate

NOVEMBER 5, 2015

Your Housing Budget The purchase price of the home shouldn’t be your only consideration. But if you have a down payment of 20% or more of the purchase price, you can avoid expenses like private mortgage insurance and should benefit from a lower interest rate. (585) 704-7095 Contact Now Search Homes Home Fair Housing S.O.P.

Purchase and sale agreement

Redfin

AUGUST 29, 2024

Debt-to-income ratio (DTI) Another major factor that a lender will consider when approving your mortgage loan is your debt-to-income ratio (DTI). DTI is calculated by dividing total monthly debts by gross monthly income. The number is then multiplied by 100 to get the final percentage.

Earnest money deposit

HomeLight

JUNE 30, 2022

For example, it may be worth strategically paying down some of your debt or disputing any errors on your credit report before purchasing a home. These events may not necessarily prevent you from buying a house, but there may be a time limit required from the time the event happened until you can purchase a home with a mortgage.

Purchase and sale agreement

Redfin

FEBRUARY 10, 2021

Later in the year, the worst of the pandemic will hopefully be behind us, and as businesses reopen and daily activities become safer, a new batch of homebuyers and sellers will enter the housing market, making for the strongest year of home sales since 2006. ”. There is a shortage of homes for sale. We’re in a seller’s market.

Debt-to-income ratio

HomeLight

JULY 29, 2022

You can avoid getting into this situation by avoiding making other big purchases or applying for other loans once you are approved for a mortgage and under contract. This can radically alter their debt-to-income ratio and jeopardize the whole deal. What can go wrong on the buyer’s side at closing.

Closing