Are You Ready to Buy Your First Home?

What is a good way to estimate how much home you can afford?

Add up all of your expenses and subtract from your income

Use an online mortgage calculator

Ask a real estate agent for advice

What is a pre-approval letter?

A letter from your employer stating your income

A letter from a lender stating how much money you can borrow

A letter from a real estate agent stating the value of the home you want to buy

What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?

A fixed-rate mortgage has a fixed interest rate, while an adjustable-rate mortgage has a fluctuating interest rate

A fixed-rate mortgage is only available for first-time homebuyers, while an adjustable-rate mortgage is for more experienced buyers

A fixed-rate mortgage requires a larger down payment than an adjustable-rate mortgage

What is a home inspection?

A test of the quality of the air in your home

A review of the history of the property

An evaluation of the condition of the home and its systems

What is title insurance?

Insurance that protects your home against damage from natural disasters

Insurance that protects your personal belongings in the home

Insurance that protects your ownership rights to the property

What is a closing cost?

The final payment you make on your mortgage

The cost of hiring a real estate agent

The fees associated with closing on a home, such as appraisals, inspections, and title insurance

What is the benefit of having a real estate agent?

They can help you find a home that fits your budget and needs

They can negotiate with the seller on your behalf

They can provide legal advice on the home buying process

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