Buyer Resources

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Buyer Resources How do I know if I’m ready to buy a home? Review your financial readiness Knowing whether you’re ready to buy a home begins with examining your finances. According to the National Association of REALTORS® (NAR) and the CFPB, buyers should review income stability, debts, credit history, savings, and the likely costs of ownership. Having a down payment is helpful, but it is only one part […]
Buyer Resources How much house can I actually afford? Start with your real monthly budget How much house you can afford depends on more than your income or a mortgage preapproval amount. The CFPB recommends building a budget that includes existing debts, normal living expenses, savings goals, and the total cost of homeownership. A comfortable payment should leave room for unexpected expenses and other […]
Buyer Resources How much money do I need to buy a home? Plan for more than the down payment The cash needed to buy a home includes more than your down payment. According to the CFPB, buyers should also budget for closing costs, inspections, moving expenses, and an emergency reserve. The required amount depends on the purchase price, financing program, lender charges, and property. For example, a […]
Buyer Resources How much should I put down on a home? Do I really need 20%? Understand why 20% is not always required You do not necessarily need a 20% down payment to buy a home. According to the CFPB, some conventional loan options allow smaller down payments, while certain eligible buyers may use programs with little or no down payment. Requirements vary by lender, mortgage program, and property. A 20% […]
Buyer Resources What type of mortgage is right for me? Compare the major mortgage options The right mortgage depends on your finances, down payment, credit profile, and property plans. According to the CFPB, conventional loans are generally made by private lenders, while government-supported programs include FHA, VA, and USDA mortgages. Each has different eligibility, down payment, insurance, and property requirements. Conventional loans may suit borrowers […]
Buyer Resources What is the difference between mortgage prequalification and preapproval, and when should I get preapproved? Understand pre-qualification and pre-approval Mortgage pre-qualification and pre-approval are early steps used to estimate how much a lender may be willing to lend. The Consumer Financial Protection Bureau (CFPB) notes that lenders do not use these terms consistently. Some use pre-qualification for a preliminary estimate based largely on information you provide, while pre-approval may involve […]
Buyer Resources How does my credit affect my ability to buy a home and my mortgage rate? Understand how lenders use your credit Your credit history helps lenders assess the risk of making a mortgage loan. According to the Consumer Financial Protection Bureau (CFPB), your credit score and report can affect loan eligibility, the interest rate offered, and overall borrowing costs. Higher scores generally give borrowers access to more favorable mortgage terms, […]
Buyer Resources What will my true monthly cost of owning a home be besides the mortgage payment? Include more than principal and interest A mortgage’s principal and interest payment is only one part of the cost of owning a home. The CFPB explains that a full housing payment may also include property taxes, homeowners insurance, mortgage insurance, and association dues. Some of these amounts are collected through a lender-managed escrow account, while […]
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Buyer Resources How much are closing costs when buying a home, and what do they include? Know what closing costs cover Closing costs are expenses paid to arrange a mortgage and complete the transfer of property. According to the CFPB, they often total roughly 2% to 5% of the purchase price, excluding the down payment, although actual costs vary. On a $300,000 home, that broad planning range would be approximately $6,000 […]
Buyer Resources Is now a good time for me to buy a home? Evaluate your finances before trying to time the market Whether now is a good time to buy a home depends first on your financial readiness. The Consumer Financial Protection Bureau (CFPB) recommends examining your income, savings, debts, and expected housing costs before deciding. A comfortable monthly payment and enough cash for upfront costs and emergencies […]
Buyer Resources How do I choose a buyer’s agent, and what is a buyer agency agreement? Look for experience and clear communication Choosing a buyer’s agent involves more than finding someone who can schedule showings. According to NAR, agents may help identify suitable properties, evaluate market information, negotiate terms, and coordinate the purchase. Ask about recent experience, availability, communication, and familiarity with the types of homes you’re considering. Local knowledge can […]
Buyer Resources How does a buyer’s real estate agent get paid? Understand that agent compensation is negotiable A buyer’s real estate agent may be compensated through a fee agreed upon in a written buyer agreement. According to NAR, real estate broker compensation is fully negotiable and is not set by law. The agreement should clearly describe the services provided and the compensation amount or method of […]
Buyer Resources How do I decide where to buy and which location is right for me? Start with your daily needs and priorities Choosing where to buy begins with understanding how a location fits your life. Consider commute times, access to work, transportation, shopping, recreation, medical services, and the amenities you use regularly. Decide which features are essential and which are flexible before narrowing your search. Look at the full housing […]
Buyer Resources What should I look for when touring a home, and what are the biggest red flags? Look beyond finishes and first impressions When touring a home, attractive décor and fresh paint can draw attention, but the underlying condition matters more. Start by assessing the floor plan, natural light, room sizes, storage, and how the property fits your daily routine. Check whether doors and windows operate and notice signs of uneven floors, […]
Buyer Resources What should I know before buying a condo, townhouse or home with an HOA? Understand what you own and maintain A condominium, townhouse, and home within a homeowners association can have different ownership and maintenance arrangements. A townhouse describes a building style and may be held as a condominium or separately owned property. NAR explains that condominium ownership typically includes an individual unit and an interest in common areas. […]
Buyer Resources How do I make a competitive offer without overpaying for a home? Start with comparable sales and your budget A competitive offer should reflect both the property’s value and what you can afford. According to NAR, purchase price is important, but an offer also includes financing, contingencies, earnest money, and closing terms. Before choosing a price, review recent comparable sales and how the property’s condition and features […]
Buyer Resources What is earnest money, and can I lose it? Understand the purpose of an earnest money deposit Earnest money is a deposit that shows a buyer’s intention to complete a home purchase. According to NAR, the money is typically delivered after an offer is accepted and held by an escrow holder until closing or another authorized disposition. The deposit amount and due date are […]
Buyer Resources What contingencies should I consider including in my offer? Understand how contingencies protect buyers Contingencies are conditions written into a purchase agreement that must be satisfied for the transaction to proceed as agreed. According to NAR, common contingencies concern financing, appraisal, inspections, and the sale of an existing home. Their value depends on the property, your finances, and the risks you are prepared to […]
Buyer Resources Do I need a home inspection, and what inspections should I consider? Understand what a home inspection can reveal A home inspection is one of the most useful ways to learn about a property’s condition before purchasing it. According to the National Association of Realtors® (NAR), a general inspection typically covers visible components of the structure, roof, plumbing, electrical systems, heating and cooling, interior, and exterior. The […]
Buyer Resources What is the seller’s property disclosure, and what should I look for in it? Read the disclosure for known property problems The seller’s property disclosure can provide important information about a home before you commit to buying it. Pennsylvania’s Real Estate Seller Disclosure Law generally requires sellers in covered residential transactions to disclose known material defects. These are issues that significantly affect value or create an unreasonable risk to […]

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