The Buying Process

Researching and talking with mortgage companies prior to submitting an application is important. Find out what their loan programs are, requirements for down payment and any fees or incentives available. You are in essence paying the lender for the use of their services—ask questions and make sure you get the answers that you need.

Mortgages may be obtained through a mortgage company, bank or credit union. Your real estate agent can provide you with a list of reputable lenders or refer you to a specific lender that will suit your individual needs. 

Paying Cash for Your Home

Paying cash for a home has advantages and disadvantages. You will need to weigh all of these factors to determine if and how paying cash will impact your home purchase in the short and long run. A qualified financial adviser may assist you in determining if a cash purchase is the right choice for you.

You have found the home that you can't live without and are ready to make an offer. Your real estate agent is ready to guide you through the next step of this somewhat complex process. You can count on your agent's expertise again—this time in the art of negotiation.

Your agent will direct you toward at a price that both you and the home's sellers can agree upon. A formal purchase contract, written by you and your agent and signed by you, will be submitted to the seller for review and consideration. During this step, compromise is vital; you want to arrive at a fair price where everybody is satisfied.