If you’re like most buyers, that’s getting a preapproval for a mortgage. If you are fortunate enough to be a cash buyer, you’ll need what’s called “proof of funds” which is usually a letter from your bank, although that can also be a bank or investment statement

Perhaps surprisingly, the answer is yes. Buyers’ agents and lenders work as a team with you to get into the home you love. This requires a lot of trust and communication, and it helps you when your lender and realtor already have that established connection. Not only that, once you’re under contract, the listing agent will also frequently communicate with the lender so it’s key to have someone who is available on weekends and after hours (as that’s when a lot of real estate happens). Using a local mortgage lender versus a big bank or online company will always be favorable to all parties.

Absolutely. I’d be happy to send you a list of my trusted lenders.

Generally, it’s good for 30-90 days. However, with the fluctuation of interest rates, that may vary.

Like pulling any credit, it may ding your score a little bit. But you can get multiple preapprovals within a 45 day period and only take one hit to your credit. This can help you find the best rate and fees that suit your needs. Worried about the credit hit? Some lenders have programs to run to give you an idea of pre-approval amount without pulling your hard credit; we can chat about it.

This is one of the biggest home-buying myths that unfortunately stops a lot of would-be buyers from becoming homeowners. NO. You do not need to put 20% down. Depending on your loan type and eligibility, you could put as little as 0% down, although typical is 3-5%. The average first time home buyer puts down 7%, while overall, the average down payment on a US home is 13%* Are there benefits to putting down 20%? Yes, but if you cannot, don’t let it stop you from buying. There are so many benefits of ownership that outweigh putting down less than 20%. The best choice is to talk to your lender about the differences in costs.

*Experian

Congratulations! Before even writing an offer, we’ll discuss our strategy and next steps. The basic next steps though are as follows: earnest money (EMD) to be deposited to the title agency, inspection, appraisal, mortgage approval, closing. We’ll walk through each step BEFORE they happen to eliminate any unwanted surprises.

When it come to the financials, there are a few costs to be aware of:

EMD – usually 1-3% of purchase price (this is a deposit, not in-additions-to)

Private inspection – based upon service and square footage of home, this can range from $250-$500 and is paid to the inspector at the time of service

Appraisal – this is usually around $500-$600 and is paid at closing. This is only required if you are getting a mortgage.

Closing costs are the amount of money that you bring to the closing table, along with the down payment. In Michigan, it is usually around 3% and consists of property taxes, homeowners insurance, the cost of financing the loan, and paperwork/title fees.

I have a fantastic list of preferred vendors from painters to contractors to plumbers, etc. I would be happy to share that with you.

Communication is key and at the core of how I run my business. My goal is for you to feel educated and aware throughout the transaction, so you always feel empowered in your decision making. You are always welcome to reach out to me with questions or concerns. When we meet for our buyer consultation, we will discuss your preferred means of communication and our schedules to make sure we know each other’s preferences, availability, and boundaries.