How much can I afford for a house?

1) Apply
Complete an online mortgage application from a licensed lender. That Simple!
Be ready to submit your financial info such as W2, 1099, or other income /debt.

2) Shop Loan Products
Applying an online mortgage application will effect your credit score, HOWEVER, you can continue to fill out online mortgage applications for a time period (30 - 60 days) from first application WITHOUT effecting your credit score additionally. This allows home buyers to shop mortgage lenders for the best rates.

3) Credit Score Vs Interest Rates
Most mortgages require a minimum credit score to apply for a loan. Typically the lowest credit score to apply for a loan is 580. Most home loan officers will grant better interest rates with a higher credit score.

4) Down Payments

0% - 5%: Lower down payments have more strict appraisals. House has to be in move-in ready condition.
20%: Benchmark to remove PMI from home mortgage, lower monthly payments
20% +: Tyically investment properties will require 20% or more as down payment. This means the buyer will not be moving into the house and living there for 1 full year.

5) Origination Fee
This is the charge from the bank for lending the money and starting the home loan. Typically it is discussed as points, but just means % of loan.

6) Types of Loan Products

FHA | VA | USDA Lower down payment loans that require average property condition.
Conventional Range from low down payments to high down payments.
Rehab | Mobile | Lots Speicific loans for certain properties are necessary such as rehab loans.

Buyer's Checklist

1) Prepare to Buy a home
Buying a home is great, but can be a process. Before deciding on your Perfect Wishlist, prepare to turn in all your W2, 1099 documents to secure financing, have your credit score ready and have a pre-qualification with a budget.

2) Shop Lenders for a Loan
There are many types of loans available for all buyers and properties. Shop lenders in your area by clicking, search-loans and completing a lender’s application. Add your Top 3 lenders to your Buyer Portal and tag the lender on your Wishlist.

3) Create your buying Wishlist
Your Wishlist is similar to a seller's listing. Your Wishlist shows your qualified budget, "must have's" and your dream house property specifics. Once you create a Wishlist, sellers can reach out directly and invite you to view and purchase their property.

4) Wishlist - Lender & Realtor
Lenders and Realtors can qualify your Wishlist to move your Wishlist to the top of the Search. You can add or edit your Lender and Realtor at any time by editing your Wishlist. You can still create a Wishlist without a Realtor or Lender. Once your wishlist matches, hizzil will connect you with a Realtor.

5) Seller Invitations - Accept or Decline
Sellers will send you a private listing invitation for you to accept or decline. Accepted listing invitations will display under the "Showings" tab and will show property information and photos. Your Realtor will add this property to your showing list of properties to view as normal.

6) Offers / Contracts and Deposits
Your Realtor will set showings and write up offers / contracts and will coordinate with the lender and title company. Contracts will have a period of time to submit deposit to hold the property, and a period of time for due diligence such as inspections, appraisal and survey, etc.

7) Inspections, Insurance, moving day
There are certain requirements the lender, insurance and title company will require to purchase a home. Your Lender and Realtor will walk you through the buying process and contingency period as a normal contract. Be prepared to turn in all your paperwork.

8) Sold!
Everything is on track to close. The Realtor will set a time for final walk thru prior to purchase. Make sure to bring a cashier's check or have funds wired to the title company. Congratulations on your new home!