Pittsburgh Pennsylvania Home Buyer FAQs...  
Affordability Is A Major Concern, How Do I Find Out How Much I Should Spend?

We have found that affordability is probably the single biggest concern of today's homebuyer. 

How much of a home is wise for you to own, or how much do you want to spend on a monthly basis without eating popcorn for dinner every evening? 

Our advice... Talk to a good real estate agent and lender who are committed to honestly and responsibly working with you to determine your affordable price range.
There are many financing options available today, and some include low to no money down payments. We will put you in touch with a qualified lender who will help you find an option that fits your budget, and you may be surprised at just how much of a home you can afford.

How Do I Go About Obtaining Financing?

When you begin the home shopping process, it helps to know your purchasing power. Otherwise you can easily wind up spending time looking at homes priced above or below your means… resulting in wasted time and disappointment. You can avoid this situation by getting “Pre-Qualified” or “Pre-Approved”. However, the two do not mean the same thing.

Getting Pre-Qualified...

• Based on information regarding your income, debts and assets.
• Information is usually provided verbally by the buyer.
• In-File credit report may or may not be reviewed.
• Once a purchase agreement is executed, the next step is to complete a loan application.

Getting Pre-Approved…

• The buyer provides documentation of income, debts and assets.
• The loan application is completed.
• Information is verified and the loan is approved by the underwriter.
• The buyer may be required to make a deposit on closing costs.
• The loan is approved, subject to the home appraisal, a signed purchase agreement and the terms addressed in the pre-approval commitment.

Questions To Consider When Choosing A Lender... 

• Are the lender’s rates and fees competitive?
• Does the lender have in-house loan representatives?
• Does the lender offer a wide variety of loan programs?
• Is the lender able to provide on-the-spot loan approvals?
• Does the lender have local or in-house underwriters?
• Does the lender have any special programs or discounts for first-time homebuyers?