Frequently Asked Questions

   Every lender offers different loan programs, but you are likely to find numerous down payment options regardless of which lender you choose. It is relatively easy to find loan programs which offer little or no money down, depending on the type of loan and your financial profile.

   Owning a home has several advantages. Since you can deduct interest payments, you can save considerably on your taxes. Also, you constantly build equity each time you make a house payment or the property value increases, which goes towards total ownership of the house, or becomes something you can borrow against if you should need a home equity loan.

   It is a good plan to get pre-qualified for a mortgage in advance because it gives you advantages such as knowing how much you can spend and what your payments could be, as well as having more buying-power since a seller will see that you have the money ready and waiting, they will take your offer more seriously.

   Earnest money is good-faith money that you put down with an offer to buy a house. This money, which can be just a couple thousand dollars, is applied towards your predetermined down payment. Putting some earnest money with an offer demonstrates that you are serious about your offer. If your offer is rejected, you get your earnest money back, however, if you back out of the deal, you do not get it back.