Michael Velez
Coldwell Banker Realty

  So You have decided to purchase a home! Buying a home i s an exciting and smart investment.  Home-ownership brings a sense of security and the freedom of having your own space.  Financially, it can provide a tax shelter and the opportunity to build equity.  I will walk you through the process of buying a home so you are prepared to act quickly when you find the perfect one. As we work though the home buying process, you'll find that I am a valuable resource, and you can feel confident your search for a new home will be successful.


The Process

Below is an outline of the steps you'll be taking as part of becoming a homeowner.

>How much can you afford?

>Getting pre-appoved for a loan

>Deciding on a mortgage

>Fine tuning your budget

>Begin searching for a home

>Making an offer

>Your offer is accepted

>The closing


Frequently Asked Questions:

What types of mortgages Programs are offered?            

There are many types of mortgages, and choosing the right one for you is                                     

an important decision.  Below lists several programs, but talk to a local mortgage                     

professional to see which program is right for you.                                                                                 

>15,20 or 30-year Fixed Rate Loan

>Adjustable Rate Mortgage(ARM)                                                               

>New Construction financing                                                                      

>VA and FHA Loans



How Long does a mortgage application take to process?

It typically takes 45-60 days from when the home goes under contract to the day of the closing.  The time depends on how quickly the

lender can get an appraisal for the property, review your financial statements, employment and 

Credit information.


What do the closing costs include?

Closing costs cover processing and administration of your loan.  You may also have

to prepay interest charges to cover the partial month in which your close and deposit

money into an escrow account for property taxes,homeowner's and mortgage insurance