How much house you can afford is largely dependent on how large a mortgage (basically, a home loan) you can handle.

Payments you may have to make when you submit an offer and at closing include:

Don't forget the day-to-day expenses you may incur once you own that home.

House hunting can be both exciting and frustrating.

This might include:

• Is there enough room for you to grow in?
• Is the house structurally sound?

• Is the house in move-in condition or will it need work?
• Is it close enough to everyday needs, such as grocery stores, schools, work?
• Will you feel safe here?
• Do the appliances that are part of the sale work?
• Is the yard right for your needs?
• Do you like the floor plan?
• Is there enough storage?
• Will you be happy in this house in winter, summer, spring, fall?
• You may also want to take some exterior and interior photos of each house you visit so that you can keep track of its pros and cons.

You certainly want to be happy with your new home, but try not to get analysis paralysis!

While you're not required to use a real estate professional, it is a good idea.

A professional has access to a network of contacts and can draw from extensive market knowledge to help pinpoint the right house for you quickly.

A professional also can help you structure your deal to save money, explain the advantages and disadvantages of different types of mortgages and guide you through the paperwork.

And best of all, our professional services are at no direct cost to you!

Click HERE to learn more about the Professional Agents here at Maloof Properties!

If you will need a loan to purchase a home, submit a loan application with a trusted lender of your choosing - Maloof Properties is not a lender. There are a variety of mortgage types available today, each with advantages and disadvantages depending on how long you plan to live in the home, the financial marketplace and your income potential, among other things. Please contact a lender and inquire about the various options available to you.

A fixed-rate mortgage is the most common. In a fixed-rate mortgage, your interest rate and payment stay the same for the life of the loan. An adjustable-rate mortgage usually starts out at lower interest rates and lower monthly payments than fixed-rate mortgages, but your rate and monthly payments may rise and fall based on a financial index.

There are also several government mortgage programs available, including FHA mortgages, which are designed to help people who might not otherwise qualify for a loan.

You may also have a choice in loan terms. There are 30-year loans and 15-year loans.

When you’ve found a house you really want, it's time to make the offer. How much you offer may depend on a number of factors:

• Is the asking price fair? Here’s where the legwork you put in while shopping for a home pays off. Decide whether this house is priced right or out of line in the current marketplace.
• Is the house in good condition? Is the house in move-in condition or will it need a lot of work? Take any costs of improvement into consideration when deciding your offer price.
• Has it been on the market long? Usually, the longer a house has been on the market, the more likely it is the owner would accept a lower offer. Or maybe it's just overpriced for the market.
• Is it a sellers’ or buyers’ market? If the houses you’re interested in are being bought as soon as they’re listed, that means you’ve got a lot of competition from other buyers; offer accordingly. If houses aren’t selling fast, you may have more leverage in negotiating a lower price.

Once you’ve determined how much you’d like to offer, work with your real estate professional to submit the proper information. This includes:

• A complete, legal description of the house
• The amount of earnest money you’re paying
• The down payment and financing details
• The price you’re offering
• A proposed closing and move-in date
• The length of time your offer is valid
• Details of the deal

This can be just the beginning of the negotiation process. The seller has three options: accept your offer, counter your offer or reject your offer. Let your real estate professional advise you on the best way to present your offer for a good outcome.

When your offer has been accepted, the contingency period begins. This is time that allows you to obtain financing, perform inspections and satisfy any other contingencies of your purchase agreement.

Obtaining financing might include loan approval, which will include an appraisal of the property. Also be prepared to make your down payment, which is usually due several days before the close of escrow.

Now is the time to schedule a professional inspection of the property; it is one of the best safeguards you can take before buying. A home inspector should check (and may give you a rough price for repairs on) the electrical system, plumbing and waste disposal, the water heater, insulation and ventilation, water source and quality, pests, foundation, doors, windows, ceilings, walls, floors and roof.

Keep in mind that the inspector isn’t there to tell you whether you’re getting a good deal. He or she is there to give you an educated and professional opinion on whether the house is structurally and mechanically sound and fill you in on any repairs that are needed.

A paid homeowners insurance policy is required at closing.

Often a real estate professional will help make sure your insurance company and your title officer are working together to put your policy in effect by the close of escrow.

But, if you get your insurance agent involved early in your home-buying process, he or she may also help point out ways to help keep your insurance premiums lower.

When the property you’re buying has been inspected and you’ve had your final walk-through of the property to see that all contingency conditions have been met (such as final repairs to be made by the seller), it's time to face the final paperwork.

You will be signing loan documents (if you obtain a loan) and closing papers, as well as paying the balance of your down payment and closing costs.

This is typically the day you get the keys to your new home - Congratulations!