Question 1

How much home can I actually afford?

Accepted Answer

Your comfortable monthly payment matters more than your max approval. If you're wondering how much home you can afford, you've come to the right place. Start with what your lender pre-approves you for, then build in the real numbers: property taxes, insurance, HOA fees, utilities, and maintenance. In the DC area, budget roughly 3% of the purchase price for closing costs on a conventional loan, a little more for FHA and VA. The number that matters isn't the max approval, it's the payment you're comfortable with every month. So there you go.

Question 2

What's the difference between pre-qualified and pre-approved?

Accepted Answer

Pre-approval is the real thing; pre-qualification is just an estimate. The way I like to explain it to people: pre-qualification is a quick estimate based on what you tell a lender. Pre-approval is the real thing, a lender pulled your credit and verified your income, and you have a letter saying you're good for a certain amount. In this market, sellers want to see pre-approval.

Question 3

Why get pre-approved before I start looking?

Accepted Answer

It's your ticket in, and it tells you your real budget. Because it's your ticket in. Sellers and their agents take you seriously when a lender has verified your numbers, and you can act the day a home you love hits the market. It also tells you your real budget, so you look at homes you can actually buy.

Question 4

How do I write a strong offer in a competitive market?

Accepted Answer

Lead with a clean offer and terms a seller can trust. Lead with your best foot: a solid pre-approval, a clean offer, and terms a seller can trust. I'll walk you through what to include, what to waive carefully, and what to never give up. It's not about the highest number, it's about the offer that actually closes.

Question 5

What really is a home inspection?

Accepted Answer

Major systems first: roof, foundation, HVAC, electrical, plumbing, and water intrusion. Major systems first: roof, foundation, HVAC, electrical, plumbing, and water intrusion. Paint and carpet are easy fixes, but structural or system problems are where you negotiate or walk. I'll help you read the report and tell you what's worth pushing back on.

Question 6

What do closing costs actually cover?

Accepted Answer

Lender fees, title work, appraisal, settlement, and prepaid items. Lender fees, title work, appraisal, settlement, and prepaid items like taxes and insurance. For a buyer in the DC area, plan on around 3% for conventional, a little higher for FHA and VA. I give every buyer a clear estimate up front so there are no surprises at the table.

Question 7

What should I do when a home I like just hits the market?

Accepted Answer

Don't freeze. Have your pre-approval ready and be ready to tour quickly. Here's a quick rant: don't freeze. Homes in this market don't wait around. Have your pre-approval ready, know what you want, and be ready to tour quickly. That doesn't mean rush into a bad decision, it means being prepared so you can decide on your timeline, not the market's.

Question 8

What contingencies should I never waive?

Accepted Answer

Keep your inspection unless you truly understand what you're giving up. Keep your inspection unless you truly understand what you're giving up. Financing and appraisal contingencies protect you if the numbers don't work out. I'll tell you which concessions make sense for your situation, because every offer is different and no one should pressure you into giving up your protection.

Buying a Home

Eight answers, straight to the point.