How much house can I afford?

When ealuating how much you can afford lenders usually look to see that your maximum monthy morgage payment does not exceed 28 perent jof your gross (pro-tax) income and that your maximum debt load, including your mortgage payment does not exceed 30 percent of yoour gross income.

What's the difference between being pre-qualified and pre-approved for a mortgage?

A pre-qualification is an informal determination by a lender or mortgage broker stating how much you
can afford whereas a Pre-approval is a guarantee in writing by a lender to grant you a loan up to a specified amount.

What are the advantages of being pre-approved?

I always recommend buyers get pre-approved as early as possible in the home buying process for a couple of reasons.  A pre-approval gives the buyer more negotiating power, sellers will find the offer more attractive if the buyer is pre-approved for a mortgage.  Also, the length of time to close the transaction can be shorter if the buyer has secured a mortgage approval prior to signing a contract on a purchase.

What is a buyer's representative?

A buyer's representative also known as a buyer's agent is an advocate for the buyer--not the seller--in a real estate transaction.  Buyer's agents owe full fiduciary (legal) duties, including loyalty and confidentiality, to their buyer-clients and work in their client's best interests throughout the entire transaction.