It’s an estimate of how much you can borrow based on your credit score, debt-to-income ratio, and other finances.

Your lender will give you a pretty close estimate once you go through the preapproval process. If you want to get a quick idea of what your monthly payment will be right now, feel free to use this mortgage calculator.

You can get prequalified with pretty much any bank or lender.

I recommend using a local lender. They generally offer better interest rates and lower fees than large banks. If you are not familiar with any of them, I’m happy to recommend a couple of great ones.

Yes, most lenders require a hard credit check, which does affect your credit score.

I can provide you with a list of great title attorneys.

I can provide you with a list of several great inspectors.

Closing expenses vary, but on average they add up to about 3-4% of the purchase price of your home.

Closing expenses are a combination of the appraisal, home inspection, credit report, closing attorney, home insurance, home warranty (optional), and other miscallenious lender fees.

While it is not easy to get your dream home right now, especially if you are a first-time homebuyer, I have a list of strategies proven to be effective that will help you make an offer that stands out.

Earnest money (also known as good faith deposit) is put down shortly after your offer is accepted and is put into a neutral escrow account. It is a security deposit for the seller in case you default on the purchase contract. Once the deal is complete, and the contract was not broken, the earnest money goes back to the buyer.

Generally 1% of the purchase price of the home.

It depends. You can choose to include contingencies in your purchase contract, such as an inspection contingency that entitles you to get back out of the contract and get your earnest money back if the home failed inspections.

It depends on your situation. It can take a few days with a cash deal, while some loans may require weeks of paperwork and inspections to complete before you can close on your property.