The second thing to do is to get information to get pre-qualified. You can get a rough estimate of how much is your buying power using the mortgage calculators at our online resource center.

A note about Mortgage Insurance

Mortgage insurance makes it possible for you to buy a home with less than a 20% down payment by protecting the lender against the additional risk associated with low down payment lending. Low down payment mortgages are becoming more and more popular, and by purchasing mortgage insurance, lenders are comfortable with down payments as low as 3 - 5% of the home's value. It also provides you with the ability to buy a more expensive home than might be possible if a 20% down payment were required. Note: low down payment means your monthly mortgage will be higher.

The mortgage insurance premium is based on loan to value ratio, type of loan, and amount of coverage required by the lender. Usually, the premium is included in your monthly payment and one to two months of the premium is collected as a required advance at closing.

If you have a lender call your lender to find out what materials they need to get pre-qualified for a loan. Your pre-qualification will tell you how much you can afford.

• Step 1: Get in touch.
  Establish a relationship with your broker/agent.
• Step 2: determine your potential.
  Find out how much you can afford.
• Step 3: Get Pre-Qualified.
  Become the preferred buyer.
• Step 4: Describe your needs
  Determine what you are looking for.
• Step 5: Visit potential homes.
  See the selected homes of your choice.
• Step 6: Select your home.
  Narrow down your search and pick your dream home.
• Step 7: Ratify your contract
  Taking the big step and getting contract ready.
• Step 8: Settlement and walk-through.
  Closing the deal.
• Step 9: Arrange your losgistics.
  Get organized to move to your new home.
• Step 10: Moving in.
  The big day! Congratulation!