What is the tax advantage of buying a home?
Speak with a tax advisor before filing a claim as tax laws are constantly changing. Common deductions are permitted for: interest paid on your mortgage; property taxes; casualty losses (i.e. flooding, hurricane damage, etc.) that are not reimbursed by your insurance are deductible, subject to income limits; a portion of your home expense if you have a qualifying home office; and many health-related additions required by a doctor (air conditioning for asthma patient) provided that the addition does not add value to the home.

What are resources for a down payment for a home?
Some ideas include asking your parent’s for a tax- free gift documented by a "gift letter" stating that repayment is not expected; borrow against your life insurance policy, borrow against your pension plan, or ask for a lump sum payment from your employer instead of the following year’s pay raise.

Should I try to qualify for a loan before I begin to look?
This is a great idea. By "pre-qualifying," not only do you know the amount of money that you can spend, you also have bargaining power when making an offer on a home as this pre-qualification is as good as cash.

What additional items will I pay for at closing?
The Buyer will incur several different costs. However, many of the costs can be negotiated at the time of the contract. Various costs that a Buyer can incur include: inspection (home and pest), survey, title insurance, attorney costs, prorated insurance, prorated property taxes, points on the loan, documentary stamps on the note, intangible tax, recording fees, appraisal fee, credit report, plus a few others depending on the terms of the contract (i.e. condo transfer fee, condo application fee, etc.). Your realtor can help you to estimate the dollar amount that you will need at the time of closing.

How do I make an offer on a home?
You begin the process by consulting with your realtor and reviewing a Comparative Market Analysis. This will be a history of the current pricing trend in the neighborhood. You must also keep in mind the condition of the property, the location, and market trend.  Then you will draft a sales contract outlining the offering price, terms of your deposit (earnest money), mortgage amount, date of closing or settlement, contingencies (mortgage, inspection, review by attorney), period of offer and acceptance, and your signature.