The decision to rent or buy depends on your financial situation, your lifestyle, how long you expect to remain in a certain area, the prevailing mortgage rates and rents in your area, and many other factors.

Home equity is the difference between what you owe on your home and its market value. If you’re a renter, it can be frustrating to write a rent check every month and have no home equity to show for it at the end of the year. But if you aren’t certain that you’re going to stay put for a few years, it’s probably not the right time to buy—equity or no equity. You should not buy property and automatically assume that you’ll be able to rent it out or sell it when you move.

The amount of money you can afford to pay for a home depends on many factors, including your income, your debt, your monthly expenses, and the amount of money you can contribute to the purchase up front, among other factors. The maximum dollar amount that a bank will agree to lend you should be the upper limit; in most cases, it is advisable to borrow less than this amount.

• Negotiating, creating, or reviewing the sales contract
• Performing a title search on the property in question
• Explaining the effect of easements or user restrictions on the property
• Representing you in a contract dispute with the seller
• Representing you at closing with the lenders

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The Foreclosure Intervention counselor will discuss your financial situation with you and offer guidance and information on options for avoiding default or foreclosure. The objective for these individual counseling sessions is to find a way to help you keep your home.

• A completed loan application
• Federal tax returns for 2-3 previous years
• Recent pay stubs
• Documentation of all other income sources, such as child support, alimony, investments, etc.
• Bank statements
• Credit report authorization
• W-2s and 1099s
• Copies of your driver's license and/or social security card
• A Homebuyer Education Certificate (optional, depending on where you are applying)
• Documentation of all outstanding loans and credit card statements
• Other documents as required based on your individual circumstances

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Although every market is different, a recent nationwide study found that buyers are spending an average of 10 weeks before they identify their preferred property. Once the property has been identified, negotiation and escrows typically last from 30-60 days, but it can be longer depending upon terms and financing choices.

In some circumstances, closing dates can change. If you are currently in a lease it is wise to give yourself sufficient time to account for a delay. You can help avoid delays by making sure that the documentation you submit is as complete and accurate as possible and by promptly informing them of any changes.

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