As with any purchase, you need to determine what you can afford and what type of property you would like to own. These may change as you work through your search so be open to properties that your agent suggests even if they don’t seem perfect at first glance. Homeowner’s association dues and property taxes are expenses that can vary from property to property so be sure to take those into account as you look at things.
If you are planning to take advantage of the low mortgage rates please be aware that the process is a little more challenging then it may have been the last time you got a loan. Regardless of how well qualified you are, they will require quite a bit of documentation from you to determine that. Lenders are also looking very closely at properties right now. That means the appraisal is important, but also if you are looking at buying something that is part of a Homeowners Association, the financial stability and physical condition of the property overall will be taken into account.
