Joanna Harmon, Realtor at Venterra Real Estate

No, it's very common to only save 3.5% for a down payment. Which can still be a significant sum of money. There are some lending programs that have zero money down but you'll want to talk with a lender to see what they are and if you qualify.

That is negotiated in the buyer/seller agency agreement. But most commonly the seller will pay.

No. The buyer should look around and interview lenders. There are many lenders to choose from and you want to find one that you are comfortable with and confident about. You can find a lender with your bank, credit union, independent lending company, or even Costco does loans.

By signing the Buyers Agency Contract you insure that your expectations of the realtor are met. This contract is important to you and the realtor. It defines the realtors obligations to you and the scope of how they represent you. It outlines the legal requirements if there is a dispute and states who is responsible for the realtors commission. Legally a realtor should not be assisting you with a home purchase without having this agreement signed by you and themselves.

No. Potential home buyers need to research the neighborhoods themselves.

When calculating a house payment there are a few factors to be aware of so that you aren't surprised. The base amount of your house payment will be the Principal and Interest. If your loan is amortized then this payment amount will not change for the life of the loan. Just the allocation of the amount will change between principal and interest as you pay the loan down. The next item that could be in your house payment is Private Mortgage Insurance. This is insurance for the lender if you took out your home loan with less than a 20% down payment. (After you've paid down the loan by 20% you can inquire with your lender about having it removed) Next, if you elect to have your property taxes and property insurance escrow-ed for you, then this will be included in your house payment. (Calculated by taking the annual amount due for taxes & insurance and divided by 12 months to find the monthly payment) *Be prepared for your house payment to change yearly based on the property taxes and insurance premiums. **I am not a certified loan officer. For more detailed information contact a licensed mortgage lender.**