North of Pittsburgh
Marketplace of Distinctive Homes

Am I Ready to Buy A New Home?

The decision to purchase a home is a highly personal one, based on both tangible and intangible factors. Beyond your personal situation, local market conditions, financing costs, and future expectations must also be evaluated.

The following list of questions can help you decide if you are ready to move forward with a home purchase. The Honeywill Team can help you sort through these issues and provide essential local market perspectives.



  •  If you purchase a home, how long do you expect to live there?
  • What can you afford to pay each month for housing-related expenses?
  • What are the total costs of home ownership?

This may include:

  • Mortgage payments (based on various interest rate and term assumptions)
  • Property taxes
  • Homeowner’s insurance
  • Utilities
  • Maintenance costs
  • Any other special fees?
  • Do you expect these housing-related expenses to increase or decrease? (changes in interest rates may be a bigger factor than others)
  • What additional expenses are required to complete a purchase? (closing costs, moving expenses, etc.)
  •  How much will your home ownership costs decline after adjusting for interest expense deductions and property taxes (if applicable)?
  • Are local market prices favorable to purchasing?
  • What are your expectations on future prices?
  • Do you qualify for any special purchasing assistance programs that can help reduce the cost of home ownership?


  • If you are now a renter, what are your total housing expenses? (monthly rent, utilities, housing assessment, parking, etc.?)
  • How does renting vs. buying factor into your long-term investing goals?


  • What are your personal preferences regarding the type of housing you wish to live in? How does location factor into your housing preferences?
  • How do you expect your personal situation to change, in terms of future housing needs?
  • What are your expectations concerning future employment?
  • What are your long-term personal and financial goals, with regard to housing?

Knowing the FACTS of home ownership, is the first step in buying a Home.


Documentation Checklist

Requirement for Pre-Approval


  • Salaried Borrowers:
    • 2 most recent year’s W-2s
    • 2 most recent year to date pay statements
    • If you own rental property, 2 most recent year’s federal tax returns with schedules are required.
  • Commissioned or Self Employed Borrowers
    • 2 most recent year’s personal tax returns with all schedules including W-2s and 1099s.
      • If self-employed as a corporation or partnership with 25% or more ownership interest, need 2 years business returns
    • 2 most recent year to date pay statements (If applicable)
  • Retirement Income
    • If receiving Social Security or Pension income, please provide your social security awards letter and pension statement.


  • 2 Most recent bank statements – ALL PAGES – to include, checking, savings, investment and retirement accounts

Real Estate Owned:

  • Mortgage statement, tax bill and homeowner’s insurance for any property that are not be sold prior to closing on your new home.


  • if receiving or paying alimony or child support, need a copy of divorce decree and/or separation agreement

Please contact us with any questions regarding your home loan documentation. We look forward to working with you.

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