Real Estate in Rhode Island
Karen Hurst
401 301 6887401 301 6887

Are you a first time home buyer in Rhode Island?

So you have been waiting for years to get to the point where you want or need a house of your own and you do not know where to start. Because everyone is different, where you start is going to be different. In general, if you have saved up cash for a down payment and closing costs, you probably already have a good idea about the market and know how much you will need. A home that costs $200,000 with 20% down will be $20,000 plus approximately $5,000 for closing costs. Closing costs are those items, like attorney fees, title search, recording, bank charges, taxes, etc that all add up and is the reason no one can tell you an exact figure beforehand.  I will discuss closing costs in another post.   If you have not saved anything, or just a few thousand, you may still be able to purchase a home. There are numerous first time home buyer incentives in Rhode Island that can help get you in a home of your own. Rhode Island Housing is a great resource for a first time buyer!


Once you have your finances accounted for, as in a letter from a mortgage company or bank showing what your limit is and what type of mortgage, or if by chance you are paying cash, a letter from a bank or attorney stating your cash savings (should be enough to cover the cost of the home you want), then you are ready to start looking.

If you call Karen at Stonehurst, the first thing I will ask you is if you are prequalified for a mortgage. If you are not, I will suggest several places to go so you can be ready. The reason we wait until you have your letter is twofold. The first and most important is we need, in writing an idea what price range we can feasibly look at houses. The second, and equally as important is if you find a house you want and wish to make an offer, you need to be ready. I do not submit offers to sellers without Proof of Funds! There is simply no point in wasting everyones time only to find out you might not be quite ready to purchase a home. Plus, being ready shows to the seller that you are serious and can make your offer look better than someone who was not ready. Lastly in todays market, you need to get your offer in fast and to have to stop and take a few days to get a letter, may well cost you your dream home!

My next post will be what happens after you have your preapproval letter.

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About Karen Hurst

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Karen Hurst


401-234-0784401-234-0784 main


1845 Post Road Ste 7S, Warwick RI 02886



Karen handled the entire process from the appraisal, showing, selling, and closing for this property. Her professionalism and expertise got us a quick sale at a very good price.
We were so happy with her service that we later listed a parcel of land in... (more)


Karen was referred to me by a friend of mine as I was looking to buy my first home and I could not have asked for a better realtor! I experienced many unforeseen setbacks in the home buying process and she remained patient, offered great advice, and showed me... (more)


I looked by myself for a house for almost one solid year before I finally decided to use a realtor. The sellers of one of the houses I looked at used Karen Hurst as their realtor. In dealing with her in regards to that house I quickly learned to trust Karen... (more)

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