Question 1

What is the first step in buying a home?

Accepted Answer

The first step in buying a home is getting pre-approved. This will help you know what price range you can afford. You can also set a mortgage budget that you are comfortable with, as long as your approval is equal to or more than the budget you set.

Question 2

How long does it take to buy a home?

Accepted Answer

The timeline for buying a home can vary. It depends on how quickly you find the right home and get your offer accepted. Once you're in contract, the average escrow period is about 30 days.

Question 3

How does a Realtor® assist in the home buying process?

Accepted Answer

A Realtor® is your most valuable asset when buying a home. We'll guide you through every step, educate you on your options, and represent you throughout the transaction and beyond.

Question 4

What kind of credit score do I need to finance a home?

Accepted Answer

Generally, loan institutions look for a minimum of 620, but there are programs offered by other agencies that may go lower depending on the circumstances. The lower the credit score the higher the interest rate.

Question 5

How much money do I need for a down payment?

Accepted Answer

Conventional loans usually require a 20% down payment. There are programs that offer as low as about 3% down or even 0% with some programs. Your loan officer can help advise you on your best options.

Question 6

Are there other fees required when financing a home loan?

Accepted Answer

The down payment is usually the largest cost associated with buying a house. Lending fees are the second largest costs to homebuyers. Most lenders will charge between 2% to 4% of the loan amount for loan origination fees, depending on the loan type. Conventional loans usually have lower loan origination fees, but require more money down. Your loan officer will be able to help you determine how much you can expect to pay towards loan origination and closing cost.

Question 7

What happens in a multiple offer situation?

Accepted Answer

In a multiple offer situation, the seller will choose which offer to accept. We'll help you present the strongest offer to increase your chances of success.

Question 8

Do the appliances come with the house?

Accepted Answer

The appliances that come with the house will be listed in the contract. We can help you negotiate for any additional appliances you want included. Keep in mind, sellers aren't required to leave appliances that aren't built-in.

FAQs FOR BUYERS

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