Frequently Asked Questions

Q: How do I know if I'm ready to buy a home?

A: Consider factors like stable income, savings for a down payment and closing costs, and the ability to handle ongoing homeownership expenses like maintenance and property taxes.

Q: What's the first step in the home buying process?

A: The first step is often getting pre-approved for a mortgage to determine your budget and show sellers you're a serious buyer.

Q: What's the difference between a pre-qualification and a pre-approval?

A: Pre-qualification is an estimate of how much you may be able to borrow, while pre-approval is a conditional commitment from a lender based on verifying your financial information.

Q: How much money do I need for a down payment?

A: Down payment requirements vary but typically range from 3% to 20% of the purchase price. Some programs may offer lower down payment options for qualifying buyers.

Q: What are closing costs, and how much should I expect to pay?

A: Closing costs are fees associated with finalizing the home purchase, including lender fees, appraisal fees, title insurance, and more. They typically range from 2% to 5% of the purchase price.

Q: Do I need a real estate agent to buy a home?

A: While it's not required, having a real estate agent can provide valuable guidance, negotiation skills, and access to listings that you may not find on your own.

Q: What's the importance of a home inspection?

A: A home inspection helps identify any potential issues or defects with the property, allowing you to make an informed decision and potentially negotiate repairs or a lower price.

Q: What happens if the appraisal comes in lower than the agreed-upon purchase price?

A: If the appraisal is lower than the purchase price, you may need to renegotiate with the seller, make up the difference in cash, or walk away from the deal.

Q: How long does it take to close on a home?

A: The closing process typically takes between 30 to 45 days from the time an offer is accepted, but it can vary depending on factors like financing, inspections, and negotiations.

Q: What should I do during the final walk-through before closing?

A: During the final walk-through, you should ensure that agreed-upon repairs have been completed, no new issues have arisen, and the home is in the condition you expect before finalizing the purchase.