8 Most Common Home Buying Questions Answered

Common questions that home buyers have:

1. How much can I afford? It's important to have a good idea of your budget before you start looking at homes. Consider factors like your down payment, mortgage interest rate, and closing costs. You can use basic calculators online to determine your monthly payments and current interest rates. Keep in mind your actual payments may vary so work with a lender to discuss in more depth.

2. What are the typical credit ratings I need to buy?  620+  A 620 credit score, or higher, is recommended. This score will be compared with your debt-to-income ratio. A higher credit score offers better lending terms. Check with your Lender and ask about different loan options and lending products that may allow for lower credit scores. 

3. What type of home should I buy? There are many types of homes to choose from, including single-family homes, townhomes, and apartments. Consider factors like your lifestyle, budget, and location when deciding which type of home is right for you. 

4. How do I find a real estate agent? You can ask friends and family for recommendations or search online for agents in your area. It's important to choose an agent who is experienced and knowledgeable about the local market. We have successfully helped hundreds of buyers over the years and can recommend local agents in any area in the United States. 

5. How do I get a mortgage? To get a mortgage, you'll need to apply with a lender and provide information about your income, debts, and credit history. The lender will review this information and decide whether to approve your loan. We can help you find lenders to work with. Give us a call.

6. What should I look for in a home inspection? A home inspection is an important part of the home-buying process. Look for an inspector who is thorough and experienced, and be sure to attend the inspection so you can ask questions and learn about any potential issues with the home. We highly recommend doing a full complement of inspections if those disclosures are not provided by the seller. A great real estate agent will have a list of qualified inspectors and companies they work with regularly. They will also help review your inspection disclosures and discuss them with you.

7. How do I negotiate the price of a home? It's common to negotiate the price of a home, especially if there are issues with the property or if you're in a competitive market. Work with your real estate agent to come up with a fair offer based on comparable sales in the area and the condition of the home. Your real estate agent will also be able to tell you what kind of market you are buying in and the best course of action when it comes to preparing your offer.

8. How do I close on a home? The closing process involves signing the final documents and paying any remaining fees or closing costs. Your real estate agent and the lender will walk you through the process and answer any questions you have. Give us a call or email us and we will send you a free copy of our buying process informational. It shows you the whole process from start to finish. Typically, you will close the sale around 30 - 45 days after the contract is agreed to by both sides. Then you are the new owner!

For detailed questions and answers feel free to reach out to us and we would be happy to talk you through the process more thoroughly.