Frequently Asked Questions When Buying a Home

Mortgage Tips for First Time Home Buyers
July 5, 2017
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Frequently Asked Questions When Buying a Home

I’m interested in buying a home. What should I do first?
          You will need to get pre-approved for a mortgage loan (unless you will be paying with cash).
When I find the perfect home, how long will it take for it to officially become my own?
          The home buying process typically takes anywhere from 30 – 45 days.
What can a realtor do for me?
          While the duties a realtor performs are endless, they are mainly there to help make the buying process as easy as possible for you. This includes walking you through the steps, representing you at open houses and during transactions, making sure the sale offers are fair, etc.
Will I have to pay my realtor when I find the home for me?
          Buyer realtors are usually paid by the seller’s realtor for helping with the sale.
I’m a first-time homebuyer. Any advice?
          Always trust the realtor/professional. They have experience and knowledge of the market.
Do I need good credit to buy a home?
          Your credit score must be at least 620 or higher, although some will accept as low as 580. Loan officers can assist with current scores accepted for mortgage loans.
What home buying programs are available?
          VA loans, USDA loans, and FHA loans are options; check in your area to see if any local programs are available to assist you in buying.
How much is needed for a down payment?
          While this typically depends upon your loan, it often ranges from 3% to 5% down. This is typically the largest amount you will spend when buying a home.
In addition to the down payment, what other fees will I have to pay?
          Loan origination fees and the closing cost. Loan fees are the second largest amount spent when buying a home, with lenders charging between 2% and 4% of the entire loan amount. However, it depends upon the type of loan you have.
When can I get the keys to my new home?
          Keys will be given at the time of closing.

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