Buyers have many concerns about purchasing a home. Today, I thought I would quickly answer the 10 most common home buyer questions:
- What is the first step in the home buying process? The first and most important step is to get pre-approved.
- How long does it take to buy a house? That’s going to depend on an annoying thing called TRID (TILA-RESPA Integrated Disclosure), but it can take between 30 and 45 days. Your lender will have more details.
- What does a Realtor actually do? We really do everything under the sun, from looking at homes each day to finding your perfect match to coordinating with the lender, the seller’s agent, and more.
- How much do I have to pay a Realtor as a home buyer? Nothing. Zero. Zilch. Nada. When it comes to commissions, buying a home is free.
- What is the best advice for first-time home buyers? Trust the professionals. This industry constantly changes. You need an agent who will be up to date on anything and everything that could affect your deal.
- What kind of credit score do you need to buy a home? You need to have a score better than 580 at the very least. Anything at or over 620 is preferred.
- Are there special home loan programs I should know about? Absolutely. We’ll get you in touch with a lender ASAP. I handle homes and let lenders handle the money.
- How much do I need for a down payment? You need anything between 3.5% to 20% down, depending on your loan product and credit score.
- What other fees are there besides the down payment? There are loan origination fees and closing costs.
- When do I get the keys to my new house? At the closing table. Once you get the keys, the home is all yours.
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When buying a home, trust the professionals.
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