Below are answers to frequently asked questions for home buyers. If you have a question and do not see it answered here, contact us and we would be happy to answer them!
I found a house I really like, what should my first step be?
When you think you found the house you want to call home, contact a Realtor. A Realtor is a powerful resource because they can help you negotiate the price, provide unbiased opinions, and help you through the closing process.
How do I determine how much home I can afford?
To determine how much house you can afford, you can turn to the Internet. Here, you will find several mortgage calculators that can give you a rough idea of how much house you can afford. However, for the best idea of how much house payment you can handle, you should consider getting pre-approved for a home loan before you begin looking for a home.
How much do I need for a down payment?
The amount of money you need for a down payment will depend on the type of home loan you qualify for. For instance, first time home buyers can often purchase homes with very low down payments. Other loans can require between 10-20% down. Again, to get a better idea of how much down payment you will need, it is best to get pre-approved for a home loan.
What should I look for when walking through a home?
When walking through a home, you need to check the basics first. Does the home have the amount of bedrooms your family requires? How many bathrooms are there? Does the home need repair? If you take the time to work with your Realtor and express your needs and desires, you Realtor will be able to help you choose homes to look at that meet your expectations.
What is earnest money?
Earnest money is “good faith” money. What this means is if you find a home you are interested in, you will likely be required to hand over earnest money. This is a sign of good faith that the buyer is willing to go through with the transaction.
What is an escrow account?
An escrow account is separate from a mortgage account. This account is created based on contractual provisions for a particular reason.
How long will it take to close on my new home?
There are many factors that determine how long it will take to close on any new home. However, it is important to know that getting pre-approved for a home loan can significantly reduce the time it takes to close on a new home.
I am working with a buyer’s agent. Can I still go to open houses?
Yes, you can still go to open houses. However, it is important that you let the Realtor holding the open house know that you are working with a buyer’s agent.