Buying a new house is both exhilarating and perplexing. There are many steps to take.
People have inquiries about buying a property. These are the most prevalent.
Home buyers’ questions and answers
- How do I get started? – The first step is to contact a lender and obtain a pre-approval. This will inform you, as well as potential vendors, of how much you can afford.
- How long does it take to close on a home? – After contracts are signed, the loan, appraisal, and inspection processes typically take 30-45 days to complete.
- What does my agent do? – The buyer’s agent will negotiate conditions and oversee the entire closing process.
- How much do I pay for a buyer’s agent? – Nothing. The seller’s agent pays the buyer’s agent a percentage of the seller’s commission.
- What credit score do I need to qualify? – Most home financing programs require a FICO score of 620 or better. Speak with a lender about additional choices for those with low credit ratings.
- How much money do I need for a down payment? – It differs. FHA loans start at 3%, and most lenders provide basic plans with a 5% down payment.
- What other fees will I need to pay? – Closing and loan origination fees will add an additional 2-4 percent to the expenditures.
- What if I change my mind? – Your realtor will negotiate with you to include stipulations for conditions, loan terms/approval, and other safeguards that will allow you to examine the home during escrow.
- When do I get the keys? – You’ll get the keys at the closing unless you’ve negotiated more time for the sellers to move.
- What’s the best advice for home buyers? – Trust the professionals and ask lots of questions.
Purchasing a new house is an exciting experience. Reduce stress by selecting a good buyer’s agent who can assist you in making the best decision for your needs.