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Frequently asked questions

What's the first step of the process?

Getting pre-approved. This will help you know what price range you can afford. Remember, you can also set a mortgage budget that you are comfortable with as long as your approval is equal to or more than your budget.

How long does it take to buy a home?

That depends on how long it takes for you to find the right home and get an offer accepted. Once your offer is accepted, you are in escrow, or under contract. Once you are in contract, the average escrow is 30 days.

What does a Realtor do?

A realtor is your most important asset when purchasing a house. They will escort you through the entire home purchasing procedure. They will inform you of all the alternatives available. They will stand by you throughout the transaction and after. 

How much do I have to pay a Realtor to represent me?

Nothing. In most cases, the seller pays the commission, and the commission is split between the seller’s agent and the buyer’s agent.

What kind of credit score do I need to finance a home?

Generally, loan institutions look for a minimum of 620, but there are programs offered by other agencies that may go lower depending on the circumstances. The lower the credit score, the higher the interest rate.

How much money do I need for a down payment?

Conventional loans usually require a 20% down payment. Some programs offer as low as about 3% down. Your loan officer can help advise you on your best options.

Are there other fees required when financing a home loan?

The down payment is usually the highest cost of buying a house. Lending fees are the second-largest cost to homebuyers. Most lenders charge between 2% and 4% of the amount borrowed for loan processing fees, depending on the loan type. Conventional loans require a higher down payment but have lower processing fees. Your loan officer will tell you how much you will be charged for loan origination and settlement costs. 

What happens in a multiple offer situation?

The seller makes a choice as to which offer they want to accept. Your agent can help set you up for success and put your best foot forward.

Do the appliances come with the house?

The appliances that remain with the home should be listed in the contract. The seller is not obligated to leave appliances that are not built-in. Your agent can help you negotiate the contract terms for any appliances that you may want to be a part of the sale.