Pumpkin Spice & Real Estate Advice

10 Most Common Home Buying Questions
Buying a new home is exciting and confusing. There are a lot of steps to buying a home, and people have questions.
These are the most common questions home buyers have, and the answers.

• 1. How do I get started?
  The first step is to speak with a lender and get a pre-approval. This will tell you, and potential sellers, how much you can afford,
• 2. How long does it take to close on a home?
  •  Typically, it takes about 30-45 days once contracts are signed to complete the lending, appraisal, and inspection processes.
• 3. What does my agent do?
  • A buyer’s agent will negotiate terms and manage the closing process from start to finish
• 4. How much do I pay for a buyer’s agent?
  • Nothing. The seller’s agent gives the buyer’s agent a portion of their commission from the seller.
• 5. What credit score do I need to qualify?
  • A 620 FICO score or higher is required for most home loan programs. Talk to a lender for other options for lower scores.
• 6. How much money do I need for a down payment?
  • It varies. FHA loans start as low as 3% and most lenders offer standard programs for a 5% down payment.
• 7. What other fees will I need to pay?
  • Closing costs and loan origination fees will add another 2-4% to the costs.
• 8. What if I change my mind?
  • Your agent will work with you to build in contingencies for condition, loan terms/approval, and other protections to allow you time to evaluate the home during escrow.
• 9. When do I get the keys?
  • Unless you’ve negotiated extra time for the sellers to move, you’ll get the keys at the closing.
• 10.What’s the best advice for home buyers?
  • Trust the experts and ask lots of questions.

Have more questions?  Feel free to reach out at any time, and  I would be happy to discuss anything you may want to know!