10 Common Home Buyer Questions

10 Most Common Home Buyer Questions

Buying a new home is exciting and often confusing. There are a lot of steps to buying a home, and people have questions.

Here 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. Your agent will have a list of lenders that are experienced with the local market. 

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 walk you through each step of the process, negotiate contract terms, and manage the closing process from start to finish. They should also have a network of industry professionals that can help you throughout the process.

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. The right agent will take their time to ensure you're making informed decisions throughout the process.

Buying a new home is exciting. Reduce anxiety by finding a good buyer’s agent who can help you make the best choice for your needs.

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