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Home Buyer FAQ

We are here to answer some of the most asked questions that we receive from home buyers. Let’s dive right in.

1. What do I do first?

We always suggest talking with a lender as soon as you know that you are ready to buy. It’s always fun to start online first, searching for homes and finding what you do and don’t like. So that is always another common place to start, is just knowing what’s out there and available! The reason I say to start with a lender, is because you may be searching for homes was out of your price range. Or vice versa, and you can afford more than you expected! (Always make sure you are comfortable with your payments plus your other bills, even if CAN afford more on paper.) Talking with a lender before seeing any homes is always a great way to know exactly what your expectations should be moving forward.

2. What is a pre-approval?

A pre-approval is what your lender will provide you after submitting an application. They will pull your credit and have your finances to approve you for a certain amount. Once the lender decides how much you are able to afford, you will be given a pre-approval stating the amount.

3. How much money do I need for a down payment?

The general rule of thumb for a conventional loan is 20%. Many lenders have different programs allowing as little as 3% of the purchase price as your down payment. Keep in mind that being under 20% could cause for a higher monthly payment to cover private mortgage insurance.

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4. I found the house I want, now what?

We as your Realtor, will write and submit an offer to the listing agent. This will be reviewed by the sellers and their options are to sign and accept, don’t sign and send a counter offer which you then sign if you agree, or pass altogether and choose another offer. This is when the waiting game begins and can be an intense few hours or even up to a couple of days, depending on the market! Be patient and flexible and know that we’re here to get you that dream home, no matter what it takes. Once your offer gets accepted, then that’s when we do inspections, the appraisal and continue working with your lender to the closing table!

5. What’s the difference? Realtor vs. Real Estate Agent

A Realtor is a real estate agent who has joined the National Association of Realtors by furthering their education and being held to a higher standard and code of ethics. They are essentially governed by a higher set of standards than real estate agents. Therefore, it’s important to know if the agent you are working with has taken that extra step to better themselves, for their clients by becoming a Realtor.

6. Do I have to pay my Realtor?

No! A buyer does not have to pay any commissions to the real estate agent. The agent commissions are paid by the seller at closing. Now there could be other closing costs that the buyer has to take care of, but those are discussed throughout the process and are not due to the Realtor.

For any specific questions or more details, fill out our form here!

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