Whether you are a first-time homebuyer or are a repeat buyer, start by talking with a home lender/bank. Talking with a bank before looking at homes helps you understand exactly how much you can afford. Also, find a real estate agent who will support you through the entire process. At Closing Time Realty, we treat our buyers like family. We are by their side every step of the way.
The truthful answer is, it just depends. It depends on the market conditions and what you are looking for in a home.
There's also no single answer to this question. Closings can take as little as a week or as long as 60+ days, depending on the circumstances.
Most loan programs require a FICO score of 620 or better. On occasion, a buyer may qualify for special programs with a 580 credit score.
This depends on your financial situation; therefore, talk to your lender to get a solid answer. A common misconception is that you must have a 20% down payment. That is not the case. Most financial institutions require 3-5% down, and there are zero-down programs for qualified buyers.
As with any large purchase, it’s important to establish a price range that fits your paycheck and lifestyle. Talk with your lender for a pre-approved amount. And remember -- feeling like you’re shackled to a mortgage payment is never any fun! Instead, your goal should be to find the home of your dreams at a price you can comfortably afford.
There is a difference between inspections and appraisals. Lending institutions require an appraisal to determine if the agreed-upon price and value of the property are aligned. Inspections are requested by the buyer to determine any items within the structure that may need attention.
