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?– In most cases nothing. Traditionally, 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.

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