Buyers

Many people think the first step in going to look at houses. However, unless you plan on paying cash, it’s important to talk to a lender and get pre-approved for a loan so you’re ready to make an offer when you find a home you love. Click here for a list of our preferred lenders.

There are a lot of variables to consider but once you find a house and have an accepted offer, it usually takes between 30-45 days to close. During that time you will typically have an inspection and appraisal done on the property and move through the loan process with your lender. Once everything has been approved with the loan, the lender will issue a clear-to-close and we are able to schedule closing. In a cash deal, the timeframe is shorter and there is no lender involved.

Your realtor will walk you through the entire home buying process from start to finish They have resources to assist with your home search, grant you access to view homes on the market, offer advice and negotiate on your behalf. During the transaction, they keep track of timelines, manage all paperwork and explain the necessary contracts. Overall, a realtor is there to represent your best interest throughout the transaction and beyond.

In most cases, the only cost to the buyer is a small compliance fee. This amount can vary from agent to agent but should not exceed a few hundred dollars. The seller typically pays a commission to their agent, who then pays the buyer’s agent for bringing a buyer and facilitating the transaction.

It depends on the type of loan but most commonly you need a minimum of 3-5% of the purchase price to put down. Together your lender and agent can advise you on how much to put down depending on your situation and budget. If home ownership is one of your goals and you’re concerned about a down payment, it’s never too early to partner with a lender to come up with a plan.

A credit score of 620 or higher is recommended but ultimately it depends on your lender. If you’re worried your credit score will prevent you from buying a house, reach out. We can set you up with a lender who can either find a loan program that works for you or help you put a plan in place to get your credit score to where it needs to be.

The down payment is typically the biggest cost associated with buying a home. It is a percentage of the purchase price and can be as low as 3% depending on which type of financing you qualify for. A larger down payment will increase your equity position in the home. Additional expenses will include a private home inspection, appraisal, title insurance, and lender costs. It is also important to plan for moving costs. We can go over all of these items in detail based on your situation during our Buyer Consultation.