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10 Most Common Home Buyer Questions Answered

10 Most Common Home Buyer Questions Answered

Jul 13, 2022 | Buying, Resources

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

These are the most common questions home buyers have, and the answers:

5

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.

5

How long does it take to close on a home?

Typically, it takesabout 30-45 days once contracts are signed to complete the lending, appraisal, and inspection processes.

5

What does my agent do?

A buyer’s agent will negotiate terms and manage the closing process from start to finish.

5

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.

5

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.

5

What other fees will I need to pay?

Closing costs and loan origination fees will add another 2-4% to the costs.

5

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.

5

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.

5

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.

Find more information about buying a home on our buyers page.

Shannon is from Abbeville, Louisiana, and has been with District South since 2019. 
More about Shannon Broussard

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