First Time Home Buyers FAQ

Are you looking to buy your first home, but unsure where to start? These are some of the most commonly asked questions associated with the home-buying process. Don’t see your question listed here? Don’t be shy! Contact me with all your home-buying inquiries. I’m always happy to help.

  1. What is the first step of the home buying process?
    • This is dependent on your financial situation, but your first step should likely be getting pre-approved for a loan. This helps accurately estimate the budget of your prospective home.

  2. Are pre-qualifying and pre-approval the same thing?
    • The pre-qualification process gives an estimate on the monetary amount you’re able to borrow. It’s a convenient method to determine an appropriate price range for your property search. The pre-approval process involves a financial institution completing a detailed review of your finances, and agreeing to collaborate with you.

  3. What are the benefits of buying a home through a realtor?
    • Realtors offer access to a wider range of available properties through their professional network. As real estate experts, they guide you through the buying process, and help negotiate a fair price. Additionally, realtors assist with paperwork and legal requirements, which takes stress from the home buying process.

  4. What is the cost of a down payment?
    • This will vary depending on your loan. Expect to pay a down payment between 3% and 5% of a home’s purchase price.

  5. What documents do I need to purchase a home?
    • Document requirements vary by situation. Be prepared to provide government identification, proof of income and assets, employment verification, credit history, purchase agreement, and home inspection report.

  6. How long does it take to close on a home?
    • It varies depending on mortgage type and other factors. However, the process usually takes between 30 and 45 days.