FAQ - Questions Buyers and Sellers Are Asking
How much money do I need to buy my first home?
Most first-time buyers are surprised to learn that they don't need 20% down. Many loan programs allow as little as 3-5% down, and some buyers qualify for down payment assistance.
Do I need perfect credit to buy a home?
No. Many buyers qualify with average or improving credit. Different loan programs have different requirements, and some allow lowwr scores tha. people expect.
Can I buy a home while still renting?
Yes. Many buyers purchase while renting. Planning the timing correctly helps avoid unnecessary overlap or financial stress.
What's the difference between pre-qualification and pre-approval?
Pre-qualification is an estimate based on what you share. Pre-approval involves document review and gives a clearer picture of your buying power.
How much house can I afford?
Many factors affect affordability when purchasing a home, including your down payment amount, current debt, current income, and available interest rates.
How much are closing costs?
Closing costs are typically around 2% to 5% of the total loan amount. Closing costs are dependent on many factors, including your lender, third-party settlement service providers, property location, and loan type.
How do I qualify as a first-time buyer?
There are many loan programs designed to benefit first-time homebuyers — which usually means someone who hasn’t owned a home during the past three years. Such programs help those needing lower down payments or reduced interest rates. Ask your lender about the first-time homebuyer programs they offer.
What is included in closing costs?
Closing costs are the fees and expenses associated with originating your mortgage loan and paid to your lender, settlement service providers, and other third parties. These fees could include a lender's origination, application, or underwriting fees; a title company's title search, title insurance, or closing fees; and a local county's recording fees.
How do I know what my home is worth?
Online estimates are often inaccurate. A proper value is based on recent sales, local demand, conditions, and neighborhood trends.
Do I need to make repairs before selling?
Not always. Some homes sell as-is. Others benefit from minor updates. The key is knowing what actually helps versus what wates money.
How long does it take to sell a home?
Timing depends on price, condition and market conditions. Some homes sells quickly, others takes longer with proper strategy.
Can I buy another home before selling mine?
In many cases, yes. This depends on your equity, finances, and availble loan options. A plan helps avoid pressure.
When is the best time of the year to sell?
This varies depending on the housing market. In general, house hunting typically picks up in the warmer months of the year, making it a great time for sellers to put their home on the market. In the colder months, it’s typically a buyer’s market. This can vary by city and even neighborhood, so be sure to ask your REALTOR® what they recommend.
What should I expect when I put my house on the market?
Once your home has been listed, the best piece of advice is to have realistic expectations. Keep an open line of communication with your REALTOR® and be patient. Your REALTOR® will handle the marketing for your home and guide you through the process of showing your home. They will also help you with the negotiation process and make sure your home closing goes as smoothly as possible.
What is the standard commission for a real estate agent?
Real estate agents work on a commission basis, making a percentage of the sale or purchase price of the home their client is buying or selling. Typically, as a seller, you’ll pay a percentage of the sale price, with half of the total serving as the buyer’s agent’s commission.
Will I save money by selling without an agent?
Possibly—but rarely. Unless you already have a qualified, unrepresented buyer lined up and understand contracts, inspections, negotiations, and disclosures, you’re likely leaving money (and peace of mind) on the table. The right listing agent will help you net more, even after commission.