Purchasing a home is exciting and overwhelming at the same time. There are so many steps involved in the entire process and every step brings up a lot of questions. So, we have done the courtesy to answer some of the most common questions for you below. Thank us later.
- What is the first and foremost step in buying a house?
If you are paying cash for a house, you have no obligation to follow, or else you need to get a mortgage. To ascertain how much you can afford for a house, you need to get pre-approved for a loan first. This is the very first step in the home purchase process.
- How much time does it take to purchase a house?
The timeline of buying a house tend to differ significantly from person to person. Once you have found a house and accepted the offer, know that it takes around 30 to 45 days to close.
- What does a real estate agent do?
A real estate professional agent is the most important aspect when it comes to investing in a house. They guide you to every step along the way when buying a home. They will enlighten you and keep you apprised of all the options available to you. They will also represent you in the entire transaction process and beyond that.
- What is the most important advice for a first time home buyer?
Always be wary of people who have no experience in the industry. Real estate has always been a booming sector and almost every person feels like they have something great to bring to the table. But in reality, people who are in this industry for quite a while and gained expertise know the best what this business entails. Good real estate professionals have sold a plethora of properties. They are aware of what to expect and what to look out for. Your acquaintances may only have bought or sold a few homes, but they don’t hold the expertise to the same. So, know that buying a home is a huge investment and you must pay heed to no compromise.
- How much credit score is needed to be qualified for a home loan?
You need a 620 or higher score. The higher the score, the better the lending terms. Also, know that the loan requirements tend to change frequently. Some lenders also approve buyers with a score of 580 or lower. So, consult your loan officer to answer your questions regarding the same.