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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.