Most Frequently Asked Questions From New Home Buyers

If you're a first time home buyer and you have tons of questions about the home buying process, you're not alone!  As a new home buyer, you should ask questions – not matter how trivial they may seem. To help you get some of the answers you're looking for, we put together the most frequently asked home buyer questions:

Should I speak with a bank before I start looking at homes?

We give a resounding yes to that one! By speaking to a bank before you start your search, you’ll have better understanding of how much home you can afford. If you start looking before you take this steps, you might be looking outside of your price range which could further complicate your search.

I’m ready to buy a home! Where do I start?

Your first step is to speak with your bank. After you’ve decided on how much home you can afford, your next step is to get in touch with a Realtor® that can help you in looking for the right homes and guide you through the process, and you can even start spending some time online looking for homes for sale yourself to get an idea of what types of home are out there.

How do you know how much to offer on a home?

Deciding what to offer on a home that is going to give you the best shot at getting it, while still keeping you within your budget is a science. That’s one area where a Realtor® is crucial to helping you get the best deal. They combine their market knowledge, training and negotiation skills to come up with the

I have poor credit. Can I still try to buy a home?

Poor credit is not an end-all; however it does make the process a lot more difficult. Two commonly used methods by those who have less than desired credit are FHA loans and cosigners. FHA loans are insured by the federal government and require smaller down payments. Whereas, a cosigner could help improve your chances of getting approved for a home loan and can be leveraged in negotiating a lower interest rate.

What are all the up-front costs associated with buying a home?

This can be unique to many situations, but typically there are three main areas that you’ll need funds to cover. First, a down payment will be necessary which based on the type of loan you get for the home. Second, you will need money for closing costs which go to processing the paperwork of buying the home. And lastly, you’ll supply earnest money which is the deposit you put down with your offer to show that you’re serious about purchasing the property.

How long does it take to purchase a home?

In the past, 30 days was a general standard. But now the market has shifted to an influx of buyers and a lack of inventory, accelerating that time period. Now, houses can be listed and sold in the same day. That’s why it’s important to be working with an agent that can be actively looking for you.

Get all your new home buying questions answered by downloading the free First Time Home Buyer Guide!