Here are some of the most fundamental and common first time home buyer questions I get asked regularly and my best shot at summarizing them so you can digest them.
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Purchasing a home involves several steps, and it’s different for everyone. There are so many moving parts that can affect your experience, but to sum it up in a very watered down way, it goes like this…
1. Determining what you can afford. You might find this post helpful during this step.
2. Finding a real estate agent. Here are questions to ask when interviewing Realtors.
3. Locating a property.
4. Making an offer.
5. Securing a loan. Here are some mistakes to avoid.
6. Appraisal and inspection.
7. Closing on the home.
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A mortgage pre-approval is a process that allows a lender to look at your financial history and verify your ability to pay back a loan. This process helps to ensure that you receive a loan that you will be able to repay.
A pre-approval letter is what they’ll provide to you once they’ve verified your financial history and agree to move forward in the home buying process.
A pre-approval is NOT a promise to lend to you however. It’s just a quick scan of your financial situation and basically says, looks good but we’ll need more info before we can give you the money.
A pre-approval letter is sufficient to offer on a home but a final mortgage approval is required to successful purchase (and close) on a new home.
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Finding the right real estate agent is an important step in the home buying process. Be sure to do your research and ask questions. You can start by asking friends & family if they’ve had a great experience with anyone.
After you’ve found 1 or 2 viable options, here are a few questions you can ask.
– How familiar are they with the area in which you are buying?
– Are they knowledgeable about the market?
– Are they available when you need them?
– Are they willing to take time to explain things to you?
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Closing costs are fees associated with the purchase of a home, and can include things like loan origination fees, appraisal fees, title insurance, and more. These fees can vary from state to state, and can range from 2-5% of the purchase price.
Your Realtor, Lender, and Title Closer will help you determine what your unique closing costs will be. You can also find a helpful calculator here.
This list of common first time home buyer questions is the tip of the ice berg and that’s why it’s so important to find a Realtor who is committed to educating you in the beginning stages, before you jump in head first.
I hope this information was helpful – it’s always my intention to educate and empower you to make the best real estate decisions for you.
If you’re ready to start your home search, reach out! I can set up your home search in minutes.
Have a home to sell? Start here & I’ll email you a free home valuation.
You can find more helpful information on my YouTube Channel At Home in Saint Paul.