First House Info

If you are in the market for a new home and need help in the process you will find these home buyers questions and answers to be a valuable resource. First time home buyers and seasoned real estate veterans all need answers to many questions. Here we have compiled some of the most common home buyers questions to help you in the purchase of your new home.

Q: How do I begin my search for a home?
A: Contact a local Realtor who is an expert in your area. Realtors are trained professionals who are knowledgeable about the local area, real estate market and negotiation tactics. They simplify the home buying process and save you time and money. Plus, buyers do not pay for their services; sellers pay any real estate commissions. To begin your search for a Realtor, ask friends and family or search for a Realtor online. After you have found a Realtor, start shopping for a home loan.

Q: How can I find out about First Time Home Buyer Programs?
A: Ask your Realtor! There are tons of programs out there that vary depending on your location, income and preferred lender.

Q: What do I do to secure a home loan at a good interest rate?
A: There are many places to look for a mortgage. Start by asking your Realtor for suggestions. Call and compare rates at different lending institutions and make sure you get at least 3 different quotes before selecting to work with one lender. Securing a mortgage can take up to 6 weeks and in some occasions longer. Allow time for this process to take place.

Q: What do I need to apply for a home loan?
A: You will need your social security number, bank statements, pay stub, statements of debt (ex. Other loans), and income tax statements for two years. Depending on your lender they may require additional documentation but these are the basic documents necessary to apply for a mortgage.

Q: How do I make an offer on a home?
A: Your Realtor will guide you through this process. How you should make an informed offer is to have your Realtor do a comparative market analysis, this will inform you of what other similar properties are selling for in the area. Another tip is to see how long the property has been on the market. If something has been on for a long time and/or is vacant you may have more room to negotiate. Never come in at full asking price unless there is already another offer on the table and your Realtor advises you to do so.

Q: What can I expect to pay in closing costs?
A: Typical Home Closing Costs range from 2-4% of the purchase price. They include lawyer fees, transfer taxes, title fees, points, loan processing fees and sometimes other fees based on your location and type of property.