PURCHASE

 Answer: The first step is to assess your financial situation and determine a budget. This includes checking your credit score, calculating your debt-to-income ratio, and saving for a down payment. 

 Answer: While a common misunderstanding is to save 20% of the home’s purchase price, many loans allow for lower down payments. For example, FHA loans require as little as 3.5%, and some programs offer zero down payment options. There are down payment assistance options available also. 

 Answer: Common types of loans include conventional loans, FHA loans, VA loans, and USDA loans. Each has different requirements, benefits, and eligibility criteria. 

 Answer: You can find a real estate agent through referrals from friends or family, online searches, or local real estate offices. Look for someone with good reviews and experience in your desired area. We can also help refer you one if you need help. 

 Answer: A pre-approval is a lender's assessment of how much you can borrow based on your financial information. It’s important because it shows sellers that you are a serious buyer and helps you set a realistic budget. 

 Answer: When touring homes, consider factors like location, layout, size, condition, and amenities. Pay attention to potential repairs or renovations needed and how well the home meets your needs.

 Answer: The closing process involves finalizing the sale, where you’ll review and sign paperwork, secure financing, and pay closing costs. Once completed, the property title is transferred to you. 

 Answer: Closing costs are fees associated with finalizing a mortgage and purchasing a home, typically ranging from 2% to 5% of the loan amount. They can include appraisal fees, title insurance, and attorney fees. 

 Answer: Yes, you can negotiate the purchase price and other terms of the sale, such as repairs or closing costs. A good real estate agent can help you navigate this process effectively. 

Answer: After you make an offer, the seller can accept, reject, or counter your offer. If accepted, you'll typically enter into a purchase agreement and begin the mortgage process, including inspections and securing financing.