Frequently Asked Questions
What the first step of the home buying process?
Getting pre-approved for a mortgage is the first step of the home buying process.
How long does it take to get approved?
It can take as little as a day for a pre-approval. Keep in mind, a lender will require documents such as, W-2, bank statements and tax returns. Not all buyers have the same situation so requirements could be different from a friend or family member.
What do I do If I can’t get approved for a mortgage?
Our lenders will get you back on track and ready to buy with their free credit-ready program. Some things on a credit report can be disputed and an item to be removed. The lender’s credit specialist will tell you what needs to be done. Remember this will take teamwork. Working together will get you into your new home so don’t give up!
What is the difference between a Prequalification letter and a preapproval letter?
Prequalification gives you an estimate of what you can borrow. Preapprovals tell you what you can actually borrow. A pre-approval states the specific loan amount that you are eligible for.
How long does it take to buy a home?
Once a home is selected and the offer is accepted, the average time to complete the escrow period on a home is 30 to 45 days (under normal market conditions)
How much do I have to pay an agent to help me buy a house?
Our team does not charge buyers for our service.
How many homes should I view before buying one?
That’s up to you. Most of our buyers will see 5 to 10 homes before making an offer. Sometimes buyers will choose the very first home.
Should I have my own real estate agent when buying a New Construction home?
Yes, a buyer should have their own representation. The realtor you meet at the construction site is working for the builder and will have the builder’s best interest in mind.
How much money do I need for inspections?
- Home inspections can run anywhere from $275 to $450, termite inspection $50 to $75, and a sewer scope $100-$150.
What is earnest money?
Earnest money is deposited to represent good faith in purchasing a home. Usually ranges between 1- 10% of the home’s contract price.
Who picks the home inspectors?
You as a buyer get to pick your own inspectors. If you do not know any your realtor will provide the inspectors for you.