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Home Buyer FAQs

Thursday, March 30, 2017   /   by Ryan Fellows

Home Buyer FAQs

What Can I Afford?
This is determined by both you and your mortgage lender. You must be comfortable with the monthly payment and your current expenses. Your mortgage lender will also provide you with a value that you are approved for by assessing your debt to income ratio and credit score.

How Many Homes Can I see Before Making an Offer?
Technically, you can see as many as you want. However, isn't your time worth more than that? When you are working with a Real Estate Agent, their job is to assess your needs and wants and determine exactly which homes meet those needs. Wouldn't you rather look at 2-3 homes and find that perfect one and make an offer rather than 20? 

How Quickly Can I Close?
The typical time frame from Accepted Offer to Closing is between 30-45 days.

Should I Get a Home Inspection?
Yes! This is something we would not recommend wavering on. You may get lucky and find a home that is in perfect condition, however, that is not typically the case.

What Credit Score Do I Need to be Pre-approved?
Typically a good starting point is 620-640. This is all depending on the loan product. Be sure to ask your mortgage lender what plan is best for you and your needs. 

What Is a Typical Down Payment?