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Frequently Asked Questions
How long is the home buying process?
When you find the right house for you and enter into a purchase contract, an estimated closing date will be specified in the contract. Typically it takes between four to ten weeks, although it can vary with each transaction.
Should I talk with a bank before looking at homes?
Absolutely. There are many reasons to talk with a mortage lender and get pre-approved before looking at homes. We can help you understand how much you can afford to spend on a home so that you can focus your search in the right price range. There is no reason to look at homes that are listed for $500,000 if you can only afford up to $450,000. Getting pre-approved can also help to get your offer accepted by the sellers.
Should I buy or continue to rent?
Buying a home can be a wise investment. However, it's not always the best solution in every circumstance. It's smart to discuss your plans with a mortgage lender so that you can determine if now is the right time for you to buy. Since current interest rates are at incredible lows, you may pay less for a mortgage than you're currently paying for rent.
Can I buy a home even though my credit isn't perfect?
Most of the time, we can find options for any home buyer. Your credit score (along with your down payment) may impact the amount that you can borrow as well as your rate, but there are home loan options to meet a variety of financial situations.
Do I need to have a down payment? How much?
You may be able to put as little as 3-5% down or even less. There are many factors that determine how much money you should put down. Typically, if your down payment is less than 20% of the price of the loan, you will need to add private mortgage insurance (PMI) to your loan, which will increase your monthly mortgage payment until you pay off the PMI.
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