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4 Common Questions From Homebuyers (And Their Answers)
Dated: April 11 2021
When you begin your home search you want to know some of the things you can expect, like market conditions and steps during the home-buying process. Here are answers to some common questions from homebuyers to give you an idea of what’s ahead.
How is the housing market right now?
Home sales are brisk, and a majority of properties are selling for over their listing prices.
Many people are moving right now, so it’s a great time to buy and sell.
How do I qualify to buy a home or a condo?
You’ll contact a lender to get a mortgage preapproval letter, which details how much money you could be approved for. This will help you know what kind of buying power you have during your home search. A preapproval letter that accompanies your offer on a home will show sellers that you’re a serious buyer who is likely to qualify for a mortgage loan.
The process of obtaining a preapproval can vary from lender to lender. Some will only ask for basic information like your name and annual income, and they’ll perform a credit check. Others may request documentation of your finances, as well as pull your credit.
If you make an all-cash offer on a home you would need to show proof of funds.
What are closing costs?
Your closing costs will include attorney fees, recording fees at a registry of deeds, and additional funds down to satisfy what was presented in your offer and purchase and sale agreement. Closing costs can typically range from 2 to 5 percent of the provided loan amount.
How long will it take to find a home and close?
The time it takes to find a home can depend on how motivated you are to view homes, and how competitive you are with your offer. The time it takes to close can depend on the completion of processes like a home appraisal and securing homeowner insurance. Contract contingencies can also be factors. For instance, the buyer may need time to purchase a new home.
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Chip is the IT Manager for Alex MacWilliam Real Estate. He handles the technology needs of the company as well as helping agents in their day to day problem solving.....
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