FREQUENTLY ASKED QUESTIONS
BUYERS FAQ'S
IF YOU HAVE ANY FURTHER QUESTIONS PLEASE FEEL FREE TO CONTACT US!
EMAIL : braxtonbrokers@yahoo.com
OFFICE# 810-796-2949
Q: WHAT IS THE FIRST STEP TO PURCHASE A HOME?
The first step is to get a pre-approval letter from lender. Here are a few reasons why:
1. You will know how much you can borrow, this helps narrow what houses you should be looking at.
2. Your pre-approval will show you how much money you need to put down and your closing costs, knowing this helps to make sure you have that money if needed before you put in an offer.
3. Having a pre-approval shows that you're a serious buyer to your agent and to sellers.
Q: HOW LONG DOES IT TAKE TO BUY A HOME?
When market conditions are average it normally takes around 30 to 45 days to close on a home, but this does not include the time it takes to find the right home for you.
Q: HOW MUCH DO I HAVE TO PAY A REAL ESTATE AGENT WHEN BUYING A HOUSE?
Being a home buyer you are not responsible for paying an agent. When a house is listed the listing agent charges a fee usually a percentage of the price it sells for, and when the house is sold that fee is split with the agent that finds the buyers. Sellers pay the agent fees.
Q: HOW HIGH DOES MY CREDIT NEED TO BE ELIGIBLE FOR A HOME LOAN?
Most lenders require a 620 credit score to qualify, although if its higher you may be able to put less money down or get a lower interest rate considering you don't pose as much of a risk to the lender.