7 Most Googled Home Buying Questions
Buying a home can feel overwhelming, especially for first-time buyers. To help, here are answers to the seven most googled questions about the homebuying process:
The amount you need depends on several factors, including the home's price, your down payment, and closing costs. Typically, a down payment ranges from 3% to 20% of the home's price. Closing costs usually add another 2% to 5%. For example, on a $300,000 home, you might need $15,000 to $75,000 upfront.
Most lenders require a credit score of at least 620 for conventional loans, while FHA loans may accept scores as low as 500 with a larger down payment. The higher your credit score, the better your interest rate.
The first step is getting pre-approved for a mortgage. This helps you understand your budget and shows sellers you're a serious buyer. Working with a trusted real estate agent can also make this process easier.
The timeline varies but typically takes 30 to 60 days from the time your offer is accepted. Factors like financing, inspections, and appraisals can impact this timeframe.
Closing costs are fees and expenses paid at the end of the homebuying process. These include loan origination fees, title insurance, taxes, and attorney fees. Expect to pay 2% to 5% of the home's price in closing costs.
This depends on your financial situation, long-term plans, and market conditions. Buying is typically better for building equity and stability, while renting offers flexibility. Evaluate your goals and consult with a financial advisor if needed.
Off-market properties are homes not listed on the Multiple Listing Service (MLS). These are sold privately, often through real estate agents or direct negotiations. They’re ideal for buyers seeking less competition and unique opportunities.
