FOR BUYERS

Frequently asked questions

What's the first step of the process?


Getting pre-approved. This will help you know what price range you can afford. Remember, you can also set a mortgage budget that you are comfortable with as long as your approval is equal to or more than the budget you set.




How long does it take to buy a home?


That depends on how long it takes for you to find the right home and get an offer accepted. Once you are in contract, the average escrow is 30 days.




What does a Realtor do?


A REALTOR® is your most valuable asset when buying a home. They will walk you through every part of the home buying process. They will educate and inform you of all your options. They will represent you throughout the transaction and beyond.




How much do I have to pay a Realtor to represent me?


Nothing. In most cases, the seller pays the commission and the commission is split between the seller's agent and buyer's agent.




What kind of credit score do I need to finance a home?


Generally, loan institutions look for a minimum of 620, but there are programs offered by other agencies that may go lower depending on the circumstances. The lower the credit score the higher the interest rate.




How much money do I need for a down payment?


Conventional loans are usually require a 20% down payment. There are programs that offer as low as about 3% down. Your loan officer can help advise you on your best options.




Are there other fees required when financing a home loan?


The down payment is usually the largest cost associated with buying a house. Lending fees are the second largest costs to homebuyers. Most lenders will charge between 2% to 4% of the loan amount for loan origination fees, depending on the loan type. Conventional loans usually have lower loan origination fees, but require more money down. Your loan officer will be able to help you determine how much you can expect to pay towards loan origination and closing cost.




What happens in a multiple offer situation?


The seller makes a choice as to which offer they want to accept. Your agent can help you set yourself up for success and put your best foot forward.




Do the appliances come with the house?


The appliances that remain with the home should be listed in the contract. Your agent can help you negotiate the terms of the contract for any appliances that you may want to be a part of the sale. The Seller is not obligated to leave appliances that are not built in.





Laura Wucher Pleasant Hill Realtor