Friday, July 19, 2024

First Time Home Buyer Questions

Buying your first home is an exciting phase in life as it opens you up to a world of new and amazing opportunities. First time homebuyers get excited at the mere thought of house hunting and finally owning their first piece of Seattle modern homes and other types of properties. House hunting is an exciting process since you get to view various types of housing options while weighing your dealmakers and deal breakers as you go along the way. In order to be better prepared for the process, it is advisable for first time homebuyers to come up with a list of necessary questions to ask their realtor before venturing into the market.

Role of the realtor

You may go house hunting for two to three weekends individually but the task becomes unbearable mostly because most people end up falling short of their expectations. It is highly advisable for homebuyers to seek the services of a professional realtor in order to sit back and let them work their magic of finding your ideal home.

As a real estate agency, we have realtors that take homebuyers through the process of looking for an ideal home, viewing a couple of options, settling on a desired property, negotiating the price, and making a deal. Our array of housing options on our website and MLS listings Seattle make it easier for us to find an ideal home for you faster since we represent several sellers in the market. Notably, it is important that you articulate your wants and needs in a home in order for us to find the right property for you.

Down payment

Most home sales require the buyer to put down a down payment, which is a percentage of the total price of the home. The type of loan you qualify for from a lender often affects the down payment. The traditional house loan features a down payment of at least 20% of the price of the home while the 80% is settled through mortgage payments. This type of loan is highly accessible to people with superb credit scores.

If your credit score is a bit shaky, that is, lower than 700, you may opt for FHA loans. FHA loans often require a low down payment of at least 3.5%. However, you will be required to pay mortgage insurance.

Pre-approved or Pre-qualified

Pre-qualification means that the lender notifies you of the amount of loan that you may qualify for when buying a home. However, the amount is not guaranteed yet since your financial information is not yet verified. Pre-approval means that you get an actual loan amount figure from the lender after your financial information (credit score, income, and expenses) has been verified.

Housing expenses

For starters, you should confirm the exact house details of the final offer in terms of appliances, furniture, and fixtures that may or may not come with the house. You should calculate additional expenses of the house such as mortgage insurance if applicable, property tax, electricity bills, water bills, and housing association fees before taking up the mortgage of the house since these factors affect the final amount.

Buyers should be knowledgeable about the state of the market and our realtors will take you through the home buying experience efficiently.

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