Frequently Asked Questions for Buyers

1. How much do I need for a down payment?

The typical down payment for a home is 20% of the purchase price, but there are many loan programs available that offer lower down payment options—sometimes as low as 3% or 5%.

2. What is the difference between pre-qualification and pre-approval?

Pre-qualification is an informal estimate of how much you can borrow based on basic financial information. Pre-approval is a more thorough process, where a lender checks your credit and verifies your financial details, giving you a more accurate idea of your buying power.

3. What costs are involved in buying a home?

In addition to the down payment, buyers typically pay for closing costs, home inspections, appraisal fees, and homeowners insurance. Your agent will walk you through these costs upfront to help you budget.

4. How do I make an offer on a home?

Once you’ve found a home you like, your real estate agent will help you craft a competitive offer. The offer will include the price you're willing to pay, contingencies (like home inspections or financing), and an earnest money deposit to show the seller you're serious.

5. What happens after my offer is accepted?

After your offer is accepted, you'll move into the escrow process. This includes securing financing, completing inspections, and negotiating any repairs. Your agent will coordinate with the seller and other parties to ensure a smooth closing.