"Pat is the hardest working real estate agent I know! She goes way above and beyond!" J. LaBissoniere
Call or Text (253) 444-7006
Buying a new home can feel overwhelming, especially for first time buyers. Most don’t know what to expect and many have common questions about the buying process. It’s important to research and understand. It’s also critical to have an experienced agent who will help you through every step of the process. Here is some information to get started.
Unless you plan on paying cash, you’ll want to meet with a mortgage lender (at the bank of your choice) to get “Pre-Approved” for a mortgage. We can provide mortgage lender referrals. Once preapproved, you’ll know how much you can afford which will narrow down the neighborhoods you'll want to explor
While you can browse Zillow, Trulia, & Realtor.com you’ll need an an industry professional to show those houses. Move quickly when you see a house since they usually sell quickly in the Northwest. We know the market and have the best tools at our disposal to accelerate and simplify your search. Connect with us.
How much help can I expect?
From start to finish, we help you every step of the way during the entire home buying process and negotiate he best deal possible. Keeping you updated on the market and educating you on all your options.
Do I pay a real estate agent?
In most cases, you do not have to pay your relator anything to help you purchase a home because their commission comes from the seller's proceeds.
How long does escrow usually take?
On average 30-45 days. Once your offer has been accepted, you will enter the stage of the transaction known as “Escrow”. It is a a mutually agreed upon period of time for the Buyer and Seller to perform the details of Sales Contract. And gives the title company time to complete its due diligences for the property to close.
What kind of credit score do I need?
To ensure you qualify for the best home buying programs a credit score of 620 or higher is recommended. The higher your credit score usually the better the lending terms. The lender can usually provide you with valuable information and resources for strengthening your credit score.
How much of a down payment should I have?
It depends on your loan type. Home buyers can put down anywhere from 3% to 5% of the purchase price to 10% to 20% or more. Loan programs are constantly changing in their requirements which is why it is important to speak with your lender sooner than later!
Some programs are helping home buyers purchase a home with nothing down at all. Others are able to qualify for special loans. For example, Veterans are usually eligible for a VA loan, which requires no money down. Sone properties in rural areas may be eligible for a USDA loan, which also requires no money down. Check with individual lenders.
Earnest money is a cash deposit buyers make when they sign a contract to buy a house. It makes the contract binding and signifies the intention of the buyer to complete the purchase. At closing, the earnest money becomes part of the down payment. If the buyer defaults without a good reason, as spelled out in the contract, the earnest money becomes payment for damages suffered by sellers and their representatives.
Aside from the down payment (usually the largest cost associated with buying a house) there are loan origination fees and closing costs to consider. Most lenders will charge between 2% to 4% of the loan amount for loan origination fees, depending on the loan type. Loan officer will help you determine what loan origination and closing costs will be.
Explore our website! It is filled with helpful information. And we encourage you to call, text or email to ask questions, find out more details, have Pat walk you through the home purchasing process, or to set up a copmlementary buyer's consultation presentation.
Call or Text (253) 444-7006