FAQs

Do I have to put 20% down to buy a house?
No, there are many loan programs that do not require 20% down. Typically, the benefit of putting 20% is you do not have to pay Private Mortgage Insurance (PMI).

What are the costs of buying a home?
Closing costs are upfront costs during the homebuying process. This can include attorney fees, inspection fees, title fees and more. Typically, the closing costs are 3-4% of the purchase price of the home.

How do I submit an offer to purchase?
When working with your Real Estate Agent, your the agent will write the offer on the terms and conditions that you agree to.

How does buying a home affect my taxes?
Purchasing a home may give you the ability to be eligible for certain tax deductions such as a property tax deduction. We recommend speaking to a local tax expert for more information.

What will my interest rate be?
Your interest rate will be determined on multiple factors such as your credit score, loan type, down payment amount, and your income and expenses.

Can I pay my mortgage off early?
Yes you can pay your mortgage off early. Some loan programs may have what’s called a prepayment penalty. Your mortgage lender will provide details based on your loan program.

What documents do I need for my loan application?
Typical documents include your tax returns, your paystubs, and bank statements.

How long does it take to buy a home?
The time it takes to purchase a home from start to finish depends on a number of different factors. The underwriting process, the inspection period, the title search, and schedules of buyers and sellers. Typically 30-45 days for most property closings.

When is a good time to buy a home?
The right time to buy real estate is when the time is right for you. Trying to time the real estate market is not possible and you should enter the real estate market when you are ready to purchase.