01
Why is it important for me to get pre-approved?
There are many reasons why getting pre-approved is important. Among the long list of things that work to your benefit are: it helps you get a step closer to your new home, you now know the home loan amount you may be able to afford, build confidence in your ability to obtain financing, it shows your creditworthiness to the seller for the purchase amount, significantly cuts timelines and improves the ability to close your loan fast.
02
Is 20% the minimum I need to put in to buy a house?
You do not need to put down 20% of the home value to get a loan or buy a house. While it’s true that a higher down payment means you’ll have a smaller monthly mortgage payment, there are many reasons why this isn’t always the best way into homeownership. We recommend talking to your financial advisor or get help from a Real Estate agent who can explain a few options. There are government-backed loans and conventional loans. Both offer a variety of options and you will be surprised to know there isn't such a thing as 20% down ONLY.
03
Can I sell my house without using an agent?
Yes, you can sell your home, but consider two key factors: the expertise of a real estate agent and your own ability to compete. Agents handle transactions daily and have the experience to sell your house faster and navigate the market effectively. They are skilled negotiators, free from emotional attachments, which allows them to secure better deals. Additionally, agents understand complex contracts and regulations, preventing potential issues that could delay a sale. They also have access to extensive databases and social media channels to reach a wider audience, far beyond what you could achieve alone.
04
How do I know the value of my house?
In many ways. However, determining your home's value is complex and involves key factors like recent comparable sales, staging, photography, marketing, showings, and negotiations. An agent can help you maximize your home's value, sell it faster, and reduce risks associated with the process.
05
What credit score do I need to buy a house?
Your credit score plays a crucial role in your mortgage application, making it important to check your score while house hunting. Scores range from 300 to 850, with 740 or above deemed very good, though you can still purchase a home with a lower score. Credit scores account for debts such as credit cards and loans; a higher score can offer more financing options, but it's not required. To enhance your chances, work on improving your credit, refrain from applying for new credit during your search, and seek advice from a mortgage loan officer or financial advisor.