Top 5 Most Frequently Asked Real Estate Questions
We have put together a list of our top 5 most frequently asked questions to help you navigate the world of Real Estate!
Where do I START?
This is the number one question we get asked. But really, where do you start? You should be starting at the bank, know what you are pre-approved for so you don’t waste time looking at homes that aren’t within your budget. Shop with confidence knowing exactly what you can handle!
When is the “best” time of year to buy a home?
There really is no “best” time of year. Timing to buy a home can vary for a multitude of reasons. Supply, demand, and market conditions are all factors that can affect when to make the big move.
What is the new mortgage “Stress Test” that is now in effect?
All mortgage applicants must qualify at a rate that is 2% higher than your contracted rate to ensure borrowers will be able to make mortgage payments if rates rise.
Should I get a home inspection?
YES! Always get a home inspection prior to purchasing a home. Read our recent blog post “Do You Really Need a Home Inspection?” that explains just why home inspections are so important.
How much is a down payment?
A down payment varies greatly depending on the cost of the home. Start with your pre-approval rate and create a budget. Once you know exactly what you can afford, it is easier to predict the down payment required. Typical down payments range from 5%-20% (can be higher if that is within your budget), and can also vary depending other factors such as first time home buyers or pre-sale.
If you are looking for advice or have any more questions, reach out to us! We are always looking to share our tips and help you fall in love with your next (or your first) home!