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FAQs
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Answer: The first step in buying a home is to get pre-approved for a mortgage. This gives you a clear understanding of your budget and shows sellers that you’re a serious buyer. A lender will review your financial situation, including your credit score, income, and debt, to determine how much you can borrow. I can connect you with trusted lenders to help you get started on the right foot.
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Answer: The down payment typically ranges from 3% to 20% of the home’s purchase price, depending on the type of loan you get. Some first-time homebuyer programs may offer lower down payments, even as low as 0% in some cases. It’s important to budget for additional costs like closing fees, inspections, and moving expenses as well.
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Answer: Closing costs are fees you pay at the end of the home buying process, typically ranging from 2% to 5% of the loan amount. These can include things like loan origination fees, appraisal fees, title insurance, and taxes. Your lender will provide you with a "closing disclosure" outlining all these costs before you sign your final documents.
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Answer: The process usually takes around 30 to 45 days after your offer is accepted. However, this timeline can vary based on factors such as the type of loan, needed repairs, or how quickly both parties complete their paperwork. Patience is key, but with me as your agent, I'll keep you updated and ensure everything moves forward smoothly.
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Answer: When evaluating a property for investment, consider factors such as location, potential for appreciation, and the condition of the property. Look for properties in desirable neighborhoods with good schools, access to amenities, and low crime rates. Assess the property's cash flow potential by calculating rental income versus expenses (e.g., mortgage, taxes, insurance, maintenance). Additionally, consider the property's long-term value and the local real estate market trends to ensure it aligns with your investment goals.