Real Estate Blog

Buying a new home is exciting and confusing. There are a lot of steps to
buying a home, and people have questions. These are the most common
questions home buyers have, and the answers.
1. How do I get started? – The first step is to speak with a lender and
get a pre-approval. This will tell you, and potential sellers, how much you
can afford.
2. How long does it take to close on a home? – Typically, it takes
about 30-45 days once contracts are signed to complete the lending,
appraisal, and inspection processes.
3. What does my agent do? – It would be a very long list to talk about everything
a Buyers agent does, but in short A buyer’s agent will negotiate terms and
manage the closing process from start to finish.
4. How much do I pay for a buyer’s agent? – Nothing. The seller’s
agent gives the buyer’s agent a portion of their commission from the seller.
Layton Real Estate does not charge any extra fees to have a Buyers Agent.
5. What credit score do I need to qualify? – A 620 FICO score or
higher is required for most home loan programs. Call us and we can connect
you with a lender to talk to for other options for lower scores.
6. How much money do I need for a down payment? – It varies. FHA
loans start as low as 3% and most lenders offer standard programs for a
5% down payment.
7. What other fees will I need to pay? – Closing costs and loan
origination fees are the costs you will pay to get your loan.  You will
get this amount from your lender but is generally 2-3% of the purchase loan.
In addition you will need funds in hand for an earnest deposit and inspection fees.
8. What if I change my mind? – Your agent will work with you to build
in contingencies for condition, loan terms/approval, and other protections to
allow you time to evaluate the home during escrow.
9. When do I get the keys? – Unless you’ve negotiated extra time for the sellers to move, you’ll get the keys at the closing.
Again your agent will help manage this.
10.What’s the best advice for home buyers? – Trust the experts and ask lots of questions.
Buying a new home is exciting. Reduce any anxiety by finding a good buyer’s agent who can help you make the best choice for your needs.
Listening to your Buyers Agent as they educate you is key, and if you don’t understand ask and ask again.