What is the difference between pre-qualifying and pre-approval?
Pre-qualification provides you with an estimate of how much you may be able to borrow. This gives you an idea of what price range you should be looking in.
Pre-approval means a lender or bank has looked through your finances and agreed to work with you. You can find out more about financing here.
How many houses should I look at before making an offer?
This differs from person to person. You should look at however many houses you need to make sure you find the right home for you. On average, buyers will look at hundreds of houses online and see around 10 in person before making an offer.
How much money do I need for a down payment?
You used to need 20% for a down payment, but that’s all changed now. There are a variety of loan options available, and all are different, but the average down payment is now only 3 to 5%. If you or the property qualifies for a USDA or VA loan, then you won’t be required to put any money down.
How will I know if it’s a good deal?
An experienced realtor can help you determine an accurate price for a home by looking at how much other similar houses have recently sold for in the area. As an expert in the Middle Tennesee market, I, Shelby Hunton, can help you make sure you are paying a fair price for your new home.
Can I back out if I change my mind?
Yes, you can back out of a real estate deal. However, you may need to forfeit the earnest money you put down with the offer. This is usually 1 to 2% of the price.
How long does it take to close?
It typically takes from 30 to 45 days to close on a house.