Common Questions from First-time Home Buyers

  • 1 year ago
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Becoming a homeowner is an exciting and question-filled process. Many first-time home buyers have inquiries about the entire home-buying process. This is common among most buyers, and we are happy to help you navigate your process to your new home!

 

What do I need to begin the home-buying process? 

The answer is simple; a pre-approval letter. A pre-approval letter is a document that confirms that you are eligible to purchase a home. Your pre-approval letter will contain information from the lender stating how much they are willing to lend you or, in other words, how much money you are pre-approved for to purchase a home. To begin the pre-approval process, you will need current paystubs, tax returns, employment information, and any other document that may include sources of income. These documents will determine the amount the lender will pre-approve you for. 

 

Does my credit score matter?

Credit score plays a significant role in the home-buying process. It is best to have a higher credit score to get pre-approved. If you have a lower credit score, there is no need to worry; there are programs in place for people with lower credit scores and first-time home-buyers to help them place a smaller down payment on the home. These programs can help determine which type of loan is best for you and how to maintain that loan.

 

Why should I buy a home?

Owning a home is beneficial in many aspects. Owning a home comes with stability, you get to choose the home that you plan to live in for a while at a cost that is beneficial to you. With home owning comes tax deductions, a benefit that helps people when filing their taxes. You also don’t have to worry about these issues that come with renting because it is yours; you own it!

 

How to choose the right realtor?

Choosing a realtor all depends on personal preferences and needs. It is best to choose a realtor who is patient and willing to help you find the perfect home for you. It is important to choose a realtor suitable for you because your realtor assists you through the entire home-buying process. Before settling on a realtor, do some research on realtors in your area and see what qualities they have to offer. Make sure to check out and consider Rich Lee as your realtor!

 

Are you ready to start the home-buying process? Rich Lee can help you with any further questions or concerns about the home-buying process. Contact Rich Lee by email at richlee@remax.net or phone at (765) 744-9951 today!

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