Home Buying FAQs
1. Why do I need pre-approval?
A pre-approval involves a short discussion with a mortgage professional. Typically, in less than 20 minutes, you can find out how much you qualify for and if there are any specific actions necessary for you to obtain a loan. The pre-approval will help you secure the perfect home.
2. How much do I need for a downpayment?
The most common downpayments are: 0% for a VA loan, 3.5% for a FHA loan, 10-20% for conventional home loans. Vacation rental properties, jumbo loans, and other investment loans can require more.
3. How do I know if I'm paying too much?
The mortgage industry is very competitive in the Destin area. Choose at least 3 local lenders and compare their rates and fees to see who has the best deal.
4. What are the closing costs?
Closing costs depend on the negotiation. I work hard to minimize your total and out of pocket cost.
5. Should I sell my home before putting in an offer on another
This depends on your specific situation. If you are financially able and find the perfect home, then yes.
6. As a buyer, how much do I have to pay you?
You pay me nothing. I am compensated via the seller per an agreement that I have with them or their agent.
7. What kind of credit score do I need to buy a home?
Good news. You don’t have to have perfect credit to obtain a loan. In fact, many are surprised to learn that their score qualifies. I recommend contacting a lender for a consultation to discuss.