Connect

Find us on...

Dashboard

Login using...

Home Buying FAQs

1. Why do I need pre-approval?

2. How much do I need for a downpayment?

3. How do I know if I'm paying too much?

4. What are the closing costs?

5. Should I sell my home before putting in an offer on another

6. As a buyer, how much do I have to pay you?

7. What kind of credit score do I need to buy a home?

Responses

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.


When it comes to buying a home, there is a lot to know. Please don't hesitate to send us your questions that we might feature here, or contact Tim, or call (850) 325-0004 for more information.

^ Back to Home Buying FAQs