Here are some common FAQs for first-time buyers:

1. What should I consider before buying my first home?

   – Determine your budget.

   – Decide on the type of property you want.

   – Consider the location and amenities.

   – Get pre-approved for a mortgage.

2. How much should I save for a down payment?

   – It varies but typically 5% to 20% of the home’s purchase price.

3. What are closing costs, and how much should I budget for them?

   – Closing costs include fees for appraisal, inspection, title insurance, and more. Budget around 2% to 5% of the home’s price.

4. What is a mortgage, and how do I get one?

   – A mortgage is a loan to buy a home. You apply through a lender, providing financial details for approval.

5. What’s the difference between a fixed-rate and adjustable-rate mortgage?

   – A fixed-rate mortgage has a constant interest rate, while an adjustable-rate mortgage (ARM) can change over time.

6. Should I hire a real estate agent?

   – Yes, especially as a first-time buyer. An agent can help navigate the process and negotiate on your behalf.

7. What’s the importance of a home inspection?

   – A home inspection identifies potential issues with the property, helping you make an informed decision.

8. How long does it take to buy a house?

   – The timeline varies but typically 30 to 60 days from offer acceptance to closing.

9. What’s the difference between pre-qualified and pre-approved for a mortgage?

   – Pre-qualification is an estimate of how much you can borrow, while pre-approval is a formal offer from a lender based on your financial history.

10. What should I look for during a house tour?

    – Check for structural integrity, potential repairs, neighborhood safety, and amenities.

Feel free to ask more questions if you have any or, check our Facebook posts for more real estate tips and tricks at Crossroads Collective Homes