Frequently Asked Questions
What's the first step to the home buying process?
The very first step is to connect with a local Realtor that you trust and work well with, so that they can help guide you through the home buying process from A to Z.
Once you have partnered with a trusted Realtor you will need to connect with a Mortgage Broker to get a pre-approval in place so that you know exactly what your busget is before you start shopping for your dream home!
How long does it take to buy a home?
Typically from the time you start looking to the time you close or take possession of your new home it could take 10-12 weeks. Once you have placed an offer and your offer has been accepted, you would typically be looking at 30-90 days before you would close and take possession.
Of course these timelines are in average market conditions and can vary as the market conditions fluctuate.
How much do I have to pay a Realtor to buy a house?
Home buyers typically don't pay anything to the Realtor to purchase a house - why you ask? The Real Estate Agent representing you (the buyer) is typically compensated by the Listing Brokerage for bringing great, qualified home buyers like you to the table!
How much do I need for a down payment?
The minimum amount you need for your down payment depends on the purchase price of the home. If your down payment is less than 20% of the price of your home, you must purchase mortgage loan insurance.
On a home price of $500,000 or less the minimum down payment is 5%.
A Purchase price of $500,000 to $999,999 requires 5% on the first $500,000 and 10% on the portion over $500,000.
A purchase price of $1 million or more will require a minimum of 20% down payment.