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Answers to Common Questions for First-Time Homebuyers

by | Apr 24, 2012 | Blog, Buying a Home, First Time Buyer tips, Working with Real Estate Agents

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Your home is one of the most important investments you will ever buy. First-time home buyers often struggle to find the right property which also fits their budget. So here are some answers to those common concerns you may have.

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Question #1: What expenses should I expect when buying a home?

There are three types of expenses you have to prepare for when buying a property:

– Earnest Money: The earnest money is what you pay when you making the initial offer to the seller.

– Down Payment: Your down payment is a percentage of the total cost of the home.

– Closing Costs: The closing cost is the fee for processing the sale of the property.

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Question #2: Can I buy a home if I have a bad credit rating?

Yes, even with a low credit score possible you’re still a candidate for a good mortgage plan. Depending on your credit status, your loan interest rate may only be affected.  Or you’ll need to consider alternative financial options, like seller financing.  A Denver real estate agent can help you look into various financing options to see their qualifications.

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Question #3: Why should I hire a real estate agent?

An agent can provide you valuable information about properties.  They’re very helpful guides for first-time buyers in the purchasing process. An agent will even help you through the necessary documents for a smooth sales process.

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These are just a few of the dozens of questions first-time buyers typically have.  So feel free to check out RE/MAX of Cherry Creek’s home buying tips. And of course, we recommend you speak with a Denver real estate agent.

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Would you like find the best home for your budget?

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Browse RE/MAX of Cherry Creek’s blog listings

 

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Resource:   http://portal.hud.gov/hudportal/HUD?src=/topics/common_questions

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