Are You Truly Ready to Buy a House?


How much of a down payment is considered ideal for a conventional loan?

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A 20% down payment is ideal since you can avoid paying an extra fee called private mortgage insurance (PMI). However, certain buyers can purchase a home with as little as 3.5% down with an FHA loan or 0% down with VA loan.

What does 'MLS' stand for?

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"MLS" stands for the multiple listing service, a database of homes currently on the market.

What are 'comps'?

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"Comps," or comparables, are the recent sales prices of homes similar to the one you're buying.

Mortgage pre-approval means...

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Mortgage pre-approval is a process where lenders promise to loan you up to a certain amount to buy a house.

What is earnest money?

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Earnest money is a deposit you make with your offer, typically amounting to 1% to 2% of the price of the house.

Before you officially close the deal, which safeguards should you consider?

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A home inspection, appraisal, and title search can all help protect home buyers from potential problems.

What is appraised during a home appraisal?

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A home appraisal determines if the house is worth the amount you've offered.

A home inspector can help you figure out...

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Home inspectors check for any flaws in a home that could affect its value or lead to costly repairs down the road.

What happens at a home closing?

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Signing paperwork, making a down payment, and (best of all) getting the keys are all part of the home closing.

How much money do buyers typically pay real estate agents for their services?

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Home sellers typically pay the commission for both their own agent and the buyer's.

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