A: While pre-approval is not required to begin looking at homes, it is highly recommended. Mortgage pre-approval helps determine your purchasing budget, gives you a clear understanding of your financing options, and allows you to shop with confidence.

In a competitive market, being pre-approved can also strengthen your offer and provide a significant advantage when you find the right home. If you discover your dream home, having a pre-approval in place allows you to move quickly and submit a purchase agreement without delay.

A: Down payment requirements vary depending on the loan program and your individual financial situation. Some loan programs allow qualified buyers to purchase a home with a low down payment, while others may require a larger investment.

Your lender can help determine which loan products best fit your needs and explain the down payment requirements for each option. Once you find a home and are ready to submit an offer, your lender will provide a Loan Estimate outlining your anticipated down payment, closing costs, and other expenses associated with the purchase.

A: The home-buying process can vary depending on factors such as financing, inspections, negotiations, and the seller’s timeline. In most cases, a transaction takes approximately 30 to 45 days from the time an offer is accepted until closing.

The process may move more quickly for cash buyers or take longer if there are financing delays, repair negotiations, or other circumstances that require additional time. Your Betts Real Estate agent will guide you through each step and help keep your transaction on track from contract to closing.

A: In addition to your down payment, buyers should be prepared for other costs associated with purchasing a home. These may include lender fees, closing costs, home inspections, appraisals, homeowners insurance, prepaid property taxes, and moving expenses.

Your lender will provide a Loan Estimate that outlines your anticipated closing costs and other expenses associated with the purchase. Your Betts Real Estate agent can also help you understand these costs and prepare for them throughout the home-buying process.

A: The answer depends on your financial situation, financing options, and current market conditions. Some buyers choose to sell their existing home first to access their equity and avoid carrying two mortgage payments, while others prefer to purchase a new home before selling so they can move directly into their next property.

Your lender can help determine what financing options are available to you, and your Betts Real Estate agent can help you evaluate current market conditions and develop a strategy that best aligns with your goals and timeline.