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Frequently Asked Real Estate Questions (FAQ's)
How much do I need to save up for a down payment?
5% is a good starting point. The average first-time buyer puts down 7%. You can work with a mortgage lender to play around with numbers and see how your downpayment amount offsets your monthly payment, especially with how PMI works.
How do I determine if I qualify for a loan and what amount I can afford?
Contact a mortgage lender to get pre-approval for a loan. The lender will ask you some basic questions about your income and debts and can tell you what amount you can be approved for, and how much your mortgage payments will be.
What information does the lender require from me to approve a loan?
Usually, you are asked to provide your last two tax returns to show proof of income. You should also provide recent bank and credit card statements, as well as evidence of your current income. You will also be asked for your SSN so they can run a credit check.
What's the difference between pre-approved and pre-qualified?
While often used interchangeably, these terms don’t mean the same thing. Pre-qualification is an estimate of what you may be approved for based only on the verbal information you provide. Pre-approval means the lender has verified your income and debt information and run a credit check.
How do I know which mortgage option is right for me?
Your mortgage lender is the best person to advise you on this question. Their products and qualifications change from time to time, so they would be best suited to determine which products are available to meet your needs. I have compiled a list of trusted lenders in my Home Buyers Guide, which is available below.
Do you have a mortgage lender I can talk to?
Yes, absolutely! I have a few colleagues I can happily refer you to. Just ask, and I'll be happy to connect you. You're also welcome to use your own if you have someone in mind.
When should I get pre-approved?
About 3-6 months out from when you'd like to move. If that has already passed, no worries! Pre-approvals typically take only about 2-3 days; you want to have that pre-approval before you begin shopping!
What should I do when I see a house online that I like?
Text me, your buyer’s agent: the agent you are working with to find your home. You should work with one real estate agent throughout your search because that person learns what you like and dislike and will invest a lot of time vetting properties for you. That person also represents your best interests only. When you call the agent advertising the home, you are dealing with the seller’s agent, so while they can assist you, they are also representing the seller’s best interest.