FAQ
FAQ
Frequently Asked Questions
What is the First Step in Buying a Home?
The first step in buying a home is typically to get pre-approved for a mortgage. This involves providing a lender with financial information such as your income, credit score, and assets, so that they can determine how much you will be able to borrow for a home. Once you have a pre-approval, you can start looking for homes within your budget and begin the process of making an offer and closing on a home.
Is Renting or Buying Better?
Everyone’s situation is different, but according to a recent study by the Federal Reserve, the median net worth of U.S. homeowners is 40x higher than the median net worth of renters. If it were me, I’m trying to buy a home sooner, rather than later, but again, everyone’s situation is different and renting can make sense as it does offer greater flexibility.
How Do I Make An Offer?
First step: Hire me as your realtor to get you the best deal! Second, we’ll determine how much you can afford to spend and get pre-approved for a mortgage. After finding the right home, we’ll write a purchase offer that includes the price, terms, contingencies, and any special requests and submit it to the listing agent!
Where Are The Best Places To Live Around Indianapolis?
This is a very loaded question and can depend on many different factors. Are you looking for a $400k house with a backyard? Carmel or Avon might be right for you. Looking for a $250k condo and want some night life? Mass Ave or Chatham Arch might be perfect! Really depends on what you’re looking for as Indianapolis offers something for everyone.
How Much Do I Need For A Down Payment?
The amount needed for a down payment on a home varies, but typically ranges from 3% to 20% of the purchase price. I know several great lenders who can work with you on what makes the most sense for a down payment, but you DON’T need 20% to make it happen.
How Much Will Closing Costs Be?
Closing costs vary between each transaction, but as a rule of thumb, for a residential transaction they average between 1% to 5% of the purchase price depending on agreed upon terms.
How Long Does It Take To Close On A Home?
The time it takes to close on a home typically ranges from 30 to 45 days. However, it can take longer or shorter depending on various factors such as the type of loan, property condition, and the efficiency of the involved parties.
How Long Does It Take To Sell A Home?
The time it takes to sell a home varies, but it typically takes between 30 to 90 days. Factors that can affect the time to sell a home include market conditions, location, price, and the condition and presentation of the property.
Can I Ask You for Advice?
Absolutely! Give me a call or send a text at 317-296-4589 or send me an email at keagan.scott@exprealty.com.
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