Questions about the process?
FAQ
Frequently Asked Questions
What is the typical timeline for purchasing a home?
The timeline can vary, but it generally involves several stages: pre-approval, house hunting, making an offer, negotiation, home inspection, appraisal, finalizing financing, and closing. This process typically takes 30 to 60 days.
What are the different types of mortgages available to me, and which one is best suited for my situation?
Common types of mortgages include fixed-rate, adjustable-rate, FHA, VA, and Conventional loans. The best type for you depends on factors such as your credit score, down payment amount, and financial goals.
What are closing costs, and who is responsible for paying them?
Closing costs are fees associated with finalizing the purchase of a home and may include lender fees, title insurance, escrow fees, and taxes. Both the buyer and seller typically pay closing costs, but specific responsibilities can vary depending on negotiations and local customs.
As a veteran can I assume the seller's VA loan?
Yes, qualified veterans can use their VA loan eligibility to replace a seller’s eligibility. This process is called a VA loan assumption, and it allows the buyer to take over the seller’s mortgage. The lender will require paperwork from the veteran that verifies their income, outstanding debts, and creditworthiness. They will also determine the veteran’s eligibility to assume the VA loan. Find more information here for VA loans.
Do I need a certain credit score to purchase a house?
The higher your credit score the better chance you have at obtaining financing from a lender. However, there are many programs that provide financing for individuals with lower scores. You can contact your lending agent to inquire. If you do not have a lending agent, contact me and I can work with a trusted agent to find a program that works for your situation.
Do I really need a realtor to buy or sell a home?
You are not legally required to use a realtor to buy or sell a home, but there are benefits to working with one. Many home buyers find it helpful to work with a realtor due to their market expertise, negotiation skills, and knowledge of the home buying process. If you’re worried about finding real estate for sale and negotiating a purchase price alone, you might want to consider hiring an experienced real estate agent.
Do I have to pay a realtor to find a rental home?
No. The homeowner pays all realtor fees. However, the owner may require you to complete a background check and a credit check which usually costs you around fifty dollars per applicant.
What should I do to prepare to sell my house?
Although selling your home may be a challenging process, I have drafted a step-by-step checklist for you to follow. Contact me and I can share the information with you. Finding an agent you can trust to sell your most valuable asset is important. Don’t trust just anyone with selling your home.
Can you show me properties in other Virginia towns?
Yes, although I am based in Woodbridge I can help you with your real estate needs in all parts of Virginia. The great part of living in Northern Virginia is the diversity. You can find a home on acres of land or a condo on the water. Call me today and I can help you decide what area fits you best.
Do I need a realtor if I want to buy a new home directly from the builder?
Although you do not have to have a realtor to purchase a newly constructed home from a builder it is in your best interest to hire a knowledgeable agent to represent you. The builder will usually have an agent representing their best interests. You need someone to look out for you. In most cases the builder will pay your realtor’s fees so it will not cost you anything to hire an agent.