Getting pre-approved for a mortgage is the first step of the home buying process. It’s important to know how much you can borrow because knowing how much you can borrow narrows down home.

Getting pre-approved for a mortgage is the first step of the home buying process. It’s important to know how much you can borrow because knowing how much you can borrow narrows down home.

Getting pre-approved for a mortgage is the first step of the home buying process. It’s important to know how much you can borrow because knowing how much you can borrow narrows down home.

Getting pre-approved for a mortgage is the first step of the home buying process. It’s important to know how much you can borrow because knowing how much you can borrow narrows down home.

Getting pre-approved for a mortgage is the first step of the home buying process. It’s important to know how much you can borrow because knowing how much you can borrow narrows down home.

From beginning the search online to finalizing the deal, buying a home takes about ten weeks. Once a home is selected and the offer is accepted, the average time to complete the escrow period is about 30 days under normal market conditions, though a cash transaction will close faster than that.

Most loan programs require a FICO score of 620 or better. Borrowers with higher credit scores may qualify for a better loan, often resulting in a lower down payment requirement and a better interest rate. Conversely, home shoppers with lower credit scores may need to bring more money to the table (or accept a higher interest rate) to offset the lender’s risk.

In a Sellers’ markets increasing demand for homes drives up prices. Some of the contributing factors are interest rates trending downward, a short-term spike in interest rates and low inventory.

A buyer’s market is characterized by declining home prices and reduced demand. Several factors may affect long-term and short-term buyer demand, such as an economic disruption, short-term drop in interest rates, high inventory or natural disasters.

For most home sales, there are two real estate agents involved in the deal — one that represents the seller and another who represents the buyer. Listing brokers represent sellers and charge a fee to represent them and market the property. Agents who represent buyers are compensated by the listing broker for bringing home buyers to the table. When the home is sold, the listing broker splits the listing fee with the buyer’s agent (and buyer does not pay any fees to the buyer’s agent).

Home inspections are not required, however, it is prudent to get one with a trusted inspector that represents the Buyers.

Final walk-throughs give buyers a chance to make sure nothing had changed since the first visit. If repairs were requested as part of the offer the final walk-through will ensure that everything was done per the terms of the contract.