Our Proven Home-Buying Process
Our Proven Home-Buying Process
Our Proven Home-Buying Process
- Consult with an Florida Metro Realty buyer's agent to learn more about how we can help you find your new home.
- Get pre-approved for a mortgage.
- Choose your desired location, style of home, features, etc.
- Your Florida Metro Realty agent will set up a search that will automatically send you an email when a new home that fits your needs
- View homes that you may want to buy
- When you find a great house, your Florida Metro Realty agent will analyze the value of the property to ensure you do not over-pay. They will then help you negotiate the price (if needed) and write your offer. Once you go under contract, your Florida Metro Realty agent will help schedule home/termite inspections.
- We'll negotiate repair/credit requests on your behalf.
- You and your Florida Metro Realty agent will perform final walk through of your new investment asset.
- Proceed to closing and enjoy your new home!
Home Buyer FAQs
Our Proven Home-Buying Process
Our Proven Home-Buying Process
- Where do I start when buying a home? Unless you are paying cash for a house, you will need to get a mortgage. In order to know how much home you can afford, you will need to get pre-approved for a loan. This is the first-step in the home buying process.
- How long does it take to buy a home? Once your offer is accepted, it generally takes around 30-45 days to close.
- What does a Florida Metro Realty Realtor® do? Short answer - a lot! A REALTOR® is your most valuable asset when buying a home. They will walk you through every part of the home buying process. They will educate and inform you of all your options. They will represent you throughout the transaction and beyond.
- How much money do I have to pay a Florida Metro Realty Realtor® as a home-buyer? Nothing! The sellers pays their REALTOR® a fee, and then that listing agent pays the buyers agent for bringing the buyer and facilitating the transaction. So you get competent real estate services at no cost to you!
- What kind of credit score do I need to buy a home? A 620 credit score, or higher, is recommended. As you are probably aware, a higher credit score offers better lending terms. This is an ever-evolving topic, however, as loan requirements are constantly changing. There are some lenders who will approve buyers with a 580 score, sometimes even lower. Your loan officer will be the best source to give you a current answer for today’s lending requirements.
- How much money do I need for a down payment? The most common answer is 3% to 5% of the purchase price. FHA loans just dropped their requirement from 3.5% to 3.0%. There are also some conventional loans that only require 3% down. Veterans are usually eligible for a VA loan, which requires no money down. Properties in rural areas are usually eligible for a USDA loan, which also requires no money down.
- What other fees are there, besides the down payment? The down payment is usually the largest cost associated with buying a house. Lending fees are the second largest costs to home-buyers. Most lenders will charge between 2% to 4% of the loan amount for loan origination fees, depending on the loan type. Conventional loans usually have lower loan origination fees, but require more money down. Your loan officer will be able to help you determine how much you can expect to pay towards loan origination and closing costs.
- When do I get the keys? Under normal circumstances, you will get the keys at the closing. A closing typically takes about an hour. In some cases, the lender will need time to fund the loan and you will need to pick up the keys after the loan has been funded. If you have a Friday evening closing and the loan cannot fund until Monday, you may not get the keys until Monday. Make sure to coordinate your closing to get the keys on the same day, if that is what you need.