Top Three Questions Before Buying
Buying a home is one of the biggest financial decisions you’ll ever make—and it’s normal to have questions before getting started. Whether you’re a first-time buyer or haven’t purchased in years, understanding the process can make everything feel less overwhelming and much more exciting.
Let’s answer three of the most common questions every buyer asks:
1. What’s the First Step in Buying a Home?
The very first step is getting pre-approved for a mortgage.
A pre-approval tells you how much you can afford and shows sellers you’re a serious buyer. It also helps you set realistic expectations before you start shopping for homes.
During pre-approval, a lender reviews your financial details—like income, credit score, and debts—to determine what loan programs you qualify for and your estimated monthly payment. Once you have that number, you can confidently start looking for homes in your price range.
Pro Tip: Don’t skip the pre-approval! In a competitive market, having one can make or break your offer.
2. How Long Does the Home Buying Process Take?
On average, the home buying process takes about 30 to 60 days from the time your offer is accepted to closing day.
Here’s a rough timeline:
1–2 weeks to find the right home (this can vary depending on inventory)
1–2 days for offer negotiation and acceptance
30–45 days for the loan process, home inspection, and final approval
Of course, every situation is unique. If you’re paying cash, it can be faster. If you’re using financing, especially for first-time buyer programs or new construction, it might take a little longer.
3. How Much Money Do I Need to Buy a Home?
This depends on your loan type and location, but here’s a general breakdown:
Down Payment: Usually ranges from 3% to 20% of the purchase price. Many first-time buyers qualify for low down payment programs, and some loans (like VA or USDA) require no down payment at all.
Closing Costs: Typically 2% to 5% of the home’s price, covering things like title fees, taxes, and lender charges.
Earnest Money Deposit: A good faith deposit (usually 1–3% of the purchase price) that shows sellers you’re serious. This money is applied toward your down payment or closing costs.
The Bottom Line
Buying a home doesn’t have to be complicated when you have the right plan and guidance. Start with a mortgage pre-approval, understand your timeline, and know your budget before you begin house hunting. Preparation is the key to a confident, successful purchase.
Ready to Buy?
If you’re ready to take the first step—or just want to talk through your options—let’s connect! I’ll walk you through the process and help you find the right home for your needs and budget.
Call or text me at 785-656-0123
Email: baileysellsnm@gmail.com
Follow me on all socials @baileysellsnm
Let’s work together to find your dream home.