So, you are buying your first home? Congratulations! Buying your first home is an exciting and memorable experience. As a first time home buyer, you have plenty of questions about the process and all that buying a home entails. To better help you understand this process, here are some FAQ’s for first time home buyers that should help you during this process.

How do I figure out how much I can afford?

To figure out just how much you can afford, a potential homeowner needs to find a mortgage broker. A mortgage broker will be able to help you decipher just how much you can afford in terms of buying a home. That being said, a potential homeowner should also do his or her own research on items such as maintenance on a home, property taxes and other bills. By doing so, a potential homeowner will be able to know ahead of time what his or her budget looks like.

Do I pay my Realtor?

This is a common question among buyers and the answer to this question is no. In a transaction where an agent represents the buyer, the seller pays the Realtor’s fees. A seller pays the Realtor’s brokerage and the brokerage then distributes the earned commission to all parties involved in the transaction, which includes the buyer’s agent.

How long does it take to buy a house?

This question does not have a simple answer as every home sale is different. Normally though, it takes 30 to 45 days to close on your loan and consider the house officially yours.

How do I find the best Realtor?

There is not one way to find the best Realtor. In most cases, potential homeowners find their realtors either through an open house or through referral from a friend or family member. When it comes to finding a great Realtor, there is no magic trick to find one that is better than all of the rest. However, it is important that the Realtor that you choose is someone that you enjoy and you know he or she has your best interest at heart. When you find a Realtor like that, a potential homeowner can be sure that he or she has someone who is looking out for their wants and needs in a home.

What is the difference between an appraisal and an inspection?

There is a big difference when it comes to the appraisal and the inspection of a home. An appraiser determines the value of a property. A home inspector, on the other hand, determines the condition of a structure. Both professionals are essential in the home buying process. For example, an inspection will normally take place early in the home buying process and is done so that the potential buyer can see what problems the home may or may not have. If a home is inspected and discovered to have termites, then the potential buyer could negotiate with the seller due to that problem. A home appraisal normally takes place after the inspection is complete and the potential buyers have decided to continue the home buying process. During an appraisal, the appraiser will determine the value of the home so that the buyer can determine if the price that they have offered to pay is actually worth the value of the home.

Although there are plenty of other questions that come up when purchasing a home, it is important to know that there is no question that is too silly to ask. These FAQ’s for first time home buyers is a great place to start. As Realtors, we are here to help you!