faqs

The first step is to assess your financial situation and get pre-approved for a mortgage. This helps you understand your budget and makes you a serious buyer in the eyes of sellers.

You’ll typically need funds for a down payment (5%-20% of the property price) and closing costs (2%-5% of the price). Some programs may require less.

Pre-approval is a lender's conditional offer to loan you a specific amount. It helps you set a budget and makes you more competitive when making offers.

Yes, a real estate agent provides expertise in the market, helps with negotiations, and guides you through the entire process.

Research neighbourhoods based on safety, schools, commute times, amenities, and long-term investment potential.

Options include fixed-rate, adjustable-rate, FHA loans, VA loans, and USDA loans. The right choice depends on your financial profile.

It’s a deposit you pay to show your commitment to purchasing the property. It’s held in escrow and goes toward your down payment or closing costs.

A property inspection is an evaluation of the home’s condition to identify potential issues such as structural problems or repairs needed.

Closing costs include fees for appraisals, inspections, title insurance, attorney services, and more. They typically range from 2%-5% of the purchase price.

An appraisal determines the property’s market value, ensuring the price aligns with its worth. Lenders require this to approve your loan.

A contingency is a condition that must be met for the sale to proceed, such as passing a home inspection or securing financing.

Work with your real estate agent to determine an offer price and submit a written offer. The offer may include contingencies and deadlines.

You’ll move into the escrow period, where the property is inspected, appraised, and all contingencies are addressed before closing.

Escrow is a neutral third-party service that holds funds and documents until all terms of the purchase agreement are met.

Homeowners insurance protects your property against risks like fire, theft, or damage. Lenders typically require it.

Title insurance protects you and your lender from legal claims or disputes over property ownership.

Yes, but only under specific conditions, such as unmet contingencies. Otherwise, you may forfeit your earnest money deposit.

Property taxes are annual fees based on the assessed value of your property. Rates vary by location.

Check that agreed-upon repairs are complete and the property is in the same condition as when the offer was made.

You’ll sign final paperwork, pay closing costs, and receive the keys to your new home