FREQUENTLY ASKED QUESTIONS
Got Questions? We’re Happy to Help!
With an education-first approach, we are ready to answer any of your real estate questions.
Do I have to put 20% down?
No! The 20% down requirement is a myth.
First-time homebuyers can put as little as 3% down, and repeat buyers can put as little as 5% down.
If you put less than 20% down you will be required to pay Private Mortgage Insurance (PMI) which usually costs between 0.5-1.5% of the loan amount. For example, if your loan is $500,000 you will pay an extra $200-400/month for PMI.
How do I get a mortgage?
We always recommend a local lender in order to be competitive in the Seattle market. Typically, you will simply submit your financial information to the lender online and they will let you know if they need additional information.
Just shoot us a message and we'll connect you with a lender recommendation to get started.
How long is a home loan approval good for?
Typically 3 months, but it’s easy to renew the approval. You don’t have to go through the entire application again. We can help guide you through that process.
How do I know if I’m ready to buy?
No! The 20% down requirement is a myth.
First-time homebuyers can put as little as 3% down, and repeat buyers can put as little as 5% down.
If you put less than 20% down you will be required to pay Private Mortgage Insurance (PMI) which usually costs between 0.5-1.5% of the loan amount. For example, if your loan is $500,000 you will pay an extra $200-400/month for PMI.
Do I have to sell my current home before I buy the next one?
Not necessarily. It’s important to talk with a lender to determine whether you are approved to purchase the home you want while still owning your previous home.
We can talk you through different scenarios.
How long does it take to buy a house?
No! The 20% down requirement is a myth.
First-time homebuyers can put as little as 3% down, and repeat buyers can put as little as 5% down.
If you put less than 20% down you will be required to pay Private Mortgage Insurance (PMI) which usually costs between 0.5-1.5% of the loan amount. For example, if your loan is $500,000 you will pay an extra $200-400/month for PMI.
What are the costs of buying a house?
There are costs beyond the down payment that could be the buyer’s responsibility.
- Lender fees could be up to 1% to 3% of the loan amount, depending on your situation, and may include loan origination fees and mortgage points.
- Home inspections usually cost around $500 to $1,000 and are essential to assess the property's condition.
- Closing costs are typically around $10,000 and cover escrow and title fees, as well as any applicable taxes or insurance.
- Realtor fees are typically paid by sellers, though in some cases buyers may also cover these.
When buying a house, it's important to remember that nearly everything is negotiable and these costs are going to vary based on every unique situation.
Get All the Answers You Need with Our Expert, Education-First Approach
We believe that informed clients make confident decisions. Our education-first approach ensures you get clear, straightforward answers to all your real estate questions.
Whether you're buying, selling, or just exploring your options, we're here to guide you every step of the way. Reach out today for expert advice and personalized support.
