Last updated: 20 Oct 2025 | 49 Views |
FAQ
What is "earnest money"?
It's a deposit you pay to show a seller you're serious about buying. It's held in escrow and usually goes toward your down payment or closing costs.
How much down payment do I need?
Not always 20%! Many loan programs (like FHA, VA) allow as little as 3–5% down, and VA loans can be 0%.
Do I need a pre-approval before looking at homes?
Yes! A pre-approval from a lender is essential. It tells you exactly what you can afford, saving you time and making your offer stronger.
What's the difference between pre-qualification and pre-approval?
Pre-qualification is a quick estimate. Pre-approval is a lender reviewing your finances and agreeing to lend a specific amount—it's the one that matters!
How long does the buying process take?
From accepted offer to closing day, it typically takes 30 to 45 days, but finding the perfect home can take longer!
