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Phyllis Gettier, Realtor ® | Central Md HomesPhyllis Gettier, Realtor ® | Central Md Homes

Licensed Realtor® since 2002

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FAQ

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10 Frequently Asked Questions:


What’s the first step of the homebuying process?   The Mortgage Pre-Approval Letter.  Unless you are paying cash for a house, you will need to get a mortgage. In order to know how much home you can afford, you will need to get pre-approved for a loan. This is the first-step in the home buying process.
How Long Does It Take To Buy A Home?  Around 30 to 45 days.  The timeline for finding a house varies greatly from person to person. Once you find a house and have an accepted offer, it usually takes around 30 days to close.
What Does a Realtor Do?  Almost everything.  A REALTOR® is your most valuable asset when buying a home. They will walk you through every part of the home buying process. They will educate and inform you of all your options. They will represent you throughout the transaction and beyond.

What Does It Really Mean To Be Represented By A Realtor?  There is a difference between a REALTOR® and a real estate agent.  A REALTOR® is regulated by the National Association of REALTORS® and subscribes to a strict Code of Ethics. A real estate agent does not. It is recommended that you work with a licensed REALTOR® to avoid potential problems.

How Much Do I Have to Pay a Realtor as a Homebuyer?  Usually, the sellers pays their REALTOR® a fee, and then that listing agent pays the buyers agent for bringing the buyer and facilitating the transaction.  You may need to pay a flat fee to your REALTOR®.
What’s Your Best Advice for Homebuyers?  Trust the Professionals.  Be confident in your decisions and trust the professionals.
What Credit Score Do I Need to Buy a Home?    A 620 credit score, or higher, is recommended. As you are probably aware, a higher credit score offers better lending terms. This is an ever-evolving topic, however, as loan requirements are constantly changing. There are some lenders who will approve buyers with a 580 score, sometimes even lower. Your loan officer will be the best source to give you a current answer for today’s lending requirements.

Are There Special Home Buying Programs That I Should Know About?  Yes.  There are some great home buying programs to research. The main ones would be VA loans, USDA loans, and FHA loans. Knowing the difference between these loan types is very important.  Your lender would be the best resource for this topic.
How Much Money Do I Need For A Down Payment?: It depends on your loan type. Usually 3% to 5% down.  Your lender would be the best resource for this topic.

What Other Fees Are There, Besides the Downpayment?: Mainly loan origination and closing costs.The downpayment is usually the largest cost associated with buying a house. Lending fees are the second largest costs to homebuyers. Most lenders will charge between 2% to 4% of the loan amount for loan origination fees, depending on the loan type. Conventional loans usually have lower loan origination fees, but require more money down. Your loan officer will be able to help you determine how much you can expect to pay towards loan origination and closing costs.

When Do I Get The Keys? At Closing  Under normal circumstances, you will get the keys at the closing. A closing typically takes about an hour.

Central MD Homes, LLC
Phyllis Gettier, Realtor®
Phone: (410) 790-1345
Email: phyllisgettier@gmail.com

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