Buyer Questions & Answers

Buyer Questions Answered

By reading through the questions and answers, you can get the information you need quickly and easily.

Our Buyer FAQ page is a great resource for customers who want to learn more about loans we offer and how we can help them.
APPLY NOWGET A FREE Quote

What is the first step in buying a home?

The first step in buying a home is to get preapproved for a mortgage loan. This will help you determine how much you can afford to spend on a home and give you an idea of what your monthly payments will be.

How much money do I need for a down payment?

The amount of money you need for a down payment will depend on the price of the home you want to buy and the type of mortgage loan you qualify for. Generally, down payments range from 3% to 20% of the home’s purchase price.

What is the difference between preapproval and prequalification?

Preapproval is a more thorough process than prequalification. Preapproval involves a lender reviewing your financial information and credit history to determine how much you can borrow for a home. Prequalification is a less detailed process that provides an estimate of how much you may be able to borrow.

What is a closing cost?

Closing costs are fees associated with purchasing a home that are paid at the closing. These fees typically include things like title insurance, appraisal fees, and attorney fees.

Can I negotiate the purchase price of a home?

Yes, you can negotiate the purchase price of a home. However, the seller may not be willing to lower the price, especially if there are multiple offers on the home.

What is a home inspection?

A home inspection is a process where a professional inspector examines the home you’re interested in purchasing. The inspector will look for any structural or mechanical issues with the home and provide a report detailing their findings.

What is earnest money?

Earnest money is a deposit that you make on the home you’re interested in purchasing. It’s typically 1-2% of the home’s purchase price and shows the seller that you’re serious about buying the home.

How long does it take to close on a home?

The closing process typically takes 30-45 days from the time you make an offer on a home to the time you close on the sale.

What is an appraisal?

An appraisal is a process where a professional appraiser evaluates the value of the home you’re interested in purchasing. The appraiser will look at the home’s condition, location, and comparable sales in the area to determine its value.

What is a title search?

A title search is a process where a professional searches public records to ensure that the seller has the legal right to sell the home and that there are no liens or other encumbrances on the property.

What is private mortgage insurance (PMI)?

Private mortgage insurance is a type of insurance that lenders require borrowers to pay if they put down less than 20% on a home purchase. PMI protects the lender in case the borrower defaults on the loan.

Can I back out of a home purchase?

Yes, you can back out of a home purchase, but there may be consequences. If you back out after the seller has accepted your offer, you may lose your earnest money deposit and may be liable for other costs.

What is a contingency?

A contingency is a clause in a purchase contract that outlines certain conditions that must be met for the sale to go through. For example, a contingency may be that the home must pass a home inspection or that the buyer must be able to obtain financing.

What is a home warranty?

A home warranty is a type of insurance that covers the cost of repairs or replacements for certain items in the home, such as the HVAC system or appliances.

Can I buy a home without a real estate agent?

Yes, you can buy a home without a real

Apply In Minutes

Our digital online application is fast and easy!

  • Register your account
  • Answer a few questions
  • Get an answer in hours!

Apply Now

Request a Free Quote

Getting a FREE QUOTE is fast and easy!

We will:

  • Receive your request
  • Assess your needs
  • Schedule a call to discuss>

Get A FREE Quote

Ready to take the next step?

We look forward to helping you finance your home.

Our contact form is an easy and convenient way to get in touch with us. Whether you have a question about our loan products or services or need help with a loan you have in process with another lender, we are here to assist you.

Call us

415-323-4135

Mail

Info@BridgeviewMortgage.net

Business hours

Mon – Fri …… 10 am – 8 pm
Sat, Sun …… Open

Send message

Let's Get Started

Your perfect mortgage is just a few clicks away