Our Top First Time Home Buyer FAQ’s Answered
How do I know if it’s time to buy instead of rent?
If you know where you want to live, have a steady and secure income, and are ready for the responsibilities of home ownership, then it’s a great time to invest in property.
How much do I need to save up for a down payment?
A conventional loan down payment is usually 20% of the sales price, but other types of financing require as little as 3.5% to 15%. A mortgage lender can tell you what types of loans you qualify for.
How do I know if I qualify for a loan and how much I can afford?
Contact a mortgage lender to get pre-approval for a loan. The lender will ask you some basic questions about your income and debts and can tell you what amount you can be approved for, and how much your mortgage payments will be.
For the rest of the questions and answers, click for a free downloadable PDF.