top 3 questions new home buyers ask...

It's not required in most cases but it's a really good idea to know the loan type you want to use (not all homes qualify for certain loan types), what your interest rate is and what your mortgage payment will be. However, certain home sellers require potential buyers to have a prequalification letter to view their property, and some agents request that you obtain one so that they can zero in on home searches that meet your specific criteria.

Closing costs cover fees for lenders, title companies, appraisals, inspections, taxes, and insurance. They usually range from 2-6% of the homes purchase price. Buyers often pay most of their own costs. However, with a great real estate agent representing you through negotiations, sellers could pay your buyer agent fees, some of your closing costs, as well as many other concessions.

If you are purchasing a home with cash, the process can take as little as 7-10 days or at the first available opportunity after the title work has been completed. But typically, if you are financing, it takes 30-60 days after your offer is accepted (depending on your loan type, inspection period, lender's appraisal timeframe and title work completion.