Frequently Asked Questions
What is the first step in the home-buying process?
The first step in the home-buying process is getting pre-qualified or pre-approved by a lender. This helps you understand your budget, strengthens your position as a buyer, and allows you to move quickly when you find the right home.
At Waypoint Home Advisors, we work with a network of trusted lending partners and would be happy to connect you with a lender who can help you explore your financing options and begin the pre-approval process.
At Waypoint Home Advisors, we work with a network of trusted lending partners and would be happy to connect you with a lender who can help you explore your financing options and begin the pre-approval process.
How will I know what kind of financing is available to me?
Your lender will review your financial situation and explain the loan options available to you. The most common financing types are Conventional, FHA, and VA loans, though cash purchases are also common.
What kind of downpayment will I be expected to make?
Your down payment will depend on the type of financing you choose. Many buyers put down 10–20%, while some first-time homebuyers may qualify for programs requiring as little as 3–5% down. Your lender can help determine the best option for your situation.
How do I know if I’m in a seller’s or buyer’s market?
While there are many factors that can influence market type, we like to stick to trends of supply and demand. When supply is low and demand is high, we are usually in a seller’s market. When the inverse is true, we are in a buyer’s market. When the two are neck-in-neck, we are in a balanced market.
Should I sell my home before purchasing another?
It depends on your financial situation and goals. For many homeowners, selling first is the simpler and less risky option because it helps avoid carrying two mortgage payments at the same time. However, some buyers choose to purchase before selling if they have sufficient equity, savings, or financing options available. We can help you evaluate both strategies and determine which approach best fits your needs.
How long does closing take?
On average, closings usually take 30-45 days but there are cases in which closing can take 14-21 days, such as with a cash offer.
How do commissions work?
This is negotiated between you and your Real Estate Broker.