Real Estate commission fees range from 4 to 7 percent of the property sale price. The Real Estate commission fees are split between the listing broker and selling broker. The sellers, in most cases, are responsible for paying the commission fees.
A home buyers average closing cost are around 3 percent of the home purchase price, but can be higher. Your lender will give you a Good Faith Estimate (GFE) when you first apply for a home loan that will outline the estimated fees.
Most loan programs require a FICO score of 620 or higher. A buyer with a higher credit score the less risk to the lender. Buyers with higher credit scores have lower down payment requirements and qualify for better interest rates.
The timeline for finding a home varies from person to person. Once a buyer finds a house and has an accepted offer, it usually take around 30 to 45 days to close.
It depends on your loan type. VA and USDA loans require no money down, FHA loans require 3.5% down, and conventional loans usually require 5% down.
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