You don't need 20% down to buy a home. Some loan programs require as little as 3% to 3.5%, while others offer no down payment options. You'll also need to plan for closing costs, home inspections, and other expenses. The total amount depends on your loan type and financial situation. Addison Real Estate's agents can connect you with trusted local lenders to help you understand your options and plan ahead.

Pre-qualification gives you a general idea of how much you may be able to borrow based on the financial information you provide. Pre-approval takes it a step further, with a lender reviewing your income, credit, and finances to give you a more accurate loan estimate. Having a pre-approval can also make your offer stronger when buying a home. Addison Real Estate can help you understand these steps so you're better prepared to start your home search.

Your credit score can make a difference in how much you pay for your home each month. Generally, the higher your score, the better your interest rate may be. But don't worry if your credit isn't perfect. There are loan options for buyers with different credit scores. Your income, debts, and down payment also matter. Addison Real Estate can help you get started and understand what options may work best for you.

When buying a home, there are a few extra expenses beyond your down payment. These are called closing costs and cover things like your loan, home appraisal, title services, and taxes. You can usually expect to pay around 2% to 5% of the home's price. Addison Real Estate helps buyers understand these expenses early on, so there are fewer surprises when it's time to close.

Every home search is different. Some buyers find the right home quickly, while others take a few months. Once your offer is accepted, it usually takes about 30 to 60 days to close. Things like mortgage approval, inspections, and appraisals can affect the timing. Schedule a buyer consultation with Addison Real Estate to learn how the process works, what to expect along the way, and how to get started on your home search.

Yes! You don't need a traditional 9-to-5 job to buy a home. Lenders may ask for tax returns, bank statements, or other records to show how much you earn. Even if your income changes from month to month, you may still qualify for a mortgage. Addison Real Estate can help you take the first steps toward buying a home and point you in the right direction for financing.

Your monthly mortgage payment usually includes the money you're paying back on your loan, interest, property taxes, and homeowners insurance. Depending on your loan, you may also pay mortgage insurance. If you're buying a condo or a home in a community with an HOA, those fees are usually separate. Addison Real Estate can help you look beyond the home's price to better understand what your monthly housing costs may be.

A 2-1 buydown is a way to lower your mortgage interest rate for the first two years of your loan. Your rate is 2% lower the first year and 1% lower the second year. In the third year, it goes back to your full loan rate for the rest of the mortgage. The cost is often paid upfront by the seller or builder. Addison Real Estate can help you understand whether this option makes sense for your home purchase.

A 2-1 buydown is usually paid for by the seller, builder, or sometimes the lender as an incentive to help buyers lower their mortgage payments for the first two years. Who pays depends on the loan program and what is negotiated in the sale. Addison Real Estate's agents can help buyers explore this option and negotiate terms that work for their home purchase.