Homebuyers

A Mainstreet REALTOR® is a licensed real estate professional belonging to the National Association of REALTORS® (NAR). NAR is a real estate trade association that requires all of its members to follow a 17-article Code of Ethics. This means that your REALTOR® is required to have your best interests in mind.

Through NAR, state associations and regional associations like Mainstreet Organization of REALTORS®, REALTORS® have access to continuing education opportunities and the Multiple Listing Service (MLS). Using the MLS, your REALTOR® can provide the most accurate and up-to-date housing data available during your house hunt.

Homeownership helps you build equity, allows you to qualify for mortgage interest deductions and can reduce your taxable income, among other benefits. Long-term, owning a home can also be significantly cheaper than renting.

Every home closing is different. In general, you'll work closely with your REALTOR® to put an offer on the table that has a chance of getting accepted. If the market is competitive, you may need to be prepared to make an offer the day you tour the home. It is also possible that you will need to make a few counter offers or negotiate with the seller before closing on a home.

Once your offer is accepted, you will need to get the home appraised and go through a home inspection. The appraisal will tell you the value of your new home and you may enter another round of negotiation if you initially agreed to more than the appraised price. Similarly, if your inspection shows any issues with your home, you may be able to negotiate so that the original owners pay for some of the damages. After your offer is accepted and you finish settling your terms with the seller, your REALTOR® will make the closing process as simple as possible.

Your credit score will inform what loans you can qualify for, and this may impact your chances of closing on a house. Credit scores range from 300 to 850. Typically, taking out a loan on your mortgage will require a score above 500. However, it is possible to take steps to improve your credit score, as well as to qualify for loans with a lower credit score.

There are many different avenues to get down payment assistance and qualify for a loan. Options include loans through the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA), and the U.S. Department of Veterans Affairs (VA).

A VA loan is provided to veterans, active members of the military and their families by the U.S. Department of Veterans Affairs. VA loans are typically associated with a lower interest rate and do not require a minimum credit score. The VA can also help veterans negotiate and provide assistance if you default on a loan. Learn more about the resources available to service members and veterans.

Investing in homeowners insurance is key to protecting your home against the unexpected. While it is not required that you purchase insurance on your home, it is possible that your loan will be contingent on purchasing insurance. There are many different companies that offer homeowners insurance, and you should ask your REALTOR® about your options.

This varies depending on the housing market. Typically, buyers who are willing to search for a home in the colder months of the year will have less competition when purchasing a home.

Yes! HouseLogic is designed by REALTORS® and has great ideas for improving your home. If you already have a sense of the changes you want to make in your home, use our Affiliated Partner Search to find the people who can help you make them.

Yes! We have a glossary that will help your navigate tricky conversations during the homebuying or homeselling process.