Miami-Dade County, Homestead, and Redlands, FL Home Buyers FAQs
Got Home-Buying Questions?
The Essential Realty Services Team Has Answers!
Buying a home can be a lot to juggle all at once, and it's easy to feel overwhelmed by the stress of it all. Whether it's your first time buying or your fifth time, it's always a good idea to brush up on the basics. Browse our Buyer FAQs to get some much-needed answers to your home-buying questions, and give our team a call when you're ready to get started on your Miami-Dade County, Homestead, and Redlands, FL area real estate journey.
1. Where Should I Start the Process?
- It's always best to understand your finances before you kick off the buying process. Use our helpful mortgage calculator to estimate what your monthly mortgage payments might entail.
- Once you have an idea of your price range, start exploring some of the neighborhoods and towns around the area.
- If you're a first-time buyer, you might want to get more information first!
2. How Do I Know What to Look for in a Home?
- What you want or need in a new home is totally up to you! Take some time to think about your commute, nearby schools, the square footage and features you want, and more.
- Once you've figured out what you're looking for and where, then it's time to kick off your search process.
- Browse our featured listings if you need some more inspiration, or start searching homes by amenities and features.
3. Why Should I Use an Agent?
- Mortgage, closings, title transfers—a good agent can guide you through all of the legal and financial sides of buying.
- A local agent will also be an expert on the Miami-Dade County, Homestead, and Redlands, FL area and can provide vital and unique insight into its neighborhoods and communities.
- An agent can help you find the right price range for your income and finances, so you don't fall in love with a home way out of your budget.
- Most importantly, an agent will answer any and all of your questions throughout the process, and guide you through the complicated paperwork.
4. Where and How Can I Get a Loan?
- Mortgage loans are typically available through banks, credit unions, private mortgage companies, and government state lenders.
- Your agent can help connect you with lenders. You can also shop for lenders on your own, making sure you take some time to search around and compare rates. Calling local government agencies can also be a good idea to find out more about programs that might be available to you.
5. What if I Have Bad Credit or No Down Payment?
- Don't worry—there are still several options for coming up with the finances, including a federal mortgage program or local home buying assistance program.
- The Federal Housing Administration (FHA) helps home buyers by offering insured loans. This means that if the buyer defaults, the lender will still get their money. Insured loans encourage lenders to work with more buyers regardless of their credit or available down payment.
- Many state and local governments offer additional programs for buyers who meet various criteria or are buying within individual communities.
- The Department of Housing and Urban Development (HUD) also offers many assistance programs to home buyers.
6. Once I Find My Home, What Will I Have to Pay Up Front?
- Earnest money: The "security deposit" of home-buying, earnest money proves to the seller that you are serious. After your offer is accepted, it is applied to your down payment or closing costs.
- Down Payment: This is a percentage of the cost of your home and depends on your loan; government programs can help you decrease this amount if necessary.
- Closing Costs: These are typically low for buyers and represent the fees associated with paperwork and lender charges.
7. What Other Costs Will I Pay?
- Other costs, like utilities, HOA or condo fees, and property taxes, are typically included in your mortgage payment.
- Ask your agent about additional fees associated with your particular home, community, or neighborhood.
Still Have Questions?
No problem, we're here to help. Contact our team today, and we can answer any of your home-buying questions about homes for sale and real estate in Miami-Dade County and its many communities.
Want more information? Learn more about buying a home here by browsing a few of our other resources!