FAQ- Buyers

Below are some frequently asked questions we hear from buyers just like you. We thought it would be helpful to share them here. If you have a question that isn’t listed, please let us know—we’re happy to add it and provide an answer. You’re also welcome to call or text us anytime.

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Getting Started

• First-Time Home Buyer Guide

• Steps to Buying a Home

• Is now a good time to buy a home?

• Is It Better to Buy a Home with an HOA or Without?

• How long should I plan before buying?

• Is it better to buy a new home or a resale home?

• How long does the home-buying process usually take?

• Do I Need a Realtor to Buy a Home?

• Can I buy a home while selling my current one?

• Do I need to be pre-approved before looking at homes?

• What Is the Difference Between Pre-Qualified and Pre-Approved?

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Loans & Financing

• Which Mortgage Lender should I use?

• What Happens If the Home Doesn’t Appraise for the Purchase Price?

• What credit score do I need to buy a home?

• How Much Do I Need for a Down Payment?

• What loan programs are available for first-time buyers?

• Understanding PMI & Home Loan Options

• What are closing costs, and how much should I expect to pay?

• Can I use down payment assistance programs?

• What Are Seller Concessions?

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Inspections 

• What Home Inspections Should I Have Done Before Buying a Home?

• Home Inspection vs Home Appraisal

• Do I really need a home inspection?

• What happens if the inspection is bad?

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The Home Search

• What neighborhoods should I consider?

• How competitive is the market in my area?

• What should I look for during home showings?

• Should I use Realtor when buying a Brand New Home?

• Is it better to buy a new home or a resale home?

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Making an Offer

• How much should I offer on a home?

• What are seller concessions?

• Can the seller pay some of my closing costs?

• What contingencies should I include in my offer?

• What happens if there are multiple offers?

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Buying While Renting or Selling

• Can I buy a home while selling my current one?

• Do most buyers have to sell before they buy?

• What is a home sale contingency?

• What happens if my home doesn’t sell in time?

• Can I avoid carrying two mortgages?

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After Going Under Contract

• What happens during underwriting?

• What documents will my lender need?

• Can I change jobs while buying a home?

• Should I avoid large purchases before closing?

• When do I do the final walkthrough?

• Why should I rekey my home before moving in?

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Long-Term Ownership

• How much will my monthly payment really be?

• What Are Some Inexpensive Decorating Ideas for a New Home?

• What costs come with owning a home besides the mortgage?

• How do property taxes and homeowners insurance work?

• How much should I budget for maintenance?

• Is buying a home a good long-term investment?

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Local & New Mexico–Specific Questions

• Selling your Albuquerque-area home

• How competitive is Albuquerque compared to Rio Rancho?

• How does buying in Corrales or Placitas differ from Albuquerque?

• Do rural areas like Tijeras, Edgewood, Moriarty, or Sandia Park affect financing?

• Are USDA or MFA loans available in the East Mountains?

 

Selling Your Albuquerque Area Home