Why use Homeworks ?
- Use Homeworks supports all ‘For Sale by Owner’ real estate transactions.
- Our strategies provide knowledge and confidence to sell your home for top dollar.
- We focus on marketing and exposure through multiple platforms.
- Our goal is to ensure your property is seen by potential buyers.
How it Works
Visit our FAQ page to find answers to our most commonly asked questions.
Frequently Asked Questions
How much money do I need for a down payment?
A down payment is the amount of money you put towards the purchase of a home. Your lender deducts the down payment from the purchase price of your home. Your mortgage covers the rest of the price of the home. The minimum amount you need for your down payment depends on the purchase price of the home. If your down payment is less than 20% of the price of your home, you must purchase mortgage loan insurance. Table 1: The minimum down payment based on the purchase price of your home
If you’re self-employed or have a poor credit history, your lender may require a larger down payment.
Normally, the minimum down payment must come from your own funds. It’s better to save for a down payment and
minimize your debts.
| Purchase price of your home | Minimum amount of down payment |
|---|---|
| $500,000 or less | 5% of the purchase price |
| $500,000 to $999,999 | 5% of the first $500,000 of the purchase price 10% for the portion of the purchase price above$500,000 |
| $1 million or more | 20% of the purchase price |
What is a home inspection and why is it important?
A home inspection is an objective, professional examination to visually assess a homes interior and exterior
features. A home inspection before putting an offer down on a home or condominium can bring ultimate peace of mind before signing the contract. This way, you know exactly what you’re getting into with your new home.
How long does it take to buy a house?
Depending on your timeline and urgency to secure a new home, it roughly takes an average of 30 to 60 days to shop for a home. The timeline varies based on factors such as the time of year, your financing needs, the type of
home you’re looking for, and the inventory of homes on the market.