FAQ'S - Move To Rochester MN
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FAQ’S

FREQUENTLY ASKED QUESTIONS

Searching for a new home or property can be stressful. Here are some Frequently asked
questions to make things more simple.

Should I speak with a bank before looking at homes?

It is recommended that you speak with a lending agent before launching your home search. This will allow you to get pre-approved for a loan and determine your budget for a home purchase. Speaking with a bank can also help the buyer better understand costs associated with a home purchase. This process also identifies loans and other programs for which the buyer may qualify.

What are the advantages of renting versus owning a home?

Both have their merits. A large portion depends on the current interest rates from lenders, the length of time you plan on staying in a home, and your available cash flow for a down payment. Current interest rates are low, making a mortgage cheaper or on par with most rentals. Potential home buyers should also understand if they are ready and capable to perform routine maintenance on a home.

Why do I need a relator?

A realtor is more than a sales person. They are an expert who is well educated in their real estate market and will provide you with advice and guidance to make the best decision possible.

How long should I expect it to take to purchase a home?

This process varies from person to person. Once the buyer has selected a home and the offer is accepted by the seller, it takes about thirty days to close.

How many homes should I plan to look at during the home purchase process?

We recommend viewing 3-5 homes to examine a variety of options at different price ranges and locations to make the best decision possible.

What costs are associated with a home purchase?

The down payment is the largest cost of a home purchase, which typically ranges between 3-5% of the purchase price, depending on the loan type. The lending fee is the second highest cost, usually ranging between 2-4%, which again depends on the type of loan. The seller typically pays the relator fee.