Answers by Paul Avratin

For many first-time homebuyers, there are a lot of important questions that should be answered before starting the process. Some of the most common questions include: • What type of loan is best for me? • How much money do I need for a down payment? • What will my monthly payment actually be? • How much home can I realistically afford? • What are the closing costs? • Does the home need repairs or improvements? Your lender will help you with the financial side by providing a loan estimate that outlines the numbers, including your projected monthly payment and estimated closing costs. This helps determine what you can comfortably afford. Your real estate agent will then help guide you through the home search, explain the details of the process, and help you evaluate properties—especially when it comes to potential repairs, value, and negotiating the best deal. Buying your first home comes with a lot of questions, and having the right lender and agent working together can make the process much smoother.

Buyer Closing Costs Explained Closing costs for a buyer can vary depending on how the home is purchased—whether it’s cash or financed with a loan. Cash Purchase: Typically ranges from about 0.75% to 1.25% of the purchase price. These costs usually include title work, recording fees, and closing/settlement fees. Loan Purchase: Closing costs can range anywhere from 3% to 6% of the purchase price, depending on several factors such as: The type of loan (Conventional, FHA, VA, etc.) The amount of the down payment Lender fees and requirements Prepaid items like insurance and property taxes Every lender structures fees a little differently, so costs can vary from one lender to another. The best way to know your exact numbers is to get a loan estimate from a lender, which will break down all costs involved in the purchase.

I’d be honored to serve you as your agent in the Chattanooga area. With over 40 years of experience in the industry and a proven track record from North Georgia to Knoxville, I bring both the knowledge and tools to guide you every step of the way. My clients consistently speak to the level of care, responsiveness, and results I provide. Whether you're buying or selling, I make sure you're equipped with clear answers and sound advice for any question that may come up. Don’t hesitate to reach out—I’m here to help whenever you're ready.