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Getting pre-approved for a mortgage is the first step of home buying process. Getting a pre-approval letter from a lender get the ball rolling in the right direction.
From start (searching online) to finish (closing escrow), buying a home takes about 10 to 12 weeks. Once a home is selected an offer is accepted, the average time to complete the escrow period on a home is 30 to 45 days (under normal market conditions). Though, well-prepared home buyers who pay cash have been known to purchase properties faster than that.
The national average for downpayment is 11% but that figure includes first time and repeat buyers. While the broad down payment average is 11% first time homebuyers usually only put down 3 to 5% on a home. That's because several first-time home buyer programs don't require big down payments. A longtime favorite, the FHA loan, require 3.5% down. What's more, some programs allow down payment contributions from family members in the form of a gift.
If the built-up equity in your current home will be applied to the down payment on the new home, naturally the former will need to be sold first.
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