Navy Fed Frequently Asked Questions

1. What the first step of the home buying process?
Getting pre-approved for a mortgage is the first step of the home buying process.

2. How long does it take to buy a home?
Under normal market conditions, the average time to complete the sale of a home is 30 to 45 days. Though, well-prepared home buyers have been known to purchase properties faster than the averages.

3. What's a Seller's Market?
A period when demand is higher than available inventory of homes leading to the price of the average home rising. 

4. What's a Buyer's Market?
A period when there is greater inventory than demand, which is marked by reductions in home values. 

5. How much do I pay an agent to sell my home?
The average commission for selling a home is 6% of the home's purchase price. 

6. How much do I pay an agent to buy a home?
Typically, the seller will pay for the buyer's agent, so you won't pay anything to the real estate agent.