Home Buyer Frequently Asked Questions
Buying a home is a huge step and as your third grade teacher told you, ‘there are no stupid questions.’ When you are looking to purchase a home there are several questions that pop into your mind about if you’re ready to own, how to qualify for a loan, etc. Here are a few frequently asked questions that home buyers have when searching for their home:

Should I buy instead of rent?

The first and most important question you should ask yourself is if you want to buy a home versus renting. We have a few articles in our Renting vs Buying section that will “test” you on the responsibility of being a homeowner.

Can I become a homebuyer even if I have bad credit, and don’t have much for a down-payment?

Having credit problems doesn’t automatically mean you can’t become a homeowner. Many mortgage loan officers can help you with your questions and inform you about special loans for people with credit challenges. But first you need to try and do the following items: check your credit report and review it for any errors, pay all your bills on time, be aware of how and when you use credit cards and avoid credit-repair companies who charge a fee for services.

Should I use a real estate agent? How do I find one?

Finding a real estate professional is a crucial part of the home buyer process. As we mentioned previously, buying a home is a huge step, so you want to find someone who will understand your needs and look out for your best interest during this transaction. We’ve got the tips to finding the perfect real estate professional to help narrow down potential agents for you.

How much can I afford? And besides the mortgage payment, what other costs do I need to consider?

When you qualify for a home loan and look at the monthly mortgage payment it may see ‘doable’ but you must also factor in the additional costs associated with home ownership. Many times you can have your mortgage insurance and real estate taxes rolled up into your monthly payment; however, additional utility costs, condo or homeowner’s association feeds and property taxes also need to be factored in.

How do I find a lender?

You can finance a home with a loan from a bank, a savings and loan, a credit union, a private mortgage company, or various state government lenders. Different lenders can offer different interest rates and loan fees, so it would be best for you to take your time and shop around for the best deal.