Quick answers to common user questions
Calculate your budget using your income, debts, and desired monthly payments. Most lenders suggest your housing costs stay below 28–30% of your income.
Pre-approval is a lender’s commitment to loan you up to a certain amount. It strengthens your offer and shows sellers you’re serious.
Higher rates increase monthly payments, while lower rates reduce them. Even a small difference can add up over time.
Fixed-rate mortgages have constant interest rates; adjustable-rate mortgages (ARM) change over time, which can be lower initially but may increase later.
Typically 20% of the home price avoids private mortgage insurance, but some programs allow as low as 3–5%.
Yes. Many state and local programs offer grants, low-interest loans, or down payment assistance.
Closing costs include fees for appraisals, inspections, and title insurance. Buyers usually pay 2–5% of the home price, but some costs can be negotiated with the seller.
Taxes vary by location and add to monthly costs. Make sure to factor them into your budget.
Yes, though interest rates may be higher. Some lenders specialize in working with lower credit scores.
Yes, to compare rates, terms, and find the best mortgage deal.
Consider safety, schools, amenities, commute, and future development plans.
New homes offer modern features and warranties; existing homes may have more character and lower upfront cost.
Even if you don’t have children, good schools can boost resale value.
List your must-haves vs. nice-to-haves and compare location, price, condition, and features.
Kitchens, bathrooms, energy efficiency, storage space, swimming pools and curb appeal.
On average, 1–3 months, but it varies by market and budget.
Fixer-uppers can be cheaper but require time, effort, and extra costs. Move-in ready homes offer convenience and predictability.
Compare it to similar homes sold recently in the area (comps) and consider a professional appraisal.
Work with your agent to analyze market data and include contingencies, earnest money, and flexible terms.
Common contingencies include home inspection, appraisal, financing, and sale of your current home.
A professional inspection checks for structural, mechanical, and safety issues. It’s highly recommended.
You can negotiate repairs, request credits, or, in serious cases, walk away.
In areas where pests are common, yes. Some lenders may require it.
Water damage, foundation issues, roofing problems, outdated electrical or plumbing.
Some states require one; otherwise, it’s optional but can protect you in complex transactions.
It protects you against legal claims on the property, like liens or ownership disputes.
Usually 30–45 days from accepted offer to final closing.
Only if your contingencies allow it; otherwise, you may forfeit your deposit.
Sellers must disclose known issues like water damage, lead, mold, or structural problems.
A title search and title insurance will identify and protect against such problems.
Compare recent sales of similar homes and consult a real estate agent or appraiser.
Always hire a real estate agent.
Clean, declutter, repair minor issues, and enhance curb appeal.
Staging can make your home more appealing and help it sell faster.
Very. First impressions online and in person heavily influence buyers.
Average is 30–60 days, but market conditions affect timing.
Focus on updates that increase value, like kitchens, bathrooms, and paint.
Optional but can identify issues to fix in advance, avoiding delays later.
Appraisal determines value; inspection checks condition. Both may be required by buyers or lenders.
Use professional photos, online listings, open houses, and social media promotion.
Consider price, contingencies, financing, and closing timeline.
Yes. You can counteroffer to adjust price, closing date, or contingencies.
Evaluate all terms, including financing certainty, contingencies, and closing flexibility—not just price.
Inspection, appraisal, financing, and sometimes home sale contingency.
Compare offers carefully, possibly ask for best and final offers, and work with your agent to select the strongest.
Yes, but coordinate timing carefully to avoid temporary housing issues.
Buyer typically schedules inspections, appraisal, and secures financing before closing.
Sellers usually pay agent commissions, but they are not required to. remaining closing costs can be negotiated with the buyer.
Allow them in; negotiate repairs or credits if issues arise.
Profits may be taxable, but exemptions exist for primary residences under certain conditions. Consult a tax professional.
