Being a first time home buyer can lead to a lot of extra stress. Here are few of the top questions that a lot of first-time buyers ask:

1. How much can I afford to spend on a home?

Answer: Ultimately, how much you can afford to spend on a home depends on your financial situation and how much you are able to borrow. It is important to consider the costs of owning a home beyond the purchase price, such as closing costs, insurance, taxes, utilities, and monthly maintenance fees.

2. What type of mortgage should I get?

Answer: The type of mortgage you should get depends on your financial situation, including your credit score, income, and down payment. Some mortgage options include conventional, FHA, USDA, and VA loans. It’s important to research the different types of mortgages to determine which one is best for you.

3. How much money should I put down?

Answer: The amount of money you should put down as a down payment for a home depends on the type of loan you are getting, as well as your financial situation. Generally, it is recommended to put down at least 20% of the home’s purchase price to avoid paying private mortgage insurance.

4. What is a pre-approval?

Answer: A pre–approval is a written commitment from a lender that states you are approved.

 

Do you have more questions? We are more than happy to help answer them at 239.977.5642