Buying a home is a significant milestone that comes with many important decisions. To ensure you make the best choices and avoid costs surprises, it’s important to have a list of questions to ask when buying a home.
Before you start looking for homes, there are some questions you should ask. Some questions will get answered as you get preapproved for a mortgage, others are more of thoughts you should have. What is your maximum comfortable payment? Include taxes, insurance, mortgage insurance and any possible HOA fees. Remember your comfort level may be less than you qualify for. But also remember, you are the one making the payment so keep that in mind! Think about how long you might live in this home. Ask how much money you will need for a down payment and closing costs. Remember to keep an emergency fund for after closing.
As you start talking with realtors, here are some thoughts to ask about. You will want to be comfortable with the realtor you choose. Ask if they primarily work with buyers or sellers. Ask how they will communicate with you. Sharlene and I have worked together for many years and I have always trusted her to help our buyers. She has been wonderful to work with. If you are looking in an area that she doesn’t work, she can always refer you to another realtor.
When you are looking at homes, bring a checklist. When you find a home you like, make notes. Sometimes you forget details after you have left the showing.Things to ask about – how old is the roof, furnace, air conditioner and water heater? Are there any cracks in the foundation, water stains on the walls or ceilings? How old are the windows? Does the layout of the house work for you? Is there enough space in the garage, closet and pantry? A home inspector will go through everything but your own observations will help you spot potential problems early.
When you are ready to make an offer on a home, you will want to talk over things with both your realtor and loan officer. You will want to talk with your realtor about ideas for the offer. Knowing how long the house has been on the market and if there are other bidders will help you make an offer. Should you go over the listing price? What is the seller’s story? Do they need to close in a hurry? You will also want to talk with your loan officer. You will want to know what the payment will be, what the interest rates are and how much money you will need. Ask if you should request seller paid closing costs. Your lender may ask for updated information depending on when you started your loan process
There are other questions to consider when thinking about buying a home. What if you are thinking about changing jobs? That could affect what you can qualify for. It depends on the type of job and how you will get paid. Should you pay down or pay off debt before you buy? That will depend on your credit scores and how it may affect what you can qualify for. How early should you talk with a loan officer? Many of these questions will depend on your personal situation. My suggestion is to talk with a loan officer sooner than later. That way if you have anything to work on (credit, income, etc), you will have time.
Buying a home can be a fun time but also a stressful time. Working with a good realtor and loan officer can make your home purchase much easier! Remember to ask questions! I always tell clients that I am here to answer your questions!
Leslie Vanderwerf, NMLS ID#335509, CrossCountry Mortgage LLC, An Equal Housing Lender, NMLS#3029 – Email – Website
