Top Home Buyer FAQs and Answers
Buying a home is an involved process and requires the guidance of a trained professional.
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My Real Estate Dream Team and I are here for you. Our goal is to exceed your expectations, give you a peace of mind, keep you smiling and make sure that you enjoy the journey.
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To assist you in understanding the buying process, here are some top home buyer FAQs and answers I have received from my prior clients.
I am committed to developing a lasting and trustworthy relationship with my buyers as I guide them along their path to their dream homes. To start understanding the buying process today, see below. Or, better yet, give me a call or text me at 630-669-2401. Let's set up a meeting at your earliest convenience and get you into your new home!
What are the advantages of buying a home?
Owning a home is a great way to build equity, take control of your living situation, and invest in your family and community. One study found that homeowners also report a higher quality of life. Check out the other findings about the social benefits of home ownership in this infographic.
Call or text me at (630) 669-2401 if you have any questions or need additional information. You may also visit and use my mobile friendly Real Estate Website www.MonicaMancano.com for your Real Estate Needs.
How much home can I afford?
A good place to start is to estimate your monthly payments will be around 25% of your gross monthly income. That is a safe number that most lenders feel comfortable with, although your credit rating and other monthly debts will be factored in, too. Try using a mortgage calculator to figure out approximately how much house you can afford in different loan and rate scenarios.
Click on this link Mortgage Calculator to see how much you can afford or better yet click on one of my Real Estate Dream Team's Mortgage Officers' links for more information.
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Why do I need a buyer’s agent?
A buyer’s agent is committed to working only in the best interests of the buyer – that’s you! Your buyer’s agent - that's me! I know the local market and will help you determine whether the homes you are looking at are priced fairly. I will also help you cross all of your t’s and dot all of your i’s when navigating contracts and paperwork.
What’s the difference between being pre-qualified and pre-approved for a mortgage?
Pre-qualification is an informal determination by a lending professional that estimates how much mortgage you can afford. This will help you guide your home search to the correct price range.
Pre-approval is a written guarantee by a lender or mortgage broker to grant you a loan up to a specified amount. It is a good idea to get pre-approved before submitting an offer; sellers will take your offer more seriously than an offer from someone who is only pre-qualified.
What happens if my offer on a home is rejected?
Don’t be discouraged! Sellers will often reject your first offer, but that does not mean you have lost the house of your dreams. Now is the time for smart negotiation, which is exactly where an expert buyer’s agent comes in. You may have to offer more money, but you may also get repairs made or the length of the closing period altered. It is not uncommon for negotiations to go back and forth a few times before a deal is made.
Do I need a home inspection?
Before you close on a home and sign the contract, you should get a home inspection to evaluate the condition of the home and make sure you will not be hit with any surprises. No one like to spend the money it take to buy a home only to discover that is needs a new roof or has a cracked foundation! Learn more about what buyers need to know about home inspections.
Text or call me at (630) 669-2401 if you have a question that hasn't been answered here?
REALTOR®, SRES®, MRP, AHWD
- 630-669-2401 ext 2834