Buying a home is one of the biggest financial decisions you’ll ever make, and it often comes with plenty of questions—especially if you’re a first-time buyer. At The Jenkins Group, we know how exciting and overwhelming the process can be, so we’ve compiled a list of the most common questions buyers ask us, along with expert answers to help guide you through your journey. Whether you’re just starting to explore the market or ready to make an offer, these insights will help you move forward with confidence.
Here are the top 10 questions we get asked by home buyers:
1. Should I get pre-approved for a mortgage before house hunting?
Answer:
Yes, getting pre-approved is highly recommended. It gives you a clear idea of your budget, shows sellers you're a serious buyer, and can speed up the closing process. A pre-approval can also help you avoid falling in love with homes outside your price range.
2. How much money do I need for a down payment?
Answer:
The down payment amount varies depending on the loan type and lender. Traditionally, it’s around 20% of the purchase price, but many loan programs, like FHA loans, allow for as little as 3.5% down. Some conventional loans and first-time buyer programs may even require no down payment.
3. What other costs should I be prepared for besides the down payment?
Answer:
In addition to your down payment, expect closing costs (typically 2-5% of the home’s purchase price), home inspections, appraisal fees, moving costs, property taxes, and homeowners insurance. Some buyers also budget for repairs or upgrades.
4. How long does the home buying process usually take?
Answer:
The timeline can vary, but on average, it takes 30 to 60 days from the time your offer is accepted to closing. However, the entire process, from house hunting to move-in day, can take several months depending on the market and your personal circumstances.
5. Do I need a real estate agent to buy a home?
Answer:
While it’s not legally required, working with a real estate agent is highly beneficial. An experienced agent helps you find homes, negotiates on your behalf, handles paperwork, and provides market insights. Plus, their services are typically paid by the seller.
See our Blog: The Inside Scoop on Real Estate Agents: What They Do & How They Make It Work for more insight on what Real Estate Agents do.
6. What is earnest money, and is it refundable?
Answer:
Earnest money is a deposit made to show the seller you’re serious about buying. It’s usually 1-3% of the purchase price and is applied toward your down payment or closing costs. In most cases, it is refundable if you cancel due to contingencies like financing or inspection issues.
7. Should I get a home inspection, and what does it cover?
Answer:
Yes, a home inspection is strongly recommended. A certified inspector evaluates the home’s condition, including the foundation, roof, electrical, plumbing, HVAC systems, and more. It helps identify major issues before you finalize your purchase.
8. What is the difference between being pre-qualified and pre-approved?
Answer:
Pre-qualification is an initial estimate of how much you might be able to borrow based on basic financial info. Pre-approval is a more in-depth review, where a lender verifies your credit, income, and assets, making it a stronger indicator to sellers that you’re ready to buy.
9. What’s the best way to make a competitive offer?
Answer:
To make a competitive offer, work with your agent to understand the local market, offer a fair price, get pre-approved, and be flexible with closing dates. Including fewer contingencies and offering a larger earnest money deposit can also strengthen your offer.
10. How do I know if a neighborhood is right for me?
Answer:
Research is key! Visit the area at different times of day, check crime rates, school ratings, commute times, amenities, and future development plans. Your real estate agent can also provide neighborhood insights to help you make an informed decision. Visit our Neighborhood Guides to get started today!
Navigating the home buying process doesn’t have to be stressful when you have the right team by your side. From understanding financing to negotiating offers and closing the deal, being prepared and informed makes all the difference. We hope these FAQs have cleared up some of your biggest questions and helped you feel more confident about taking the next step toward homeownership.
See our Buyer's Guide for more detailed information on Steps to Buying a Home.
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Still have questions or ready to start your home buying journey? The Jenkins Group is here to help! Whether you need personalized advice, market insights, or you're ready to find your dream home, our team is committed to making your experience smooth and successful.
📞 Contact us today to schedule a consultation, or simply reach out with any questions you have. Your future home is waiting!
