Your Top 5 Home Buying Questions Answered

Buying a home can come with a lot of questions, especially if you're not sure where to start! Below are five frequently asked questions and key things to know as you begin your home-buying journey:

1️⃣ How much can I afford?

Before beginning your home search, evaluate your income, debts, savings, and monthly expenses to determine how much you can realistically afford. A common guideline is to keep housing costs under 30% of your gross monthly income—factoring in property taxes, insurance, and future maintenance—but exact limits depend on the lender and loan type.

2️⃣ What's the first step?

The first step in buying a home is assessing your finances and getting pre-approved for a mortgage, which confirms your budget and shows sellers you're a serious buyer.

3️⃣ How much do I need for a down payment?

Down payments vary by loan type. Some programs allow as little as 0–3.5%, while others recommend 20% to avoid Private Mortgage Insurance (PMI). Explore loan options to find one that fits your financial goals and savings, and consider the 5/20/30/40 rule as a flexible guide.

4️⃣ What are closing costs?

Closing costs include fees such as appraisal, title, legal, and loan origination, typically totaling 2–5% of the home’s price. They vary by location and lender, so be sure to budget for them alongside your down payment.

5️⃣ What's the home buying process?

The home buying journey begins with choosing an agent and finding the right property, followed by making an offer, scheduling an inspection, and closing on the loan.

With the right support, you'll feel more confident in every decision, and we're here to guide you every step of the way.

 We’re here to answer all your home buying and selling questions and support you every step of the way.

Contact Burkhart Real Estate