Darin and Christina Cunningham | Re/Max Elite
278 Franklin Road Suite 190 | Brentwood, TN 37027
Office: 615.661.4400 | Fax: 615.661.4115
Christina: 615.394.4168 | Darin: 615.456.4086



Home Buyer Frequently Asked Questions

One of the biggest financial decisions in someone’s life can be buying a home. Some people view this as a major milestone in life. There can be many challenges when it comes to buying a home, but if done correctly it can be a very rewarding, satisfying and even profitable experience.

Before you make a decision to buy a home, there are a lot of things to consider. During the process of buying a home there are a lot of important steps to take and if you’re not careful you can make some costly mistakes. It’s best to have an experienced real estate agent on your team to help you make the best choices possible.  Here are some questions that are frequently asked by homeowners:

Should I buy or rent?

Buying gives you freedom to customize the place, while renting means you are under someone else’ authority and you can’t do much to the house without permission. If you buy, at least some of your mortgage payment goes towards equity, but if you are renting the money pretty much just goes down the drain.

Is this a good time to buy a home?

If you are ready to commit to a long-term significant investment, it may be the right time for you to be buying a home.

What if I get swindled?

To avoid getting scammed or wasting your money, make sure you have an experienced real estate agent (that is on your side) involved with the transaction.

Do I have the right credit score?

The credit score helps determine if you get preapproved for a mortgage or not. You can check with various online credit agencies to see what your credit score is. Most mortgage lenders will run your credit for you.

Where do I start?

Contact a realtor and ask for advice and guidance.

Which documents do I need?

The realtor and the mortgage lender sort out most of the documents. They will let you know what papers you need to supply, read or sign.

How much do I need to buy a house?

Sometimes a 20% down payment is expected on the house, but this is not necessary with some mortgages (such as with some first-time homeowner or VA home loans). You may also need some money for closing costs.

Will this be a great investment?

This depends on a number of factors such as the neighborhood, the market, and the price and condition of the house. If you get a fixer-upper and can make for affordable repairs, you may quickly find yourself up on your investment.

What benefits do I get from buying a home?

Pride of ownership, perhaps more stable neighbors than an apartment setting, and a chance to build equity.

Are there any homeowner obligations I need to know about?

You are responsible for paying any home owner association fees (if there are any), tax, insurance and other fees associated with home ownership.

How do get the best mortgage?

Shop around to make sure you’re getting a good deal and ask your real estate agent for a trusted referral.

Is the mortgage a burden in my life?

A mortgage certainly is a responsibility, but you will most likely have to pay rent no matter where you live.

Will I get preapproved for a mortgage?

This depends on various factors such as your credit score and your income and how well you have managed debts in the past. You won’t know unless you try.

Can I afford the mortgage?

What percentage of your income is your monthly housing payment? Lenders prefer this to be less than 28% as compared to your monthly income.

Do I need a real estate agent?

This is recommended. Buying a home is a complex process with a series of sophisticated transactions. A real estate agent can help you buy the right home that is a good fit for you and your budget.

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