Top 12 Most Common Questions Homebuyers Ask
Thinking about buying a home and not sure where to start?
You’re not alone. In fact, 90% of first-time homebuyers say they wish they’d known more before they started house hunting.
That’s why we created this guide—an easy-to-understand breakdown of the most common questions buyers ask (and should be asking) before jumping into the homebuying process. Whether you're months away from making a move or ready to start touring homes, these tips will help you feel more prepared, more confident, and way less overwhelmed.
Homebuyer FAQ: What You Really Need to Know Before Buying a Home
1. How much do I really need for a down payment?
Conventional loans start at 3% down, FHA loans at 3.5%, and VA/USDA loans offer 0% down for qualified buyers. Washington State also offers down payment assistance for first-time buyers. We’ll help you figure out the best fit for your budget.
2. What credit score do I need to buy a home?
You’ll typically need a 620+ for a conventional loan or 580+ for an FHA loan. A score over 740 can unlock the best interest rates. Not there yet? We can share simple strategies to boost your score fast.
3. What’s the difference between pre-qualification and pre-approval?
A pre-qualification is a quick estimate, often based on self-reported info. A pre-approval is more official—your lender has reviewed your credit, income, and documents. In today’s market, sellers expect a pre-approval letter with your offer.
4. How long does it take to buy a home?
Once you're pre-approved, it can take 1–2 weeks to find the right home, then about 30–45 days to close. Being prepared up front helps you move quickly when you find “the one.”
5. What are typical closing costs for buyers?
Expect to pay around 2–3% of the purchase price. This includes escrow, title fees, lender charges, the appraisal, and prepaid taxes and insurance. We’ll give you a detailed estimate early in the process.
6. Do I really need a home inspection?
Yes—always. Inspections typically cost $500–$700 and can uncover issues like roof damage, faulty wiring, or plumbing concerns. You can often negotiate repairs or credits based on the findings.
7. What is earnest money and when is it at risk?
Earnest money (usually about 1% of the purchase price) shows you're serious. It’s applied toward your purchase at closing, but if you break the contract outside of your contingencies, the seller may keep it.
8. What if the appraisal comes in lower than my offer?
If that happens, your options include renegotiating the price, paying the difference, or walking away. A well-structured offer and strong local data can help prevent surprises.
9. Should I waive contingencies in a competitive market?
Not always. Contingencies protect your finances, your timeline, and your peace of mind. We’ll help you decide what’s safe to waive (and what’s not) based on your goals and risk tolerance.
10. How much should I budget for ongoing maintenance?
A general rule of thumb is 1% of the home’s value per year. Newer homes often cost less to maintain, while older homes or large properties may need more.
11. Can I buy and sell a home at the same time?
Yes! There are a few ways to handle it, like using a home-sale contingency, arranging a rent-back, or getting a bridge loan. We’ll help you map out a plan that works for your timeline and finances.
12. What’s different about buying new construction?
Expect longer timelines, phased deposits, and contracts that favor the builder. Having a Realtor® represent you ensures your interests are protected—and the builder pays our fee, not you.
Still Have Questions? Let’s Talk.
Every buyer’s journey is unique. If you want help figuring out the best next step—or just need a little guidance—reach out anytime.
Fill out the form and we’ll help you move forward with confidence.
Let’s make your homebuying experience smooth, informed, and exciting.
