Home Buying FAQs
Whether you're buying your first home or your fifth, chances are you have questions about everything from how the home buying process works to which neighborhood is right for you. Many home buyers have the same questions you do, so to help you make the best decision, we've provided answers to these frequently asked home buying questions.
I'm Buying My First Home. What Do I Need to Know?
Congratulations! Buying your first home is an exciting experience, especially if you have the right resources readily available. These articles will help you find the right house in the right neighborhood, learn what red flags to watch for, and help you get to closing quickly and easily.
- First-Time Buyers' Guide: This article breaks down the different types of mortgages, common closing costs, and more.
- The Home Buying Process: This guide outlines the 10 steps you need to take from making room in your budget for mortgage payments to paying your closing costs.
- Getting the Best Price: These tips will help you determine which homes are great and which homes you should avoid.
- First-Time Home Buyers Tax Credit: You can get a tax benefit from purchasing your first home. Get the details with this helpful infographic.
How Much Can I Afford for a Home?
Take a look at your budget and determine how much you are willing to pay per month for your home loan. A good rule of thumb is to spend no more than 28% of your monthly take-home pay on mortgage payments. You can use this helpful mortgage calculator to determine what price you can comfortably afford.
Should I Get Preapproved for a Mortgage?
Yes! A mortgage preapproval is the best choice when searching for homes in the Ann Arbor area. Here are just a few of the reasons why getting preapproved will help you:
- You'll know exactly how much financing you'll qualify for.
- You'll know your maximum price and be able to search for homes more easily.
- You'll know how much your down payment will be.
- Sellers will see you as a much more motivated buyer and will take your offer seriously.
We can always recommend a local lender. Just give us a call at 734-926-9797.
What's Homeowners Insurance? Why Do I Need It?
You'll need homeowners insurance to buy a home in Ann Arbor. Since real estate is an investment, homeowners insurance protects you from losing thousands of dollars in an unforeseen circumstance, such as a break-in or a fire. Our homeowners insurance guide goes into detail about what's covered by homeowners insurance and tips for reducing your monthly premiums.
I'm New to Ann Arbor. Where Can I Learn About the Area?
Each township, village, and city in Washtenaw County is unique, and there are plenty of great neighborhoods and homes to choose from. Our Washtenaw County Area Guides have details about available homes, local amenities, top employers, rankings, public schools, commute times to nearby cities, and popular neighborhoods.
Do You Have Any Tips to Make My Move Easier?
Absolutely. Since moving to a new area (or even a new house!) is no picnic, it's crucial to be as organized and prepared for your move as possible. We have a list of moving tips that cover how to pack your household items, what items you should pack last, and what documents you should keep on hand before, during, and after your move.
Still Have Questions?
We're always available to talk about the area, the real estate market, or the home buying process. If you have a question that wasn't listed, give us a call and we can provide you with all the information you need. Want to learn more about buying a home in the Ann Arbor area? Use these resources below to take the next steps.