Frequently Asked Questions by Home Buyers


Although buying a home may be one of the biggest accomplishments in many peoples lives, there's no denying the fact that it can be a stressful experience. However, it also marks the beginning of a new chapter in your life. In an effort to make the entire process a little easier, we've compiled a list of frequently asked questions and answers by home buyers.

Questions from Home Buyers

Buying a home is a big decision, as it ties you to a long-term mortgage (usually 30 years). So before agreeing to buy a home, it's good idea to evaluate your income and financial situation to ensure you can afford it. Check out our free mortgage calculator for help determining what your mortgage cost will be. Simply enter in your loan term, interest, loan amount, taxes, and insurance, and see how much you can expect to pay for your mortgage.

Should I Hire a Home Inspector Before Buying?

Most professional real estate agents will agree that hiring a home inspector to inspect the home before buying is a smart investment. While there's no legal requirements stating that you must hire one, doing so will give you peace of mind knowing that the electrical, plumbing, foundation and other elements are safe and up to code.

How Long Does Closing Take?

After finding the "one," you're probably eager to pack your belongings and begin moving. Closing on the deal, however, doesn't happen overnight. There are always exceptions, but most closings occur in 30 to 45 days. This should provide the mortgage company with enough time to complete the loan, and you with enough time to have the property inspected.

What Should I Do Before Applying for a Mortgage?

One of the first things you should do is check your credit. You can obtain a free credit report by all three of the major credit bureaus -- Experian, Equifax and TransUnion -- once per year by visiting If you find any discrepancies or incorrectly reported debt, dispute it ASAP. Marks against your credit can and will hurt your chances of obtaining a mortgage.

What Fees Can I Expect to Pay?

Fees associated with buying a home typically include the down payment and lending fees. Lenders charge different amounts for lending fees, though most fall somewhere between 2 and 4% of the loan amount. Talk with your loan officer to learn more about the fees.

This article was brought to you by Premier Island Properties - A full service real estate firm serving Hilton Head Island and Bluffton, South Carolina. For more real estate news, information, and interesting facts about the Lowcountry, please visit our website.

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