Start by connecting with a Realtor and lender. Your Realtor will guide you through the process while your lender determines your purchasing power through pre-approval.
Should I talk to a lender before house hunting?
Yes — this ensures you only view homes within your budget and strengthens your offer when you're ready.
Do I need a Realtor to buy a home?
Absolutely. Your Realtor represents your interests, handles negotiations, and ensures you're protected — and typically, the seller pays the commission.
What if I'm a first-time buyer?
Perfect — we'll walk you through every step and explore first-time buyer programs, grants, and down-payment assistance.
How do I know if I'm ready to buy?
You're ready when you have stable income, manageable debt, and a desire to build long-term wealth through ownership.
Financing & Pre-Approval
What's the difference between pre-qualification and pre-approval?
Pre-qualification is a basic estimate; pre-approval is verified by your lender. Pre-approval makes you a serious, ready buyer in a seller's eyes.
How much do I need for a down payment?
Most loans require 3%–5% down, though VA and USDA loans can offer 0% down. Your lender will guide you based on your program.
What credit score do I need?
Usually 620 or higher. FHA loans allow lower scores, but higher scores often mean better interest rates.
How do I know what I can afford?
Your lender calculates affordability based on your income, debt, and savings. A general rule: keep housing costs under 30% of your income.
What are closing costs?
These include lender, title, and attorney fees — typically 2-5% of purchase price. In some cases, we can negotiate seller credits to help offset them.
Documents Needed for Pre-Approval
Photo ID & Social Security number
Pay stubs (30 days) & W-2s (2 years)
Bank statements (2 months)
Tax returns (2 years)
Employment & address history (2 years)
List of monthly debts
Gift letter (if applicable)
Divorce decree or bankruptcy papers (if applicable)
The Buying Process
How long does the buying process take?
Once under contract, it usually takes 30–45 days to close, depending on your loan type and situation.
What is earnest money?
It's a deposit showing good faith when you make an offer (typically 1%–2% of the purchase price). It's applied to your costs at closing.
What is a contingency?
It's a condition that must be met for the contract to proceed — such as financing, appraisal, or inspection.
What happens after my offer is accepted?
We'll schedule inspection, finalize your loan, complete appraisal, and move through underwriting.
What's underwriting?
The lender's detailed review of your financials and documentation before approving the loan.
Can I make big purchases before closing?
No! Avoid new credit cards, car loans, or job changes until after closing. These can jeopardize your loan approval.
Inspections & Appraisals
What is a home inspection?
A licensed professional evaluates the home's systems and condition. This helps identify issues before closing.
What happens if the inspection finds issues?
Most homes have something! We'll review the report and negotiate repairs or credits as needed.
What's an appraisal and why is it required?
Your lender orders an appraisal to verify the home's value to ensure you're not overpaying.
What happens if the home doesn't appraise?
We'll evaluate options — negotiate the price, pay the difference, or cancel under the appraisal contingency.
Loan Types & Options
What are the main loan types?
Conventional, FHA, VA, and USDA are most common. Each has different requirements for credit, down payment, and insurance.
What's the difference between fixed and adjustable rate loans?
Fixed rates stay the same for the life of the loan; adjustable rates start lower but can increase over time.
What's PMI?
Private Mortgage Insurance — required when your down payment is under 20%. It can usually be removed once you reach 20% equity.
Can I buy if I'm self-employed?
Yes — you'll just need two years of tax returns and a profit/loss statement. Your lender can guide you on what to prepare.
Can I buy a home with gift funds?
Yes — family gifts are allowed! You'll just need a "gift letter" from the donor.
Making Offers
How do I make a competitive offer?
We'll use market data and recent comps to structure your offer. Strong financing, fair price, and flexible terms can help you win.
What if there are multiple offers?
We'll strategize — possibly increasing earnest money, offering flexible closing dates, or including a personal letter.
What is due diligence, and how much is it?
Due diligence is a non-refundable fee paid to the seller for taking the home off the market during the buyer’s inspection and investigation period.
It’s negotiated with the offer
Typically ranges from $1,000–$5,000+
If you close, the fee is credited toward the purchase price
Should I buy new construction or resale?
New homes offer warranties and customization; resale homes often have mature landscaping and established neighborhoods. We'll discuss which fits you best.
How do I know if a neighborhood is right for me?
Visit at different times, talk to neighbors, check commute times, and explore amenities. I'll also share insider local insights.
Closing & Beyond
What happens on closing day?
You'll sign documents, submit remaining funds, and receive your keys once the sale records.
When do I get the keys?
Once your loan funds and the deed is recorded — usually the same or next business day after closing.
How do I prepare to move and set up utilities?
Call local utility companies a few days before closing to start service on your move-in date.
Do I need homeowner's insurance?
Yes — your lender requires it, and it protects you from loss or damage.
How much should I save for home maintenance?
Budget 1–2% of your home's value per year for repairs and upkeep.
How long should I plan to stay in my first home?
Ideally 3–5 years or more — this allows your equity to grow and offsets transaction costs.
Special Situations
What if I'm relocating or buying out of state?
We handle virtual tours, e-signatures, and remote closings seamlessly.
Should I buy even if interest rates are high?
If the home fits your life and budget, yes. You can refinance your rate later — but you can't re-buy the same home at today's price.
What if my loan is denied?
We'll regroup fast — sometimes switching lenders or programs can save the deal. That's why solid pre-approval matters.
Can I buy while selling my current home?
Yes. We'll coordinate timelines and financing options (bridge loan or contingency) to make it smooth.
Why choose Froneberger Realty?
Because we focus on relationships, not transactions. You'll get honesty, guidance, and expert care from our first meeting to move-in day.
Ready to Start Your Home Buying Journey?
Every journey is unique. Let's discuss your specific situation and create a plan that works for you.