Your Top Home Buying Questions, Answered

Buying a home is an exciting milestone, but it can also feel overwhelming—especially if it’s your first time. From understanding the financial side to navigating the process, questions are bound to arise. That’s why we’re here to help! As local real estate experts, we’ve guided countless buyers through their home buying journey. In this blog, we’re answering some of the most common home-buying questions to help you feel confident and prepared every step of the way.

1. Where Do I Start if I Want to Buy a Home?

The first step is getting pre-approved for a mortgage. This crucial steps helps you:

• Understand your budget.

• Show sellers you're serious about making an offer.

A pre-approval also gives you clarity about what you can afford, allowing you to focus your search on homes within your price range.

2. How Much Money Do I Need for a Down Payment?

The amount you need depends on your financing. While 20% is a common benchmark, many buyers can purchase a home with as little as 3-5% down. Additionally, assistance programs may be available to help with down payments and closing costs.

Pro Tip: We can connect you with trusted lenders who can explore the best options for your financial situation.

3. How Do I Know What I Can Afford?

Lenders recommend spending no more than 28% of your monthly income on housing expenses, including your mortgage, taxes, and insurance. Getting pre-approved will provide clarity on your maximum loan amount, but affordability goes beyond that.

We'll help you analyze additional costs, such as:

• Property Taxes.

• Homeowner association (HOA) fees.

• Utilities and maintenance costs.

Our goal is to ensure you're comfortable withe your new home purchase.

4. What's the Difference Between Being Pre-Qualified and Pre-Approved?

These terms often confuse first-time buyers, but the distinction is important:

• Pre-Qualification: As estimate based on self-reported financial information.

• Pre-Approval: A verified review of your financial situation by a lender, including income, credit, and assets.

Why It Matters: Sellers take pre-approvals more seriously, giving you a competitive edge in today's market.

5. How Long Does the Home-Buying Process Take?

On average, it takes 30-45 days to go from offer acceptance to closing. However, the timeline can vary depending on:

• The local market conditions.

• Your financing type. 

• The specifics of your transaction.

We'll work closely with you to keep things on track and ensure a smooth process.

Ready to Start Your Home-Buying Journey?

Whether you're just starting to think about buying a home or area ready to dive into the process, Southern Heritage Realty is here to help. We'll guide you through every step, from finding the perfect home to navigating negotiations and closing with confidence. 

Contact Southern Heritage Realty today to schedule a consultation or to get your home-buying questions answered by our expert team. Let's make your dream of homeownership a reality!

The Southern Heritage Realty team specializes in all aspects of real estate–from first-time homebuyers and sellers to those buying or selling luxury properties in The Woodlands, Lake Conroe, Spring, the Greater Houston Area and Galveston–encompassing multiple markets including Montgomery, Harris, Walker and Galveston counties.