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Top Home Buyer Questions

Top Frequently Asked Questions From Home Buyers

How much mortgage can I afford?
Income, savings for a down payment, and current debts determine how much house a borrower can afford. Mr. Cooper has a variety of mortgage calculators to help you crunch all of your numbers before you get too deep into your house hunt, because it helps to have a ballpark estimate so you spend time looking for homes that are in your budget.

Should I talk with a lender before I start house-hunting?
Yes, you should! Mortgage professionals at Mr. Cooper can help you get pre-qualified and identify your options, as well as clarify any additional questions you might have about everything from loan types to interest rates. 

How many homes should I look at before choosing one?
Everyone is different, and while some people fall in love with the first home they visit, others look at dozens of properties before making a decision. Don’t feel bad or pressured if your search takes a while, but on the other hand, if you get lucky and deciding to buy one of the first houses you look isn’t wrong either.

Do I need a real estate agent?
Although it’s possible to buy a house without a real estate professional, enlisting the help of someone who knows what they are doing could make the home buying process easier. A real estate agent can guide you through the process, and take care of many of the small details while providing advice to make sure that your experience goes as smoothly as possible. Real estate agents can also help you negotiate.

What are some things I should find out about a property I am interested in?
Many home buyers want to educate themselves about their target neighborhood — economic conditions, crime rates, family friendliness, schools, neighbors, amenities, utilities. Do your online research and ask your real estate agent to help you find this information.

Should I get a home inspection?
A house may look great from the outside, but there could be hidden problems that were not mentioned in the listing or otherwise visible when you toured the home. An inspection is a good idea, and types of inspections can include home inspections, pest inspections, chimney inspections, and radon tests.

If you do find problems with a house, it doesn’t necessarily mean that you should eliminate the property as an option. A seller might be able to resolve issues, or you could be able to negotiate a lower price. Many home buyers also choose to do a final walk-through before closing to make sure that everything is working as expected.

How do I make an offer on a house?
Once a buyer finds a home that is right for them, it’s time to make an offer. A real estate agent can provide advice on strategies to make an offer, but ultimately, it’s up to the buyer. After receiving an offer, a seller will respond (and response time, of course, varies). An offer will have a “life,” which is how long the offer is valid, and will be dependent on factors like how long the house has been on the market, whether there are competing offers, and whether borrowers are considering making other offers on other homes.

An offer might be accepted, countered, rejected, or not responded to at all. If an offer is rejected, borrowers can still make another offer. Once an offer is accepted, a borrower can enter the next phase: escrow.

To start on your home buying journey, get in touch with Mr. Cooper.

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