The Most Common Buyer Questions — Answered Simply

Buying a home comes with excitement — and a lot of questions. Whether you’re a first-time buyer or returning to the market after years, it’s normal to feel overwhelmed by the process. The good news? Most buyers tend to ask the same core questions, and the answers are simpler than you think.

Here are the most common buyer questions — answered in clear, easy-to-understand language.

1. “How much house can I afford?”

This is the #1 question.

The simple answer:

Most buyers can comfortably afford a home where the monthly payment is 25–30% of their gross monthly income.

A lender will also consider:

• credit score

• debt-to-income ratio

• down payment

• loan type

Getting pre-approved gives you the most accurate number.

2. “How much do I need for a down payment?”

Simple answer: Not always 20%.

Depending on the loan:

• FHA loans: as low as 3.5%

• Conventional loans: 3%–5% for qualified buyers

• VA & USDA loans: 0% down

• 20% down: avoids PMI but isn’t required

Most buyers put between 3%–10% down.

3. “What is PMI — and do I have to pay it?”

PMI (Private Mortgage Insurance) protects the lender if you put less than 20% down.

You pay it if:

Your down payment is under 20%.

It goes away when:

You reach 20% equity or refinance.

It’s not forever — just temporary.

4. “What’s included in my monthly payment?”

Most mortgage payments include:

• Principal

• Interest

• Property taxes

• Homeowner’s insurance

• PMI (if applicable)

This is called PITI.

Some homes may also include HOA fees.

5. “Do I need a real estate agent to buy a home?”

Short answer: Yes — and it usually costs you nothing.

Buyers’ agents:

• guide you through the process

• protect your interests

• help with negotiations

• navigate inspections and contracts

In most states, the seller pays the agent commission.

6. “How long does the homebuying process take?”

Typical timeline:

• Home search: weeks to months

• Offer to closing: 30–45 days

Cash buyers can close faster.

7. “What does the inspection cover?”

A home inspection evaluates:

• structure

• roof

• plumbing

• electrical

• HVAC

• appliances

• foundation

• crawlspaces/attics

It identifies issues, not cosmetic flaws.

8. “What if the inspection finds problems?”

Three options:

1. Ask the seller to make repairs

2. Request a credit toward repairs

3. Walk away (if inspection contingency is in place)

Inspections are protection — not pressure.

9. “What happens if the home doesn’t appraise for the purchase price?”

Three outcomes:

• seller can reduce price

• buyer can cover the difference

• both parties can negotiate a compromise

If there’s an appraisal contingency, you can walk away and keep your earnest money.

10. “How much are closing costs?”

Typically 2%–5% of the purchase price.

Closing costs include:

• lender fees

• title fees

• appraisal

• credit check

• escrow fees

• property taxes

• insurance

Sellers sometimes contribute to closing costs depending on the market.

11. “What’s earnest money?”

Earnest money is a good faith deposit showing you’re serious about the offer.

You typically pay:

• 1%–3% of the purchase price

It goes toward your down payment or closing costs at closing.

You only risk losing it if you break the contract without a valid contingency.

12. “When can I move in?”

Typically at closing day or shortly after, unless the seller requests a rent-back (where they stay temporarily).

Your contract will spell this out clearly.

13. “Should I wait for interest rates to drop?”

Simple truth:

You can refinance a rate, but you can’t rewind home prices.

Waiting may cost you more if:

• home prices rise

• competition increases

• seller concessions disappear

Buy when the home + monthly payment makes sense for you.

14. “What’s the biggest mistake buyers make?”

Going home shopping before getting pre-approved.

Pre-approval:

• shows your real budget

• strengthens your offer

• helps you act fast in a competitive market

It should always be step #1.

Final Thoughts

Every buyer has questions — and asking them is the smartest thing you can do. By understanding the basics of financing, inspections, contingencies, and timelines, you’ll approach the process with confidence instead of stress.