Northeast Connecticut Home Buying FAQs

Deborah Chabot Has Answers!

No matter if you're a first time home buyer in Northeast Connecticut, or a seasoned real estate veteran, it can be difficult to understand what exactly goes on during your real estate transaction. Knowing this, it can be a great idea to get some background knowledge on the home buying process in order to make informed decisions throughout your experience.

As your local real estate expert, I have come up with this easy to understand guide with the most frequent questions that we are asked by Northeast Connecticut, home buyers and investors. If your question isn't answered in this list, have no fear! Feel free to contact me at any time with additional queries or if you're ready to start your real estate journey.

Home Buyer Frequently Asked Questions

Where Should I Start?

The first and most important step is to organize your finances. Knowing where you stand for a down payment and mortgage payment will set the tone for your home-buying journey. Use our handy mortgage calculator to see what a monthly mortgage payment might look like for you.

Start exploring the many communities in and around Northeast Connecticut to see which might be best for you. If you're a first-time buyer, you might want to get more information first!

How Do I Know What to Look for in a Home?

Your home is totally up to you! Take some time to decide what's important to you — nearby amenities, school districts, yard size, commute, highway access, or even just having the right features! Considering these factors and exploring area pages will help you find the perfect neighborhood.

Realtors can help you search homes by the features and location that you want, so if you know those things ahead of time, we can narrow down listings and save you some time. 

Know exactly what you want in a home? Perfect! Start searching homes by amenities and features. Need inspiration? Browse some of our fantastic featured listings in Mansfield.

Why Should I Use a Realtor?

A good Realtor knows their stuff and can guide you through the financial and legal complexities of the Northeast Connecticut real estate process. If you choose a local Realtor like me, I can provide you with years of unique local experience and expertise. A Realtor can also help you find the right price range for your income and finances and can explain the pros and cons of different types of mortgages.

Already feeling intimidated by all that paperwork? Don't worry about it! As your trusted Realtor, I'll break down all of the technical jargon and help you finish your paperwork in no time. 

Where and How Can I Get a Loan?

Mortgage loans are typically available through banks, credit unions, private mortgage companies, and government state lenders. Your Realtor has a vast network of real estate professionals, and can help connect you with some of the best lenders in the area.

You can also shop for lenders on your own if you prefer to do so, but make sure you take some time to search around and compare rates. 

What If I Have Bad Credit or No Down Payment?

It's not the end of the world! Buying a home can be expensive, but luckily there are several resources to help out. For instance, you might qualify for a federal mortgage program or local home buying assistance program.

The Federal Housing Administration (FHA) helps home buyers by offering insured loans. This means that if the buyer defaults, the lender will still get their money. Insured loans encourage lenders to work with more buyers regardless of their credit or available down payment. Many state and local governments offer additional programs for buyers who meet various criteria or are buying within individual communities.

Still searching for the right help? Try looking into the Department of Housing and Urban Development (HUD) and the many assistance programs they offer.

Once I Find My Home, What Do I Need to Pay up Front?

There are three major up front payments in your real estate transaction: 

  1. Earnest money: This is the "security deposit" you pay when you submit your offer to prove to the seller that you are serious. After your offer is accepted, it's applied to your down payment or closing costs!
  2. Down Payment: A percentage of the cost of your home, this amount will depend on your loan and can change the cost of your mortgage payments. Government programs can help you decrease this amount if needed.
  3. Closing Costs: These are typically low for buyers and represent the fees associated with paperwork and lender charges.

What Other Costs Will There Be?

Other costs that come with buying a home can include utilities, HOA or condo fees, and property taxes — which are typically included in your mortgage payment.

Your Realtor will make sure you're never surprised by unexpected fees.  I'll be sure to inform you about any additional costs associated with your particular home, community, or neighborhood!

Looking for More Answers?

Don't worry! I'm here to be your best resource for all things real estate in Northeast Connecticut. Contact us today and we can answer any questions about the home buying process, or what it's like living in this fantastic area. Don't just take our word for it — we've helped many people find their dream home in Mansfield.

Want more information? Learn more about buying a home in Northeast Connecticut!

Questions? Just Ask!