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Mike & Mary Gladchun

Answering Your Home-Buying Questions

Buying a home is an exciting process, but it doesn't come without its fair share of questions. How do you know what to look for in a home? What sort of loan and mortgage options are available? Why should you use an agent, anyway?

We hear all of your questions, and we want to give you some much-needed answers. Take a look at a few of the most common inquiries we get from Michigan home-buyers, and let us know if you need more info!

1. Where Should I Start the Buying Process?

  • Finances are the first place to start. Crunch the numbers, set your budget, and figure out what you will be able to afford for a down payment. Our handy mortgage calculator can help you figure out what your monthly mortgage payment might look like.
  • Start exploring the many communities in and around the Plymouth area to see which might be best for you.

2. How Do I Narrow Down What to Look for in a New Home?

  • This is the fun part! Take some time to think about your wants and needs. For example, you might want an in-ground pool, but you need four bedrooms. 
  • Make a list based on your criteria. Having a good idea of what you’re looking for will save you tons of time when it's time to start showings.
  • Browse our featured listings, or start searching homes by amenities and features.

3. Why Should I Use an Agent?

  • A good agent knows all about the financial and legal side of real estate and can guide you through the intricacies. 
  • Your agent will also act as your local guide, showing you the ins, outs, and hidden gems of each neighborhood.
  • When it comes to budgeting, we'll make sure your new home fits in your price range—without sacrificing features. 
  • As always, we'll be there to answer any and all questions along the way.

4. How Do I Secure a Loan?

  • Banks, credit unions, private mortgage companies, government state lenders—all of these places typically offer mortgage loan options.
  • Since we work with lenders often, we can recommend a few of our top local options. You can also shop for lenders on your own, but make sure you call around to compare rates.
  • Think you might qualify for extra assistance? Calling local government agencies can help you find out about more programs that might be available.

5. Will Bad Credit or No Down Payment Prevent Me from Buying?

  • Don't worry—you still have options! You might be eligible for a federal mortgage program or a home buying assistance program on a local level.
  • The Federal Housing Administration (FHA) offers insured loans for buyers, which basically encourage lenders to work with you regardless of your financial standing.
  • The Department of Housing and Urban Development (HUD) might have an assistance programs that you qualify for, and your state and local government will likely have options, as well.

6. Once I Find My Home, What are the Up-Front Costs?

  • Earnest money: Ever paid a security deposit? This is the home-buying version. In short, earnest money is a small amount that you give a seller up front in order to show that you're serious.
  • Down Payment: A percentage of the total cost of your home, the down payment will change based on the overall price of your home. It's recommended to put down at least 20%. 
  • Closing Costs: Good news: closing costs are usually low for buyers, and simply cover the fees for paperwork and lender charges.

7. Are There Any Other Costs I'll Have to Pay?

  • A few other costs will probably include things like utilities, HOA or condo fees, and property taxes—all of which you can expect to be bundled with your mortgage payments.
  • If you're curious about any additional fees associated with your home or neighborhood, just ask us!

Still Have Questions?

No problem—we have answers. Don't let your questions hold you back from buying! Give us a call today, and we'll make sure you have the information you need to feel confident about moving forward.

In the meantime, feel free to browse our other buying resources and in-depth area guides!

Plymouth/Canton/Northville Home-Buying Resources