Justia Lawyer Rating
Lawyers of Distinction
The National Trial Lawyers Top 100
Rising Stars
American Association for Justice
Christian Legal Society badge
Tennessee Trial Lawyers Association
First American
National Association of Criminal Defense Lawyers
NAFLA badge

First-Time Homebuyer FAQs

Buying a home for the first time can be overwhelming. Our knowledgeable professionals can answer your title and closing questions and we are committed to making the home-buying experience a satisfying one for you. To help you begin your journey, here are some answers to a few of the questions that first-time homebuyers may ask as they begin their quest to purchase their slice of the American dream.

  1. Why should I buy instead of rent?
    A home is an investment. When you rent, you write your monthly check and that money is gone forever. When you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes and usually from your state taxes. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years, building equity for you.
  2. How do I know if I am ready to buy a home?
    You can find out by asking yourself a few questions:
    • Do I have a steady source of income? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable?
    • Do I have a good record of paying my bills? Do I have a few outstanding long-term debts, like car payments?
    • Do I have money saved for a down payment? Do I have the ability to pay a mortgage every month, plus additional costs?
    If you can answer “yes” to these questions, you are probably ready to buy your own home.
  3. What is the title insurance and why do I need it?
    An Owner’s Policy of title insurance protects the buyer against loss for title threats undiscovered at the time of closing and provides a defense in the event of claims against the title pursuant to the terms of the policy.
  4. How much money will I need upfront the buy a home?
    In general, you need enough money to cover three expenses: the earnest money (variable), down payment, and closing costs.
  5. In addition to the mortgage payment, what other costs do I need to consider?
    Utilities, property taxes, homeowners insurance, and maintenance costs are a few of the expenses to be considered. Additionally, there may be homeowner association or condo association dues.
  6. How are pre-qualifying and pre-approval different?
    Pre-qualification is an informal way to see how much you may be able to borrow. A pre-approval is the lender’s commitment to lend to you.
  7. Should I use a real estate agent? How do I find a good one?
    A good real estate professional can guide you through the entire process and make the experience much easier. All of the details involved in the home buying, particularly the financial ones, can be mind-boggling. Start by asking your family and friends if they can recommend an agent. Look for an agent who listens well and understands your needs. The ideal agent knows the local area well and has resources and contacts to help you in your search.

The more knowledge you have about the home-buying process, the better prepared you are to make an informed decision. Once you have found the home of your dreams, contact our office so we can provide the protection you need and the service you deserve.

For additional information, please click here.

Client Reviews
"We have used Ryan for about a year now and we've had great experiences. He's very attentive and takes all the time we need to answer questions and resolve issues. He goes out of his way to help us and get the best results possible. Not to mention he's honest and up front and that goes a long way in my opinion. I recommend him to EVERYONE" M.S.
"I want to let everyone know that I hired Mr. Hagenbrok and he is a awesome lawyer, he's fantastic and confident on what he does and his personality is down to earth and very nice. He has taken time to always call me back and if I was looking for answers he was there to give me what I was needing to know . I couldn't had a better lawyer than what I have and would hire him again if need be. His whole Staff is very nice as well and always calls back on a timely matter. He drove two hours to handle our business and I appreciate that and everything he has done for my family and I. I recommend him to anyone that needs a outstanding lawyer . Thank you again and may God bless you and you're family." R.H.
"Extremely professional, easy to talk to, and well versed on my situation. Pleasant, personable and highly recommended." A.L.