Six Questions to Ask When Buying a House

Quick Summary: Buying a home is a major financial decision. Learn the key questions to ask when buying a house to make an informed choice, whether you're a first-time homebuyer or just starting with your homebuying journey.

Questions to Ask When Buying a House - Clark County Credit Union

Owning a home is a dream for many but knowing whether you're ready to buy requires careful consideration. From understanding mortgage options to evaluating your financial situation, asking the right questions can help you navigate the homebuying process with confidence.

1. What Type of Mortgage is Right for Me?

If you're concerned about a down payment or credit score, government-backed mortgages may help:

  • First-time homebuyer loans or FHA loans require as little as 3.5% down and are great for buyers with lower credit scores.
  • VA loans offer no down payment and flexible credit requirements for military members, veterans, and their spouses.

CCCU offers a variety of mortgage loan options and programs to help homebuyers. Our mortgage team will help you explore loan options that fit your budget and lifestyle.

2. How Much Home Can I Afford?

A mortgage isn’t just about the monthly payment. Consider additional expenses like:

  • Property taxes
  • Homeowners insurance
  • Utility bills
  • HOA fees (if applicable)

Compare these costs to your current rent and determine what fits your budget before committing. Use our free mortgage affordability calculator to estimate how much you can afford

3. What’s My Financial Situation?

Before house hunting, you can get prequalified to understand your price range. It’s a quick financial check based on your income, debt, and credit score. For a stronger position when making an offer, get preapproved—a lender will review your financial documents to determine how much you can borrow.

Lenders evaluate:

  • Credit score
  • Debt-to-income ratio
  • Employment history
  • Assets and savings

A strong financial profile can lead to lower interest rates, saving you thousands over time.

4. How Much Should I Save for a Down Payment?

The more you put down, the lower your mortgage payments. A 20% down payment eliminates the need for private mortgage insurance (PMI), but many first-time buyers opt for lower down payments with FHA or VA loans. If saving 20% isn’t feasible, consider assistance programs or budget for PMI costs.

Want to learn more? Check out our guide to down payments. 

5. How Long Do I Plan to Stay in the Home?

Buying is a long-term investment. Experts recommend staying at least five years to build equity and benefit from property appreciation. If you plan to move sooner, renting may be a better option.

6. Is Now the Right Time to Buy?

Market conditions, interest rates, and personal circumstances all play a role. Research home prices in Clark County, consult local mortgage officers, and evaluate your readiness before making a decision.

Ready to Take the Next Step?

Buying a home is a major milestone, and having the right guidance can make all the difference. Contact a CCCU mortgage officer at 702-228-2228 to explore your loan options and get answers to your questions about homebuying. Even if you're just starting, expert advice can set you on the right path toward homeownership.