Homebuying
What first-time homebuyers should know before they shop.
Buying your first home is exciting — and easier to navigate when you know what lenders and sellers expect before you start touring houses.
Buying your first home is exciting — and easier to navigate when you know what lenders and sellers expect before you start touring houses.
Know your number before you start looking. Getting pre-qualified gives you a realistic price range based on your income, debts, and credit — so you're not falling in love with a home outside your budget.
Save for more than just the down payment. Closing costs, moving expenses, and an emergency cushion for the new home all add up. Many first-time buyers underestimate the cash they'll need on top of the down payment itself.
Understand the difference between pre-qualified and pre-approved. Pre-qualification is a quick estimate; pre-approval involves a closer look at your finances and carries more weight with sellers in a competitive market.
Don't skip the inspection. It can be tempting to waive contingencies to make an offer more competitive, but a home inspection often surfaces issues that are far more expensive to fix later than they are to negotiate now.
Factor in the ongoing costs, not just the mortgage. Property taxes, homeowners insurance, maintenance, and utilities all factor into what a home actually costs to own month to month.
