Buying Your First Home: Separating Fact from Fiction

Lenders qualify you based on factors like your debt-to-income ratio, but they don’t take into account personal lifestyle choices—like dining out, travel, hobbies, or even your daily coffee run. That can add up!

Instead of maxing out your budget, consider leaving yourself financial room to breathe. You’ll want funds for furniture, window treatments, moving expenses, and maybe even a few unexpected repairs after closing.

Bottom line: Just because you qualify for a certain amount doesn’t mean that’s what you should spend. Aim for a comfortable payment that fits your lifestyle.

Budgeting and online calculators are helpful, but they don’t consider important underwriting factors like your actual credit report, existing debts, or required mortgage reserves.

• Errors on your credit report can delay or derail your approval—and fixing them takes time.
• Many real estate agents won’t even present your offer without a pre-qualification letter.

Getting pre-qualified avoids wasted time, heartbreak, and missed opportunities. We’ll help you understand exactly what you qualify for and walk you through all costs involved.

If your debt-to-income ratios are already within acceptable limits, your savings may be better used for your down payment, closing costs, or future emergencies. Paying off debt before you’re approved—especially without guidance—can deplete critical funds and leave you short for your transaction.

Don’t make financial moves before speaking with us. We’ll let you know if any debts need to be paid down to qualify, or if your money is better spent elsewhere.

Delaying your home purchase in hopes of locking in a better rate can backfire in several ways:

• Someone else could make an offer on your dream home.
• Home prices could rise, pushing your ideal home out of reach.
• Interest rates could rise, reducing your borrowing power or even disqualifying you.

If you’re financially ready and have found the right home, don’t gamble. We can help you lock your rate or choose to float it depending on your risk tolerance and market conditions.

While the lender requires an appraisal (to protect their investment by estimating market value), a home inspection is separate and protects yours.

If the inspector finds problems—like faulty wiring or a leaking roof—you may be able to renegotiate the deal, request repairs, or back out before closing. Being proactive and informed can save you thousands and give you peace of mind.

While a brand-new home may not need repairs right away, new homes still have appliances that can break, plumbing that can leak, and unexpected issues that can arise.

"Maintenance-free living” usually refers to HOA communities handling exterior upkeep (lawn care), not the maintenance inside your home. Whether you buy new or resale, owning a home comes with responsibility.