1. Get Pre-Approved to Know Your Budget Pre-approval is your first smart move. You’ll provide your lender with basic financial information—income, debts, credit history—and they’ll give you a pre-approval letter with a loan amount you qualify for. This helps you shop with confidence, knowing what’s in your price range—and shows sellers you’re a serious buyer. […]
The Real Cost of Waiting to Buy “I think I’ll wait until the market cools down.” “I want to save more first.” “I’ll buy next year — when rates drop.” These are all valid thoughts. But here’s the problem: the market doesn’t wait. And the cost of waiting to buy a home is often far
1. What Is PMI, and When Do You Pay It? Private Mortgage Insurance (PMI) is a monthly cost added to your mortgage payment when you: Put down less than 20% on a conventional loan Have a higher-risk loan profile from the lender’s point of view PMI doesn’t protect you—it protects the lender in case you default. It usually adds 0.3% to
Everyone wants the lowest mortgage rate — and for good reason. Even a small difference in your rate can mean thousands of dollars saved over the life of your loan. But here’s what most people don’t know: It’s not just about the rate you’re quoted. It’s about the structure, the timing, and who’s negotiating for
Let’s be honest — the housing market can feel unpredictable. Rates move. Prices fluctuate. Inventory shifts. It’s tempting to wait for “the perfect time.” But here’s the truth: time is your greatest asset when it comes to building wealth through real estate. At Stairway Mortgage, we’ve helped hundreds of buyers realize that the smartest move
1. Foreclosures Are Often Sold As-Is—So Budget for Repairs Yes, foreclosed homes are often priced below market value. But that discount comes with a trade-off: the property is typically sold as-is, meaning: No repairs from the seller Potential hidden damage No guarantees about condition You’ll be responsible for any and all repairs, from plumbing issues to structural concerns.
1. Earnest Money Shows You’re Serious When you make an offer on a home, you’ll typically include earnest money—a deposit that tells the seller, “I’m committed.” It’s usually 1% to 2% of the purchase price, and it’s paid shortly after your offer is accepted. Think of it as a good faith gesture that says, “I’m
1. Contingencies Are Conditions Built Into the Contract Contingencies are specific conditions that must be met for the sale to go through. Common ones include: Financing contingency (you must get approved for your loan) Inspection contingency (the home must pass inspection) Appraisal contingency (the home must appraise for at least the purchase price)These are not
Why First-Time Homebuyers Should Understand Escrow Accounts 💡 Confused by the word “escrow”? You’re not alone.It sounds like complicated banker talk, but escrow is actually a simple and super helpful tool that protects your budget as a new homeowner. Once you understand how it works, you’ll wonder why anyone does it differently. 1. Escrow Is
First-Time Buyer Guide: Closing Costs Explained in 60 Seconds ���� Thinking about buying your first home but not sure what “closing costs” actually mean? You’re not alone.Most first-time buyers are surprised by the extra costs that show up right before they get the keys. But here’s the good news: once you understand what closing costs are
1. Homeowner’s Insurance Protects You From the Unexpected Think of homeowner’s insurance as your home’s shield against life’s curveballs. It typically covers: Fire and smoke damage Theft or vandalism Storm and water damage (within limits) Liability if someone’s injured on your propertyIt also helps cover the cost of repairing or replacing your belongings—and in major events, even