Worried You Need 20% Down? Here’s the Real Deal. If you’ve heard that you have to put 20% down to buy a home, you’re not alone—and you’re also not quite right. The idea of needing a huge pile of cash stops a lot of people from even trying. But the truth is, there are flexible, […]
1. Set a Clear, Realistic Goal Start by knowing how much you actually need. Your down payment could be as low as 3% to 5% of the purchase price, depending on your loan type. So if you’re buying a $300,000 home, that could mean $9,000 to $15,000. Once you’ve got your number, set a deadline
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. Bigger Down Payment = Smaller Loan and Lower Monthly Payments 1. Bigger Down Payment = Smaller Loan and Lower Monthly Payments When you put more down, you borrow less. That means: Lower monthly mortgage payments Less total interest paid over the life of your loanBetter loan terms in many cases (including lower rates) Even a few extra
1. You Have a Steady Income and Stable Employment Before anything else, lenders want to know you can consistently make your mortgage payments. If you’ve been employed for at least two years in the same field and your income is predictable, that’s a green flag. Consistent paychecks = predictable monthly payments Stable job history = stronger mortgage
Buying Your First Home? Don’t Skip These Starting Steps Buying your first home can feel like stepping into a maze—credit scores, mortgages, listings, offers… where do you even begin? A lot of people assume the journey starts with browsing homes online. But the real first step is about getting your financial foundation solid. And good
Not Sure How Much House You Can Really Afford? Start Here. Before you fall in love with that perfect house online, there’s one crucial question to answer: how much home can you actually afford? Most first-time buyers make one of two mistakes—aiming too high and getting overwhelmed, or aiming too low and limiting their potential.
Buying your first home is exciting — but it can also feel overwhelming. There’s no shortage of advice out there, and unfortunately, not all of it is accurate or helpful. At Stairway Mortgage, we’ve helped hundreds of first-time buyers navigate the process with clarity and confidence. Here are the top mistakes we see — and
Let’s get this out of the way right now: You do NOT need 20% down to buy a home. You can put 20% down if it fits your goals… But you don’t have to. And for many people — especially first-time buyers — it might even slow you down unnecessarily. Let’s unpack what’s really going
You Don’t Have to Buy a Home Alone If you’re a first-time buyer with solid credit but not enough income to qualify for the home you want, there’s a powerful solution: bring in a non-occupant co-borrower. This strategy lets someone (usually a parent, relative, or close friend) co-sign on your mortgage without living in the
Let’s get this out of the way right now: You do NOT need 20% down to buy a home. You can put 20% down if it fits your goals… But you don’t have to. And for many people — especially first-time buyers — it might even slow you down unnecessarily. Let’s unpack what’s really going