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 […]
Whether you’re buying your first home or your first investment property, one of the biggest decisions is this: Do you go single-family… or multi-family? Each path has pros and cons, and the right choice depends on your lifestyle, your goals, and your long-term wealth plan. Let’s break down the key differences so you can decide
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
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