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. 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.
1. The Final Walk-Through Confirms the Home Is Ready The final walk-through is your last chance to inspect the property before closing. Typically scheduled 24–48 hours before you sign the final paperwork, this visit ensures the home is still in the agreed-upon condition. It’s your opportunity to confirm: The property is clean and empty Appliances and
1. Budget Realistically for Repairs and Renovations It’s easy to underestimate how quickly renovation costs can add up. Even cosmetic changes like paint and flooring can run thousands—and bigger repairs like plumbing, roofing, or foundation work can blow the budget fast. Before making an offer, get contractor quotes and set aside a buffer for unexpected
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. 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
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,
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
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
Waiting for interest rates to drop?Hoping home prices will fall? You’re not alone — but while you wait, you might be losing more than you think. At Stairway Mortgage, we help you move forward with confidence today and flexibility tomorrow. Our 3-Year Refinance Guarantee gives you built-in control over your mortgage strategy — so you can stop renting, start
What If You Could Graduate With Equity Instead of Student Loan Debt? College used to be all about education and debt. But a new wave of young adults is using a smarter strategy: buying real estate as a student. With the right housing investment loan, you can purchase a home or multi-unit property, live in part of