1. A Backup Offer Puts You Next in Line When a home is already under contract, the seller can accept a backup offer from another buyer. That means: If the first buyer backs out, your offer automatically becomes the primary contract You don’t have to start the bidding war all over again You’re legally ready to move forward if […]
What Are the Different Types of Homes You Can Buy 1. A Contingency Offer Comes With Built-In Conditions A contingency in a real estate contract says: “We’ll buy this home, if these things happen.” Common contingencies include: Home inspection: Gives you a chance to walk away if the home has major issues Financing: Protects you if your
If you’re wondering how long it really takes to go from preapproval to closing, you’re not alone. Most people hear horror stories of delays, surprises, or last-minute chaos — but it doesn’t have to be that way. At Stairway Mortgage, we run a tight, transparent process. Here’s your step-by-step timeline and what to expect at
Applying for a mortgage doesn’t have to be overwhelming — especially when you know what to expect. At Stairway Mortgage, we simplify the process so you feel confident every step of the way. Whether you’re a first-time buyer or a seasoned investor, here’s everything you need to know to get started with ease. 1. It’s
Getting preapproved is a powerful first step — but what happens after that? At Stairway Mortgage, we don’t just help you get approved. We walk with you, every step, until you’re holding the keys to your new home — and even beyond. Here’s what the journey looks like once your preapproval is in hand. 1.
Buying a home is one of the biggest financial decisions you’ll ever make — but it doesn’t have to feel overwhelming. At Stairway Mortgage, we’ve developed a simple, clear, and empowering way to guide you every step of the way. We call it the Stairway Process — a 3-step path built to take you from
DTI Measures How Much of Your Income Goes to Debt Your debt-to-income ratio is the percentage of your gross monthly income (before taxes) that goes toward paying your debts. That includes: So if you earn $5,000 a month and $2,000 goes to debt, your DTI is 40%. The lower your DTI, the stronger your financial
1. Schedule the Home Inspection ASAP Your first priority is the home inspection. This is your opportunity to make sure the house is in good condition—roof to foundation. Hire a trusted, licensed inspector who can uncover any issues, big or small. If problems come up, you’ll have the chance to renegotiate or request repairs before
1. House Hunting: The Search Begins The first stage is finding the right home—and this part depends entirely on you. Some buyers fall in love with the first house they tour. Others might take a few months to find “the one.” Your timeline will depend on your budget, your wishlist, and how competitive the local
1. A Seller’s Market Means High Demand and Fast Action In a seller’s market, there are more buyers than available homes. This creates competition, drives up prices, and often leads to multiple offers and bidding wars. Homes sell quickly—sometimes above asking price—and buyers need to act fast and come prepared with pre-approval, strong offers, and
1. Work With Your Agent to Price It Right Before anything is signed, you’ll want to discuss your offer strategy with your real estate agent. They’ll look at market trends and recent nearby sales—also known as “comps”—to help you land on a price that’s competitive but fair. In a seller’s market, you may need to