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Getting it right the first time: simple steps for first-time homebuyers

September 12, 2022 credit score, down payment, Financial Planning, First Time Homebuyers, rates, the morty report


When the only certainty is uncertainty, simple rules can help

Buying a home for the first time can be scary, but it’s especially true in today’s market. Rates are at a relative high and home sales are on the decline. Uncertainty remains around inflation. It’s understandable that you might be second-guessing yourself right about now.

While the current market conditions might actually provide a good opportunity to buy for some, no one can truly predict what will happen next. But no matter what shape the landscape takes, there are a few guiding principles for first-time homebuyers that hold up in any market conditions: 

1. Get to know your finances first. Sounds obvious, but this goes beyond knowing total monthly expenses, credit score and even DTI. We’re talking about a true deep-dive into your overall financial profile. This level of analysis  goes beyond knowing your total monthly expenses, credit score and DTI. You’ll also want to think about the less-tangible aspects of your life – what your desired lifestyle could cost in ten years, for example – and factor those into your budget, too.

2. You don’t have to put 20% down. This may come as a relief to buyers struggling to grow their savings amid record-high inflation. Explore your eligibility for an FHA loan, Fannie Mae’s HomeReady program and down payment assistance. Many home-financing solutions don’t require as large of a down payment, and some don’t require any at all. 

3. Shop around for a mortgage. Sure, we may be a little biased given Morty’s marketplace model. But comparing quotes from multiple lenders is a smart choice for any buyer. As tempting as it is to go with the first lender your realtor suggests, don’t overlook the potential for more savings. Even fractions of a percentage point can add up to thousands over the life of your loan. 

Be sure to check out some of the articles below for more tips and advice for first-time buyers.

– Robert Heck, Vice President of Mortgage @ Morty


Recommended reads for first-time buyers

Should You Buy a Home in 2022? Here’s What You Need to Know
How to negotiate with a lender for the best mortgage for you
How Much Increasing Mortgage Rates Impact Your Monthly Payments and Eligibility

In case you missed it…

  • Is it really possible to buy a home with no money down? It is – and this article explains how.
  • To understand what type of loan might best fit your situation, this explainer on common loan types can help.
  • And if you’ve selected a loan option and are getting ready to apply, you’ll want these documents.

Want to know what you can afford?

SEE TODay’s Rates

The Morty Report credit score, down payment, Financial Planning, First Time Homebuyers, rates, the morty report

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Morty is a licensed mortgage broker. NMLS ID # 1429243. NMLS Consumer Access. All loans originated by Morty are funded by third party lenders. Morty, Inc. is authorized to do business as “Morty” in certain states. Morty is an equal housing lender.

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