Redfin

JULY 30, 2025

If you’re wondering if you’re ready to buy a house , consider these three factors: Financial stability: If you have a low credit score, lots of debt, and not enough funds to cover a down payment and closing costs, you may want to wait to buy a home. Closing costs: Typically 2-5% of the home’s purchase price.

Pre-approval

Redfin

JUNE 13, 2025

Example cost impact: At a 6.8% rate, financing a $400,000 home with a typical 20% down payment, your monthly principal and interest would run about $2,050—compared to roughly $1,435 at a 4% rate (all else being equal). Account for extra expenses like closing costs , moving fees, and potential home improvements in your budget.

Debt-to-income ratio

Redfin

JULY 30, 2025

Key takeaways: First-time homebuyer: Anyone who hasn’t owned a primary residence in the past three years Common first-time homebuyer qualifications: Credit score, debt-to-income ratio, down payment, income limits, employment history, purchase limits, homebuyer education Buying your first home? Let’s get started.

Debt-to-income ratio

The Mortgage Report

JULY 1, 2025

Getting Pre-Approved Down Payment Assistance Buying With Low Credit Buying With Low Income Buying With A Disability Who Has The Best Mortgage Rates? Determine what you can afford by estimating your homeownership costs, which means principal and interest payments as well as property taxes, homeowners’ insurance, and maintenance/repair costs.

Loans

Lab Coat Agents

NOVEMBER 20, 2024

If you are the buyer, this means you inherit the loan’s principal balance, interest rate, and repayment terms. The property must generally be the seller’s primary residence, and the buyer must move into the property within 60 days of closing and live in the property as their primary residence for at least one year.

Purchase and sale agreement

HomeLight

AUGUST 31, 2022

Also, “If you want to gain access to your equity by selling the home,” Lawson adds, “there are additional expenses related to the transaction of a sale — Realtor® commissions, closing costs, etc., — that need to be deducted from your equity estimate.”. What qualifications do I have to meet to access my home’s equity?

Equity

HomeLight

DECEMBER 30, 2021

Taking on a mortgage is no casual agreement — which is why the loan qualification process is so stringent — but you’ll nearly always have options. Put more toward principal each month. Make a lump sum principal payment. Hey, you never know!). And perhaps one of the most exciting is the prospect of paying off your mortgage early.

Mortgages