Mortgage Tips for First Time Buyers
Actionable tips to get approved and stay on budget.
Top tips
- Pull credit early; dispute errors; aim for 680+ for better pricing.
- Keep new debts off your report until after closing.
- Compare at least three lenders on rate, APR, and lender credits.
- Budget 2–5% for closing costs plus reserves.
- Use our affordability calculator before touring homes.
FAQ
- Do I need a co-signer? Only if income or credit falls short; it adds risk to the co-signer.
- Are seller credits allowed? Yes, within program caps (often 3–6% on conventional loans).
- Should I lock my rate? Lock once you are under contract and comfortable with the quote.
Information only; confirm eligibility and pricing with a licensed lender.
Check your budget with the affordability calculator and model payments in the main calculator.