What Are Key Tips for First-Time Homebuyers?
Here are four quick tips for those thinking about buying: 1. You don’t need to wait until you have 20% down, depending on your loan type you can put down as little as 3-5%. Consult with a trusted lender to see which mortgage type is best for you. 2. Your debt-to-income ratio is an important factor of your credit worthiness, so be careful when it comes to opening or closing any credit cards. Consult with a trusted lender to see if paying down any balances will help increase your credit score or not. 3. Thinking about buying a new car? Wait if you can, adding a big loan to your credit will impact your debt-to-income ratio. Consult with a trusted lender to see how this could impact you. 4. Mortgage loans come with fees, also known as closing costs, these fees include, but are not limited to loan origination, underwriting, appraisal, prepaid homeowners insurance and property tax, mortgage insurance, etc. Consult with a trusted lender for a breakdown, note that some of the fees will vary based on the home. BOTTOM LINE: Consult with a trusted lender. A great lender will educate you, guide you to be financially fit, answer all of your questions, and most importantly help you figure out how much money you need to invest and what your total monthly payment will be. Ready to get started? Reach out and I’ll connect you with my top lenders. #mkehome #milwaukeehomebuyer #mkerealtor #teamwork #preparation #homebuyereducation
October 25, 2026