Buying your first home is a big step — and an exciting one! But it can also feel overwhelming if you’re not prepared. At A Mission Mortgage, we believe in guiding you with honesty and clarity. Here are five key things every first-time homebuyer should know before applying for a mortgage:
1. Know Your Credit Score — and How It Affects Your Loan
Your credit score plays a major role in the type of loan you’ll qualify for and the interest rate you’ll receive. A higher score typically means better terms. Check your credit report early, correct any errors, and take steps to improve it if needed before applying.
2. Understand What You Can Actually Afford
Just because you’re approved for a certain amount doesn’t mean it’s the right number for your budget. Consider your lifestyle, monthly expenses, savings goals, and unexpected costs. Being “house poor” can take the joy out of homeownership.
3. Get Pre-Approved — Not Just Pre-Qualified
Pre-approval shows sellers you’re serious and gives you a clearer idea of your loan eligibility. It involves a more thorough review of your finances than pre-qualification and gives you an edge in competitive markets.
4. Factor in More Than the Down Payment
There’s more to buying a home than saving for a down payment. You’ll need to budget for closing costs, inspection fees, insurance, taxes, and possible repairs. Planning ahead keeps you from being caught off guard.
5. Work with a Lender Who Puts You First
Not all lenders are created equal. At A Mission Mortgage, we focus on long-term success, not short-term profit. We take the time to explain your options, answer your questions, and help you choose a loan that fits your life — not just your application.