Buying Tips

Buyers: Be Ready and Be Flexible

Don't wait until you find a home to go loan shopping. Keep your preapproval letter, as opposed to a basic prequalification letter.

Have your agent ask what the sellers would value most in the sale. If you can accommodate a fast settlement or short-term, rent-back condition or fewer contingencies and conditions, that can make you stand out when that dream home is hanging in the balance.

Right-Size For Your Down Payment

If you’re looking in a highly competitive market, offer to put down more than the standard 20% if you can afford it. That gives the seller the extra reassurance that if the house appraises for less than the asking price, you’ll still be able to secure a mortgage.

Explore Your Options

Home buying education is the key. The reality is ill-prepared buyers can wind up in bad loans or simply miss out on maximizing their budget and options. Take time to learn about the major mortgage types, the upfront costs of home buying and what might make the most sense given your unique credit and financial situation.