Nobody is born knowing how a mortgage works, what escrow does, or why an inspection contingency matters. There is no shame in the questions, and the only thing that goes wrong when you do not ask them is the outcome.
THE PARTS THAT SURPRISE PEOPLE
In roughly the order they surprise them.
- What you need in cash is more than the down payment. Closing costs, inspections, an appraisal and moving all arrive in the same month.
- The first year costs more than the mortgage. Something will need repairing, and it will not be the thing the inspector flagged.
- Pre-approval is not a promise. It is an opinion based on information that has not been verified yet. The underwriting happens later.
- The seller is not your adviser. The listing agent works for the seller. That is why you have your own representation.
- Cheap houses are usually cheap for a reason. The street, the lot and the floor plan are the things you cannot fix later.
HOW I WORK WITH FIRST-TIME BUYERS
Slowly, in plain language, at your pace.
I explain what each document is before you sign it, what the deadlines mean, and which decisions are reversible. I would rather answer the same question three times than have you agree to something you did not fully follow. You are allowed to slow the process down, and I will hold it there with you.
I will also point you to lenders, although the choice of lender stays yours. You are never required to use anyone I suggest.
QUESTIONS PEOPLE ASK AT THIS POINT
Straight answers, including the ones that cost me money.
How much do I actually need to put down?
Less than most first-time buyers assume, and it depends on the loan program rather than on the house. Some programs allow a low down payment, some require mortgage insurance in exchange, and some have income limits. The honest answer is that it depends on your situation, and it should come from a lender rather than from a general rule.
What are the costs beyond the down payment?
Closing costs, inspections, an appraisal, moving costs and the first year of taxes and insurance. Budget for the awkward middle part of home ownership: something will need repairing in the first year, and it will not be the thing you expected.
How long does the whole thing take?
From accepted offer to keys is commonly several weeks, and it depends on financing, inspections, appraisal and how quickly everyone does their part. Searching can take much longer than closing, and that is the part people underestimate.
What should I look at in a house?
The things you cannot change: the street, the lot, the floor plan and the condition of the expensive systems. Paint and flooring are easy. A bad layout or a house that sits below a freeway is not.
WHEN YOU ARE READY
Find out what your house is actually worth.
Send the address and a couple of details. You get the number, the comparable sales behind it, and the honest answer about which route suits you. Nothing is committed by asking.