1038. Are you thinking about buying your first home but feeling overwhelmed by interest rates, upfront costs, and hiring a real estate agent? Host Laura Adams walks you through 9 tips every first-time homebuyer must know to protect their finances and land the right deal.

Key Takeaways:

• How subtle changes in your credit score can save (or cost) you tens of thousands in today's rate environment.
• Most mortgage underwriters look for a maximum debt-to-income ratio of 45% to 50%, which includes your existing debts plus the new estimated housing payment.
• Hidden homeownership expenses—from surging insurance premiums to HOA fees.
• You should budget 2% to 5% extra for closing costs beyond your down payment to cover loan origination, appraisals, taxes, insurance reserves, and title fees.
• Why you need an additional 5% of a home’s purchase price saved on top of your down payment.
• A prequalification provides a loose baseline for house hunting, but you need a verified preapproval before making official offers on properties.
• Contract contingencies, such as financing, appraisal, and home inspections, safeguard your earnest money deposit if unmanageable structural defects arise.

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Transcripts available at QuickandDirtyTips.com.

Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.

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