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The first time
Home Buyer's Guide
Buying your first home can be both exciting and intimidating. Understanding the basics — the market, mortgage options, and the real costs of homeownership — goes a long way toward a smoother experience.
What is a healthy debt-to-income ratio?
For most first-time buyers, lenders consider a debt-to-income ratio of 36% or less to be healthy. That means total monthly debt payments — including the new mortgage, car loans, and credit cards — should stay at or below 36% of gross monthly income. Lower is generally better and tends to unlock more favorable interest rates.
What type of home will best suit your needs?
Think through household size, lifestyle, and budget. Condos and apartments offer lower-maintenance ownership with less space; single-family homes give more room and privacy; duplexes can help offset costs with rental income. The best choice is the one that fits how you actually live today and in the next five to ten years.
How much mortgage will I qualify for?
Mortgage qualification depends on credit score, income stability, existing debts, down payment, and current rates. A pre-approval from a lender will give you a real number rather than an estimate. Try the calculator below for a quick sense of monthly payments at different price points.
Quick estimate
Mortgage Calculator
Get a rough estimate of your monthly principal and interest payment. For taxes, insurance, and HOA fees, talk to your lender.
Estimated monthly payment
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