Figuring out how to buy a home can be confusing, especially if you’re going it alone. That’s why Flyhomes celebrated Women’s History Month with a panel of finance, mortgage, and real estate pros plus a woman who recently bought her own home.
Three of the women on the panel are from Flyhomes: host Rae Oakley, a Senior Product Manager focused on the Flyhomes Cash Offer program; Ami Shah, Director of Mortgage Operations at Flyhomes Mortgage; and Mehar, a Senior Client Advisor (agent) in Seattle who’s helped more than fifty homebuyers buy homes in the past year or so.
If you’re thinking about buying a home, this conversation will get you started with pro tips on saving for your home (beyond just your down payment), mortgage and credit score myth busting, how to know you’re ready and then how to know you’ve found the right home for you, options for making your offer stand out in a competitive market, and framing your mindset that you can do this without a partner.
- Financially, start by determining your target home price and down payment. Consider opening a dedicated account and decide how much you can feed into it on a monthly basis. Use that to develop a timeline.
- Well before you plan to make an offer on a home, get pre-underwritten. This puts you halfway through the mortgage process and it’s the only way to be sure of the loan type and amount you’ll qualify for. Surprisingly, it can also help you learn about yourself and your priorities as a homebuyer.
- You don’t need 20% down to buy a home. In fact, it’s very common to put down less. Yes, a smaller down payment will come with the additional expense of PMI, but that’s likely not as expensive as you think.
- Don’t be scared when you hear about credit score “dings” from pulling your score too often. Even if they happen, they’re easily surmountable. And pulling your credit yourself or using a bank’s score tracker won’t cause one.
- When you’re ready to work with an agent, prioritize finding fone who will work to understand your needs and represent you to the seller in your best light. Buying a home is a transaction, but there are humans on both sides of the deal.
- Choosing the right home is different for everyone, but generally consider what you want to get out of it and how long you intend to live in it. There’s a big difference emotionally and financially between buying as an investment and buying a forever home. Check out Blaise’s unique path in her Flyhomes feature.
Take some time to hear from the panel and learn what it takes to start on your own homebuying journey (or correct your path!).
About Clever Girl Finance
Clever Girl Finance® is one of the largest personal finance platforms for women in the U.S. and we have consistently been voted one of the best finance websites for women.
Founded by Bola Sokunbi, we are a mission-driven financial empowerment platform aimed at providing women with the right products and services as well as financial guidance. We do this through our completely free resources including personal finance courses, one-on-one mentor calls, articles, audio content, an incredibly supportive community, and more. Learn more