Your first home: five steps before making an offer

1. Start with the total monthly cost

Set a payment you are comfortable maintaining. Include property taxes, homeowners insurance, mortgage insurance if required, association dues, maintenance, and your other monthly obligations. Leave room for savings after closing.

Sources: CFPB: plan your housing budget

2. Separate the down payment from other cash needs

Keep a separate budget for closing costs, moving, immediate repairs, and an emergency reserve. Ask for an estimate of Cash to Close, which accounts for the down payment, closing costs, deposits, credits, and adjustments.

Sources: CFPB: understand your Loan Estimate

3. Ask about assistance before choosing a property

Florida Housing lists homebuyer and down-payment assistance programs. Ask which participating lender and program fit your situation, whether funds are available, and what repayment obligations apply. Some assistance is a second mortgage rather than a grant.

Sources: Florida Housing: homebuyer programs

4. Compare loan offers on the same basis

Compare Loan Estimates using the same property, loan amount, and loan type. Review the payment, APR, points, lender charges, and cash needed at closing. A lower advertised rate alone does not explain the complete cost.

Sources: CFPB: understand your Loan Estimate

5. Prepare your file and questions

Ask your loan officer for the document list that applies to your income and loan program. Discuss planned employment changes, new borrowing, and large transfers before they happen. Ask which approval conditions remain before relying on a proposed closing date.