THE ANSWER LIBRARY
Your first home, one decision at a time
Start with a comfortable payment, the cash needed to close and the cash left afterward. Then connect those numbers to the loan documents and decisions in front of you.
328 published answers
A five-year rent-versus-buy comparison needs its assumptions
Comparing rent with a mortgage payment is a useful beginning. A fair five-year comparison also includes upfront cash, ownership costs, remaining debt and what happens to the renter's savings.
Read the answerCompare the down payment with the cash you will have left
The clip asks whether a buyer should keep more savings instead of putting every available dollar into a twenty-percent down payment. The useful comparison includes both financing costs and the reserve available after moving.
Read the answerThe lowest quoted rate may have a different upfront price
Eric describes a borrower comparing rates without noticing the fees needed to obtain them. The useful question is what each complete offer costs over the period you might keep the loan.
Read the answerCheck the effect of a car payment before changing your home budget
A vehicle payment can affect both mortgage qualification and the money left in your monthly budget. Eric’s October 2023 clip recommends reviewing that obligation before taking on a new car loan or choosing a home price.
Read the answerDefine life after moving before chasing a perfect mortgage rate
Eric suggests starting a purchase plan with the way you want life to feel after closing. Make that question concrete by describing the expenses, savings and flexibility you want the housing decision to preserve.
Read the answerHow area median income can affect your home loan options
Area median income is a local income benchmark that some mortgage and assistance programs use when deciding who may qualify.
Read the answerVerify closing wire instructions through a trusted contact
Eric’s wire fraud warning focuses on a moment when buyers are busy and large sums are moving. A convincing email is not enough evidence that payment instructions are legitimate.
Read the answerYou may not need 20 percent down, but you still need a cash plan
Day 3 of Eric’s 2023 series challenges the assumption that every buyer must save a 20% down payment. The useful next step is comparing the options for which you actually qualify.
Read the answerRenting temporarily: give the plan a timeline and a purpose
Eric notes that a rental decision can mean very different things for someone changing jobs, moving states or starting a business. Those reasons matter more than a simple rule that everyone should buy.
Read the answerMatch your rate lock to the payment and closing timeline
Day 18 of Eric’s 2023 series explains a rate lock as an agreement tied to an interest rate and a period for closing. The decision involves both budget comfort and timing.
Read the answerThe subscription analogy for renting has an important limit
Eric compares renting with a streaming subscription to explain why ownership can build equity. The useful idea is that paying down a mortgage can increase your stake in an asset, but ownership does not automatically send you a profit check.
Read the answerSlow down the decisions before the open house
Eric describes how an open house or builder visit can turn a casual search into a fast decision. Preparing earlier can give you a reference point when an appealing property creates pressure to act.
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