Homebuying How-To Videos
The Joys of Preapproval: Knowing You’re Ready to Buy a Home
What’s the difference between being ready to stop renting and being ready to buy a house? It’s partly a state of mind, but it’s mostly the state of your finances.
“My preapproval letter helped me get my offer in before anyone else.”
– Ryan T., Summit member
WHAT YOU’LL NEED
FOR PREAPPROVAL
- Income and employment history
- Bank account and loan info
- Rental history
- Government-issued ID
FACT

minimum credit score needed
for a conventional mortgage
Home Loans: Crunch the Numbers Like a Boss
A home loan is something you’ll live with for a while. So how do you know which type of loan is right for you? Consider your options.
“I was surprised to see which type of loan got our payments where we needed them to be.”
– Shain W., Summit member
Budget for Being a Homeowner: Don’t Spend It All on the House
Keep other household and lifestyle expenses in mind as you zero in on an affordable house payment. It’ll help you budget for being a happier homeowner.
“Maintaining our home and yard has changed how we spend our money — and our time.”
– April L., Summit member
PITI
Principal, Interest, Taxes & Insurance
AKA your total monthly mortgage payment
Happy Home Search: Sometimes the House Picks You
We know it’s tempting to skip ahead to “the fun part.” And it can’t hurt to hit a couple open houses on your own. But here’s how to really maximize your house hunting experience.
“Being honest about my preferences and price range led me to the right house with fewer wrong turns.”
– Justine R., Summit member
FYI:
When you look at pictures of rooms online, remember the camera adds 10 feet
Pro Tip:
Wear slip-ons so the “please remove shoes” signs don’t slow you down.
Making an Offer: Let the Negotiations Begin
Suddenly, one home just clicks, and you start to envision your life there. Offering to buy that house opens the door to a back-and-forth dance with the seller. And it goes like this.
“Some not-so-sexy things, like the age of the roof, help determine whether you’re getting a good deal.”
– Tony D., Summit member
Nice Touch:
Make your offer stand out with a handwritten letter about why you love the house.
Pro Tip:
Decide on the maximum price you’re willing to pay before negotiations start.
Closing Time: It’s Finally Yours!
You’re in the homestretch, and things are getting real! Just breathe. Just be patient. Just try to contain your excitement.
“I remember us racing over to the house right after closing to game plan our moving strategy.”
– Nick L., Summit member
To Do
Book moving truck
Wrangle friends to help
Order takeout for all
MORTGAGE RESOURCE CENTER
Want to take your time, explore your options and soak up even more homebuying knowledge? Make Summit’s Mortgage Resource Center your next stop.