Are you ready to fulfill your homeownership aspirations? Well, it’s an exciting thought if you’ve always wanted to get out of the rent-and-move circle. But you should be financially ready before diving in head first because it’s a huge commitment.
Did you know that the median home price in the US was $428,700 in 2022? And home prices in the country shot up by a whopping 30% from 2020 to 2022. That’s gross, right? It also means you don’t have a chance if you mess around with the mortgage process.
Lucky for you, we’ve got a list of some proven home mortgage rules to help you get approved for a loan and buy your dream home. Here you go!

Rule #1- Get pre-approved before going house hunting
Well, that sounds too early, but it’s a wise thing to do! Getting pre-approved for a mortgage gives you peace of mind that you won’t encounter hitches once you find your dream home. A lender reviews your financial situation and determines how much they’re ready to lend.
So you’re in a good place to decide on a budget and shortlist homes accordingly. It’s a great way to ease house hunting and seal the deal when you find a dream property.
Rule #2- Save for a down payment
Guys, beware of those zero-down mortgage offers, no matter how tempting they sound. You’ve got to have a decent-sized down payment in place before starting your house-hunting spree. It’s comforting for lenders as they see you as someone serious about repaying your loan.
Not to mention, it reduces your monthly payments, so you’ll have more money in your pocket each month.

Rule #3- Seek expert advice
As a first-time buyer, you’ll likely be enthusiastic and excited. But it’s not safe to go on your mortgage journey alone as you may fall for the wrong lender and deal. You must seek expert advice and collaborate with a reliable lender.
For example, look for reputable mortgage lenders in Naples, FL, if you want to buy a house in this area. Luckily, you can find a list of the best ones from trusted websites with extensive lender relationships. Look for one that offers advisory support as well.
Rule #4- Keep your credit score in check
This mortgage rule is something even newbies will know. Your credit score is a significant factor in determining whether you’ll get mortgage approval. It also decides the interest rate you’ll receive. So, a healthy score is a plus when it comes to home buying.
Keep an eye on the number and follow best practices like paying your bills on time, keeping your credit card balances low, and avoiding new lines of credit.

Rule #5- Mind the closing costs
Closing costs refer to the fees and extra expenses associated with buying a home. Guys, these closing costs can add up quickly, so you must be ready for them. You’ll need to budget for extras like appraisal fees, title insurance, and attorney fees.
Some lenders may let you roll these costs into the mortgage. But it means you’ll be paying interest on them, so plan to deal with them.
Wrapping Up
So there you have it, home buyers! Don’t let mortgage complexities overwhelm you as a newbie because it can be simpler than you imagine. Follow these mortgage rules to make it a breeze. Happy house hunting!