Purchasing your first home is one of the biggest financial decisions you'll ever make. With the 2026 housing market presenting both challenges and opportunities, being prepared is more important than ever. Here are five things every first-time buyer needs to know.
1. Get Pre-Approved Before You Shop
In today's competitive market, sellers want to know you're serious. A mortgage pre-approval letter shows them you're financially qualified and ready to close. At Prime Lending Corp, our pre-approval process is quick and free — most clients get approved within 24 hours.
2. Understand Your Down Payment Options
You don't need 20% down to buy a home. FHA loans require as little as 3.5%, conventional loans can go as low as 3%, and VA loans offer zero down for eligible veterans. There are also down payment assistance programs available in most states.
3. Don't Skip the Home Inspection
A home inspection costs $300-$500 but can save you tens of thousands in unexpected repairs. Always get a thorough inspection, even in a hot market where sellers may push for inspection waivers.
4. Factor in All the Costs
Beyond the purchase price, budget for closing costs (2-5% of the loan), homeowners insurance, property taxes, maintenance, and potential HOA fees. A good rule of thumb: your total housing costs should be no more than 28% of your gross monthly income.
5. Lock in Your Rate at the Right Time
Mortgage rates fluctuate daily. Work with your loan officer to monitor rate trends and lock in your rate when the timing is right. At Prime Lending Corp, we offer rate lock options of 30, 45, or 60 days to give you flexibility.
Ready to take the first step? Contact our team for a free consultation and get pre-approved today.