Home Buying Dos & Don'ts

Posted on April 14th, 2025

Spring has arrived, which means that there’s likely going to be an uptick in the number of people who are starting to look for a new home. Maybe your family is growing, and you need more space, or a newlywed couple looking for your first home together. Either way, there are some dos and don’ts that you should keep in mind that can save you some money during the process:

Home Buying Dos

• Use a local lender to acquire your loan. While many things can be done online these days, the benefit of working with someone who is local is precisely that – they’re local to your area, and so they know the current market in your area better than someone outside of where you’re looking to move to. 

• Remember the phrase “marry the home, date the rate.” Don’t let a higher rate be the sole reason that turns you away from getting a home that you love. Rates can change at any time, and you can always refinance your home in the future for a lower rate when they drop. 

• If you’re a first-time home buyer, you should escrow your taxes and insurance with your mortgage payment. An escrow account is an arrangement where a third-party (an escrow agent) is responsible for managing funds or assets on behalf of the other parties involved. This account is to ensure that funds are being used for their intended purchase and are only released when specific conditions have been met. While it’s not required for all home buyers, if it’s your first time, you’ll likely need to have to get an escrow account due to your lower downpayment. 

Home Buying Don’ts

• Don’t skip getting a home inspection before buying. We understand you’re excited to get the ball rolling so you can move into your new home but remember that sometimes problems with a home can happen below the surface where a professional might need to inspect. Having a home inspection done before committing to your home will ensure that there are no unseen issues with your home that could be costly to fix in the future. 

• Don’t pick just anyone to be your realtor. While there are plenty of real estate agents out there to help you find your new home, not all of them are a great choice. Finding a full-time professional realtor is a great idea, especially when you’re a first-time home buyer. Some part-time realtors might not be as eager to really work with you to find a place you really love in the way a full-time realtor would. 

• Don’t forget about your credit score! When it comes to getting a pre-approved loan for your new home, your credit score can play a hand in whether or not you are rejected. Check your credit score first before you go to apply. If you find that your credit score is too low, or in an spot that makes you a bit nervous, there’s nothing wrong with seeking out advice from professionals, like NuMark’s Mortgage Team, for example, to figure out ways you can improve your credit score so you can get that pre-approval. 

Looking for a home can be a stressful process, and it’s normal to be overwhelmed by the financial aspect of the experience. It’s important to remember that there are ways to save money while looking to purchase, in addition to grants like the Downpayment Plus Program from the Federal Home Loan Bank of Chicago. Speaking with experts like the Mortgage Team at NuMark, can also help you learn more about the process, and give you even more tips on what you can do to get the home of your dreams and reach your fantastic future faster!