Mortgage Research Network Podcast
The First Step to Buying a Home Isn’t House Hunting
In this episode of the Mortgage Research Network Podcast, host Paul Centopani speaks with Kara Ng, Senior Economist at Zillow, about what it really takes to become mortgage ready before you start seriously shopping for a home. Kara explains why buyers should begin preparing well before they find a property they want, including understanding their credit, building savings, and getting a realistic picture of what they can afford. The conversation breaks down why credit plays such an important role in the mortgage process, how factors such as payment history, debt, and new credit activity can affect a credit score, and why improving your credit can expand your mortgage options. Kara also discusses rent reporting as one way some renters may be able to build credit history and explains why prospective buyers should understand their own financial situation rather than relying only on broad rules of thumb. Paul and Kara also cover down payment planning, why buyers do not necessarily need 20% down, and the importance of budgeting for costs beyond the purchase price, including property taxes, insurance, HOA fees, maintenance, furniture, and appliances. Kara explains how buyers can use lenders and online affordability tools to better understand their buying power as mortgage rates change, and why getting pre-approved before seriously house hunting can help buyers focus on homes that fit their budget. Subscribe for more mortgage news, housing news, homebuyer tips, and real estate market updates. Comment below: What part of getting mortgage ready do you think buyers are most likely to overlook? Connect with Mortgage Research Network: YouTube: https://www.youtube.com/@MortgageResearchNetwork Instagram: https://www.instagram.com/mortgageresearchnetwork/ Facebook: https://www.facebook.com/mtgresearchnews Website: MortgageResearch.com Connect with Kara Ng: LinkedIn: https://www.linkedin.com/in/kara-alice-ng/ Website: https://www.zillow.com/research/author/karan/ First Time Homebuyer Cheat Sheet: https://bit.ly/4w8CiVM Homebuyer Calculators: https://bit.ly/4n0hDPv Connect With a Lender : https://bit.ly/426Gyaw ------ 0:00 – Intro 0:51 – What Does It Mean to Be Mortgage Ready? 2:02 – How Early Should Buyers Start Preparing? 3:01 – Why Credit Matters 3:32 – What Goes Into a Credit Score? 3:53 – What Credit Score Should Buyers Aim For? 5:10 – What Can Raise or Lower Your Credit Score? 5:49 – Using Rent Payments to Build Credit 6:51 – Tools for Improving Your Credit 7:49 – Saving for a Down Payment 8:47 – Costs First-Time Buyers Often Overlook 9:20 – How Much Home Can You Actually Afford? 10:42 – When Should You Get Pre-Approved? 11:22 – Kara’s Advice for First-Time Buyers 12:12 – Outro ------ #Homebuying #MortgageReady #CreditScore
