Author: Silvia Donday-Selenske, VP/Bilingual Loan Officer, NMLS #553374

Buying a home is an exciting time and a significant financial and personal commitment. For many Hispanic families, buying your first home is a big dream, one that comes with extra questions and some uncertainty. I believe every family deserves to feel understood and supported, especially when making one of life’s most important financial decisions. I love to provide education and information to help others better understand the homebuying process.

Before you start packing boxes and visiting open houses, it’s wise to take a step back and assess if you’re truly ready. Below are some helpful tips and questions to ask yourself before moving forward in the home-buying process.

Financial stability. Do you have a stable income and a reliable source of funds for a down payment?

Credit health: Is your credit score in good shape, and have you checked your eligibility for a mortgage? It’s also worth having a preliminary chat with a lender to understand your potential mortgage eligibility.

Savings and emergency fund. Do you have enough savings for unexpected costs, such as maintenance, closing fees, and moving expenses? Homeownership comes with more than just mortgage payments.

Debt-to-income ratio. Are you managing your existing debts (car loans, credit cards, etc.) well? Lenders will assess your debt-to-income ratio to ensure you’re not overextended.

Future plans. Do you plan to stay in the area long-term, or is this purchase just a short-term investment? Your future plans can influence whether buying is the right decision for you right now.

Market and property research. Have you researched the housing market and identified neighborhoods that fit your budget and lifestyle? Understand what properties are selling for and if those prices align with your budget and lifestyle.

Mortgage pre-approval. Have you spoken with a lender to get pre-approved for a loan? Getting pre-approved for a mortgage is a significant step. It gives you a clear understanding of how much you might be able to borrow.

Understanding costs. Are you aware of property taxes, homeowner’s insurance, and Homeowners Association (HOA) fees if applicable?

Buying vs. renting. Have you compared the long-term benefits of buying versus renting in your area?

Legal and inspection awareness. Do you understand the home-buying legal process and the importance of home inspections before finalizing a purchase?

Are the documents you will need to read, understand, and sign in your native language? Whether Spanish is your first language or you just feel more comfortable discussing finances in español, it is important that you fully understand what you are committing to. Whatever your native language is, we recommend working with a bilingual lender who speaks your language.

After considering all these factors, you’ll be better prepared to make a confident and informed decision.

To learn more about our home loan programs, click here.