01 / YOUR GOALS
Begin with the life you’re planning.
Use these prompts on paper or in your own notes. This guide does not collect or save your answers.
- My reason for moving
- What would you like your next home to make possible?
- My comfortable monthly budget
- What amount leaves room for your other priorities?
- My savings cushion
- What do you want available after closing and moving?
- My timing and flexibility
- What needs to happen before you buy? Which dates matter?
- My non-negotiables
- Which needs matter most, and where could you compromise?
Your top priority, your biggest uncertainty, and the next decision you want help understanding.
Read more: CFPB: preparing to shop
02 / ROADMAP & RESPONSIBILITIES
A shared plan, from questions to keys.
- Preapproval. Discuss your budget and provide the information your lender requests. Ask what has been reviewed and what conditions remain; preapproval is not final loan approval.
- House Hunting. Work with your real estate agent to find a home that fits your needs and comfortable monthly budget.
- Make an Offer & Negotiate. Your agent helps you prepare an offer and discuss price, contingencies, credits, and timing. Ask your loan team how proposed terms affect your financing.
- Sign a Contract. Review the agreed terms and deadlines with your agent before signing. Share the signed agreement with your loan team and plan inspections with your agent.
- Processing & Underwriting. Your lender reviews your financial documents and the property information required for the loan. Respond promptly to requests. A home inspection is separate from this lending review.
- Clear to Close. Confirm your lender has cleared the loan to proceed toward closing. Review your Closing Disclosure and verify any remaining signing or funding requirements with your closing team.
- Closing Day. Review and sign the closing documents and provide funds through verified instructions. Confirm when funding, recording, and possession occur; signing alone does not guarantee keys.
This is a planning outline, not a promised sequence or closing date. Ask who owns each action, what they need from you, and when to check in.
Read more: CFPB: closing on your new home
Preapproval isn’t the finish line.
A preapproval indicates a lender’s tentative willingness to lend, based on information and assumptions. It can help you shop, but it does not guarantee the loan.
Lenders use “prequalification” and “preapproval” differently. Ask what was verified, what conditions remain, and when the letter expires. You are not committed to that lender simply because you received a preapproval.
Final approval comes after the lender completes its required review. Financial documents, the property, and outstanding conditions still matter. Ask Brad to explain what is complete and what remains at each stage.
Source: CFPB · Get a preapproval letter
Source: CFPB · Closing on your new home
03 / RATE, PAYMENT & CASH
Compare choices against your goals.
Ask for a side-by-side comparison using the same purchase price, down payment, loan type, term, and timing. Confirm what is locked and what could still change.
Discount points generally exchange more upfront cost for a lower rate. Rate-related lender credits generally reduce upfront costs in exchange for a higher rate. Ask how each option affects your cash today and cost over different periods of ownership.
Ask for an option without points or rate-related credits as a reference. A credit is not automatically the best deal, and a lower rate is not automatically the lowest total cost.
Read more: CFPB: points and lender credits
Read more: CFPB: comparing loan offers
Your budget comes first.
A lender’s maximum and a payment you feel comfortable with may be different. Think about the rest of your life: savings, everyday spending, maintenance, and a cushion for surprises.
Build a housing budget that includes principal and interest, property taxes, homeowners insurance, mortgage insurance if applicable, and HOA dues if applicable. Taxes, insurance, and assessments may be paid separately from your mortgage payment. Ask what is included in every estimate you compare.
“What would my total housing cost look like, and which expenses could change?”
Source: CFPB · Preparing to shop
Source: CFPB · Loan Estimate explainer
What is cash to close?
It is the amount still due to complete your purchase. Your down payment is one part. Closing costs, prepaid expenses, initial escrow funding, deposits already paid, credits, and other adjustments affect the total.
- Down payment
- $20,000
- Closing costs, including prepaids & escrow
- + $8,000
- Earnest money already paid
- − $5,000
- Applicable credits
- − $2,000
- Illustrative cash to close
- $21,000
Assumes no other adjustments. Actual costs and permitted credits vary. Do not use this example to estimate your loan.
Compare the cash-to-close figures on your Loan Estimate and Closing Disclosure. Ask why amounts changed and which funds you must document.
Your first-conversation checklist.
Use this as a starting point, not a universal document list. Requirements depend on your income, loan, and lender. These checkboxes are temporary and reset when you reload.
Keep sensitive records secure. Ask Brad where and how to submit them. Do not send them through ordinary email or this website.
Source: CFPB · Create a loan application packet
Source: CFPB · Preparing to shop
Small habits that help.
Do
- Respond to document requests and keep full copies.
- Tell your loan team about changes in your financial situation.
- Keep records of large deposits and transfers.
- Ask which gift funds are allowed before relying on them.
Don’t
- Submit incomplete statements or omit pages.
- Assume an unexplained deposit can be used for closing.
- Make major financial changes without discussing their potential effect with your loan team.
- Treat an early estimate as a final approval or final cost.
04 / PRACTICAL PREPARATION
Keep your agent and loan team aligned.
Before you make an offer, agree on the price range you want to search, the dates that matter, and how updates will be shared. Confirm permission before sharing personal financial details.
- Ask your agent to explain the contract’s financing, appraisal, inspection, and closing dates.
- Ask your loan team whether the proposed financing timeline is realistic for your situation.
- Confirm who sends the signed contract and amendments to the loan team.
- Discuss changes in price, credits, property condition, or timing promptly.
- Ask who will confirm your final funds and signing arrangements.
Keep a simple list: next action, person responsible, due date, and open question.
Read more: CFPB: a network of advisors
04 / NEW-BUILD QUESTIONS
Look beyond the incentive headline.
Use these questions with the builder, your agent, and the lender. They are a discussion checklist, not a description of any builder’s offer.
- What exactly is offered: a price adjustment, closing-cost credit, upgrades, or a payment incentive?
- Does it depend on a particular lender, closing provider, home, or closing date?
- How is it reflected in the purchase contract and loan documents?
- Can the full credit be used for this loan, and what happens to any unused amount?
- If the payment is temporarily reduced, what will I owe after that period ends?
- What happens to the offer or rate lock if construction or closing is delayed?
- How does the complete offer compare with another lender’s Loan Estimate, including rate, fees, monthly costs, and cash to close?
- Are tax and insurance estimates based on the completed home?
Request written terms and ask your team to explain any mismatch between the advertisement, contract, and financing documents.
Read more: CFPB: reading a Loan Estimate
05 / CHOOSE YOUR STARTING POINT
A path for where you are today.
Buying your first home
- Use the goals worksheet to choose a budget and savings cushion.
- Read the preapproval section and ask what the lender has reviewed.
- Gather your application records and learn the total cost of owning.
- Build your team and use the roadmap to track the next step.
A question to bring: “What should I understand before I start touring homes?”
Buying another home
- Update your goals and budget instead of relying on your last purchase.
- Discuss whether you need sale proceeds and when those funds may be available.
- Plan for possible overlap in housing costs, moving, and repairs.
- Review current loan options and coordinate sale and purchase dates with your team.
A question to bring: “What changes if my current home sells earlier or later than expected?”
These paths organize your questions; they do not establish loan eligibility or guarantee financing.
Mortgage language, translated.
- Principal
- The amount borrowed, or the remaining loan balance.
- Interest
- The charge for borrowing money.
- APR
- A yearly cost measure that includes interest and certain loan charges; different from the interest rate.
- Mortgage insurance
- Coverage that protects the lender if you fail to repay. It does not replace homeowners insurance.
- Escrow account
- An account used to pay certain property expenses, commonly taxes and insurance.
- Points
- Upfront charges paid for a lower interest rate.
- Loan Estimate
- A form outlining a proposed loan’s terms, payment, and estimated costs.
- Closing Disclosure
- A form showing final loan terms and closing costs for most mortgages.
Source: CFPB · Loan Estimate explainer
Before you sign.
For most mortgages, you must receive the Closing Disclosure at least three business days before closing. Compare it with your Loan Estimate and ask about discrepancies. Review the payment, costs, and cash needed, and get answers before you sign.
Confirm the payment method and delivery instructions directly with your closing team using a trusted phone number. Be alert to mortgage closing scams.
Source: CFPB · Closing Disclosure explainer
Source: CFPB · Closing on your new home