shares
Contributed by Kevin Clarkson, Branch Manager and Loan Officer at CrossCountry Mortgage
Buying a home can feel overwhelming, especially the first time. Between financing, contracts, and trying to understand what you can actually afford, most people don’t know where to start.
I work with buyers every day navigating exactly that. My name is Kevin Clarkson, Branch Manager and Loan Officer with CrossCountry Mortgage. I help homebuyers and investors approach financing in a way that’s practical, strategic, and clear from start to finish.
With nearly 15 years of experience across compliance, operations, and sales, I bring a full-picture approach to every client I work with. I’m also a homeowner, investor, and landlord, so I understand the process from both a professional and personal perspective.
Historically, real estate has been one of the most consistent long-term wealth-building tools. The key is getting started when you’re financially ready and having the right strategy in place.
5 Steps to Navigating the Buying Process
Buying a home, especially your first, can feel like a lot. With the right team and a clear plan, it becomes much more manageable.
Step 1: Build the Right Team
Surround yourself with experienced professionals. A Loan Officer, Real Estate Agent, and Real Estate Attorney are essential. The right team helps guide you, protect your interests, and avoid costly mistakes.
Step 2: Get Pre-Approved
This is one of the most important steps. A pre-approval shows you what you can afford and puts you in a stronger position when making offers. Just as important, understand what you’re comfortable spending.
Step 3: Shop Smart and Strategically
Looking at homes is easy. Buying the right one takes strategy. Work with your agent to define realistic must-haves versus nice-to-haves, and collaborate with your lender to put together strong offers.
Step 4: Understand Your Contract
Once your offer is accepted, your attorney reviews the contract to protect you. Pay attention to key milestones like your mortgage application, loan commitment, and closing timeline.
Step 5: Close with Confidence
If the earlier steps are handled properly, closing becomes much smoother. You’ll understand your numbers and feel confident moving forward.
Top Mistakes to Avoid
Before and during the homebuying process, avoid these common mistakes:
- Don’t change jobs or income structure without speaking to your lender
- Don’t move money without proper documentation
- Don’t take on new debt such as cars, credit cards, or loans
- Be cautious with online advice and calculators that don’t reflect your full situation
- Don’t start house hunting without a clear budget and pre-approval
Understanding the Three Pillars of Mortgage Approval
When applying for a mortgage, lenders focus on three key areas: credit, income, and assets.
- Credit impacts your interest rate
- Income determines how much you can afford
- Assets influence your loan options and down payment
Many buyers focus heavily on credit, but in today’s market, income often plays a bigger role due to rising home prices.
How Much Do You Need to Put Down
You don’t need 20 percent down to buy a home.
- VA loans may allow zero percent down for qualified veterans
- Conventional loans can be as low as three percent for first-time buyers
- FHA loans typically require three and a half percent down
If you put down less than 20 percent, you’ll usually have mortgage insurance. This allows many buyers to purchase sooner rather than waiting years to save more.
The real question is not just how much you can put down, but how much you should. Consider emergency savings, moving costs, furniture, and ongoing maintenance.
How Interest Rates Impact Buying Power
Interest rates matter, but they’re only one part of the picture.
Mortgage rates are influenced by market conditions and can change daily. While a lower rate can reduce long-term cost, purchase price often has a bigger impact on your overall financial picture.
Trying to time the market rarely works. Many buyers who wait for lower rates end up paying more for the home itself.
A Real-World Example
Buyer A purchased a home in 2023 for $680,000 with a 3.5 percent down payment and a 6.75 percent rate, resulting in a monthly payment around $4,256.
Buyer B purchased a smaller home in 2025 for $760,000 with 5 percent down and a 6.125 percent rate, resulting in a higher monthly payment around $4,386.
Even with a higher rate, Buyer A secured a lower price, a larger home, and a lower monthly payment. Over time, that decision also led to significant equity growth.
Final Thoughts
Buying a home is a major decision, but it doesn’t have to be overwhelming. With the right guidance, a clear understanding of your options, and a solid plan, the process can be smooth and rewarding.
If you’re considering buying, refinancing, or planning ahead, Kevin Clarkson at CrossCountry Mortgage is available as a resource to walk through your options and help you put a plan in place.
