Answers by Hazel Nicholas Ransome

A lot of first-time buyers ask, “Do I love this house?” A better question is, “Do I understand everything that comes with it?” It’s important to ask about the true monthly payment, the age of major systems like the roof and HVAC, any known issues or repairs, and how the home compares to others nearby. You also want to know whether the home makes sense for resale down the road.

With a fixed mortgage, only your principal and interest stay the same. Your total payment can still rise if your property taxes or homeowner’s insurance increase, since those are paid through your escrow account. When the annual bills go up, the lender adjusts your monthly payment to keep the escrow funded. This is why I always encourage buyers to stay a little below their max comfort level. Small escrow changes can shift the payment from year to year.

$10,000 can be enough depending on your price point and the loan program you use. Some loans only require 3.5% down, and there are even options with little to no downpayment if you qualify. You’ll also want to factor in closing costs and make sure you have a small cushion after moving in. One thing working in buyers’ favor right now is that many new‑construction builders are offering promotional incentives, including temporarily reduced interest rates, which can make your monthly payment more affordable even with a smaller downpayment. A lender can run the numbers for your area so you know exactly what’s possible today instead of waiting longer than you need to. It’s also worth speaking with a local Realtor who knows your target areas. They can show you what’s available within your budget and help you understand your real options today.

The 3‑3‑3 rule is just a quick readiness check buyers use. It means having three months of mortgage payments saved, planning to stay in the home for about three years, and comparing three similar homes before choosing one. It’s just a simple guideline that helps buyers stay financially protected and make a confident, well informed decision.

No, not usually. When you sell your home, the mortgage is typically paid off during the closing process, so the closing attorney or title company usually handles communication with the lender. That said, it’s still a good idea to contact your mortgage company if you want a payoff amount, have a HELOC, are behind on payments, or think the sale may not fully cover what’s owed.