Our mortgage experts and real estate professional break down what financial readiness truly means for first-time homebuyers and why qualifying for a mortgage doesn't always mean you can afford homeownership.

• Understanding the difference between what you can qualify for versus what you can truly afford
• Warning signs that indicate you may not be ready to buy a home yet
• The importance of budgeting for more than just your mortgage payment
• How credit scores, income stability, and available assets impact your mortgage eligibility
• Common mistakes people make during the pre-approval and mortgage application process
• Different down payment options from 3% to 20%, and when "no money down" loans might be appropriate
• Why you still need cash reserves even with 100% financing options
• The reality of closing costs and what expenses to expect beyond just the down payment
• How to create a sustainable path to homeownership when you have good income but poor credit (or vice versa)
• Why being informed is the best way to avoid expensive mistakes in the homebuying journey

Check your credit score early, get pre-approved before shopping, save for more than just the down payment, and know your real budget by factoring in taxes, insurance and maintenance to avoid becoming house poor.

Visit our guests:
Denetria Burris, Realtor ® Notary Public
Licensed in Louisiana & Mississippi| LPT Realty LLC
Cell: 225-223-0499 | Office: 877-366-2213
Email: denetria@dbclosers.com

Matthew Cloy
Mortgage Loan Originator @ Neighbors FCU
Cell: 225-953-5076
Email: mcloy@neighborsfcu.org

Bridgette White
Vice President of Mortgage @ Neighbors FCU
Email: bwhite@neighborsfcu.org

Have an idea for a show or a question for Kim? Send us a text message

Support the show

Welcome to Money Matters, the podcast that focuses on how to use the money you have, make the money you need and save the money you want – brought to you by Neighbors Federal Credit Union.

The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice.