East Coast Mortgage

Free Guide · homebuyers

Buy your home with a plan, not a guess.

Everything we walk our own buyers through, start to finish, in one guide you can read on the couch. Credit, down payment, the documents, the timeline, the costs, and the mistakes that sink good deals.

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Written by the East Coast Mortgage team · Published October 9, 2026

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Key takeaways

The short version

A real pre-approval (not a quick estimate) is the single biggest advantage you can bring to an offer.

Your loan program often changes the math more than anything else. Pick it before you tour.

Down payment rules are very different by loan type, and assistance programs exist in every one of our states.

A broker shops your file across many lenders. A bank can only offer its own loans.

From contract to keys, the biggest thing that speeds a loan up is how fast your documents move.

Freeze your finances while you buy. No new credit, no new car, no job changes without a quick call first.

What's inside

The Homebuyer's Playbook

From pre-approval to closing day, in plain English. Written by the East Coast Mortgage team in plain English, with no rates, no pressure, and nothing to sign.

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  1. 01How buying a home actually worksThe whole journey on one page, so nothing that comes later is a surprise.Read free
  2. 02Your credit: what lenders look at and how to get readyWhat actually moves your score, what lenders weigh, and what to fix first.Read free
  3. 03Down payment and assistance, by loan typeHow much you really need depends on the program. Here is how each one works.
  4. 04Picking the loan program that fitsMatch the program to your life before you fall in love with a house.
  5. 05Broker vs bank: why who you borrow through mattersOne lender's no is often another lender's yes.
  6. 06Getting pre-approved the right wayWhy a real pre-approval wins offers, and what goes into one.
  7. 07The documents to gatherA checklist so you are not scrambling later.
  8. 08Your timeline: from offer to keysWhat happens each week once you are under contract.
  9. 09Understanding closing costsWhat you will pay at the table, and how to read your Loan Estimate and Closing Disclosure.
  10. 10Ten mistakes to avoidThe small decisions that sink good deals, and how to dodge them.
  11. 11Closing day and your first year as a homeownerWhat to bring, what to expect, and how to protect your new home.
  12. 12Glossary: mortgage words in plain EnglishQuick definitions for every term in this guide.

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Free preview · Chapter 1

How buying a home actually works

Buying a home feels complicated because nobody shows you the whole map at once. You hear about pre-approvals from one person, closing costs from another, and appraisals from a cousin who had a bad one. This guide puts it all in order.

Here is the short version. You get your finances steady. You get pre-approved, which tells you what you can actually borrow. You pick the loan program that fits. You shop for a home with a real budget. You make an offer, it gets accepted, and the loan goes to work: appraisal, underwriting, and a clear to close. Then you sign and get your keys.

The journey at a glance

  1. 1Get your financial picture steadyCheck your credit, pay down card balances where you can, and hold off on new credit. Usually three to six months before you buy.
  2. 2Get pre-approvedA loan officer reviews your credit, income, and savings against real lender guidelines and tells you your true price range.
  3. 3Pick the program that fitsVA, FHA, USDA, conventional, jumbo, or a specialty program. This choice often changes your monthly cost and cash to close more than anything else.
  4. 4Shop and make an offerTour with confidence because you already know the number. Your agent writes the offer with your pre-approval letter attached.
  5. 5Under contract: the loan goes to workYou send documents, the appraisal is ordered, and underwriting double-checks everything.
  6. 6Clear to close and closing dayYou review your Closing Disclosure, do a final walkthrough, sign, and get the keys.

The one thing to remember

Most of the stress in buying a home happens before you ever tour a house. Do the early steps in order and the rest gets a lot calmer.

You do not need any mortgage experience to use this guide. We define every term the first time it shows up, and there is a glossary in the back. If you get stuck anywhere, a real, licensed loan officer is one call away.

Free preview · Chapter 2

Your credit: what lenders look at and how to get ready

Your credit tells a lender one thing: how you have handled borrowed money in the past. It affects whether you qualify, which programs fit, and the pricing you are offered. The good news is that it is not a pass or fail test, and you have more control over it than you think.

What lenders look at

  • Your credit scores. Most mortgage lenders pull all three bureaus and use the middle score.
  • Payment history. Late payments in the last twelve to twenty-four months matter more than old ones.
  • How much of your available credit you are using. Lower card balances usually help your score.
  • Your debt-to-income ratio. That is your monthly debt payments, including the new house payment, compared to your gross monthly income.
  • Big events. Collections, charge-offs, a bankruptcy, or a foreclosure each have their own waiting periods that depend on the loan program.

What to do three to six months out

  • Pull your free reports at AnnualCreditReport.com and look for errors. Dispute anything that is wrong.
  • Pay card balances down where you can. Paying before the statement date helps the reported balance.
  • Keep every account current. One new late payment can cost more than months of good habits gain.
  • Do not close old cards. Older accounts help the age of your credit history.
  • Do not open new credit. No new cards, no store financing, no new car loan.
  • Talk to a loan officer before paying off collections. Sometimes paying an old collection the wrong way can hurt more than help.

Shopping for a mortgage will not wreck your score

Mortgage credit checks made in a focused shopping window are typically counted as a single inquiry for scoring purposes. Do not let that fear keep you from getting pre-approved.

If your credit has a few dings

Different programs have different flexibility. FHA was built for buyers whose credit has a few bumps. Some lenders also have their own extra rules, called overlays, on top of the program guidelines. That is a big reason a broker matters: when one lender's overlay says no, another lender in the same program may say yes. A loan officer can also run a free scenario to show which changes would move your score the most before you apply.

A couple holding the key to their new home

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Common questions

How long does it take to buy a home with a mortgage?

Getting pre-approved can happen in a day or two once your documents are in. After your offer is accepted, most purchase loans close in roughly four to six weeks, depending on the loan type, the appraisal, and how quickly paperwork moves.

What is the difference between pre-qualified and pre-approved?

A pre-qualification is usually a quick estimate based on what you tell a lender. A pre-approval means your credit, income, and assets were actually reviewed against real lender guidelines, which makes it far stronger when you make an offer.

Do I need a big down payment to buy a home?

No. A larger down payment mainly helps a conventional loan avoid mortgage insurance. It is not a requirement to buy. FHA, VA, USDA, and conventional programs all have lower down payment options for buyers who qualify, and down payment assistance programs exist in every state we serve.

Is a mortgage broker more expensive than a bank?

Not usually. A broker is paid through the loan like any other lender, and because we compare pricing and guidelines across many wholesale lenders, buyers often find better terms or a yes they could not get elsewhere. Your Loan Estimate shows every cost so you can compare.

Is this guide free?

Yes. Download it instantly, no cost and no obligation. It is educational only and is not a commitment to lend.

Keep learning

FHA LoansVA LoansConventionalUSDA LoansFHA vs. Conventional LoansVA vs. Conventional LoansUSDA vs. FHA LoansHow a Mortgage ClosesMortgage Calculators

More free guides: The Agent's Edge and The Investor's Financing Playbook.

This guide is for general educational purposes only. It is not a commitment to lend, a loan approval, or a Loan Estimate, and it is not legal, tax, or financial advice. Loan programs, guidelines, and terms change and are not available in all states. All loans are subject to credit approval, underwriting guidelines, and property eligibility. East Coast Mortgage is an independent mortgage broker, NMLS #2354674, licensed in Virginia, North Carolina, Michigan, Ohio, and West Virginia. Equal Housing Opportunity.

Sources

General information, not advice for your specific situation. Program rules come from the agencies above and from each lender, and they change. A licensed loan officer confirms what applies to you.

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NMLS #2354674 · Equal Housing Opportunity · Not a commitment to lend