A first-timer's guide to your home loan
Home Loans · 8 min read · By Daniel Okafor, Oakspire lending officer
Start with what you can carry, not what you can borrow
Approval amounts describe the ceiling — your budget describes the home. A good rule: principal, interest, taxes, and insurance together shouldn't exceed 28% of gross monthly income. The Oakspire app's home calculator runs that math with local tax rates built in.
Down payments surprise most first-timers twice: first, that many programs accept far less than 20%; second, that closing costs add another 2–5% on top. Plan for both, and keep three months of payments reserved after closing day.
Pre-approval is your superpower
Sellers take pre-approved offers seriously, and you'll shop with a real number instead of a guess. Oakspire pre-approvals take about a day, stay valid for 90 days, and cost nothing. Bring pay stubs, tax returns, and bank statements — we'll handle the rest.
When you find the one, we lock your rate, explain every line of the closing disclosure in plain words, and sit with you (literally, if you like) at the signing table.
Your three-step start
- Run the home calculator with your real income and debts
- Gather two months of statements and last year's return
- Get pre-approved before your first open house
Ready to talk numbers?
Get pre-approved in about a day — free, and with zero obligation.
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