Smart Move!

The Fall market may not seem like the ideal time to purchase your DREAM HOME,
but you may discover that with less competition, NOW may be the BEST time to buy!

Take a step closer to your dream home by filling out the form below!

(it only takes 45 seconds!)

By submitting this form you agree that Summit Mortgage may call or email you.

If you’re thinking about buying a home, excitement is one of the first things you’ll experience.

But underneath all that enthusiasm, there are certain to be plenty of questions lingering. Here are some common home buying concerns that might come up when you consider if you can afford a home – and six ways to get past them.

1. “I don’t have 20% down”

Along with bell-bottoms and paper maps, the 20% rule has definitely gone out of style. In fact, for an FHA loan, the minimum down payment required is just 3.5%. That percentage decreases even further when using a conventional loan, which start as low as 3% down.

2. “I still have debt from college”

Rising student loan debt has caused this generation to hold off on buying homes. According to an article from USA Today, more than half of student loan borrowers say their amount of debt affects this decision. However, this need not be the case. One option is to minimize debt from your other loans. By paying off as much debt as possible from your credit cards and car loans, you lower your debt-to-income ratio, thus raising your chances of getting a loan and making it easier to afford mortgage payments.

In this same vein, a second option is to further diminish this ratio by refinancing or lowering your monthly student loan payments. There is a trade-off: refinancing results in losing some federal loan perks, and lower monthly payments can result in higher interest rates over time. However, if you’re comfortable with this, a lower monthly student loan payment may get you closer to qualifying for your dream home.

Note: If neither of these options work for you, that’s not a problem. Student loan debt is ultimately just one piece of the puzzle in terms of your debt-to-income ratio. Depending on your income and other expenses, it can hold a surprisingly small amount of weight.

3. “I still want to live in the city”

Slow down. Buying a house does NOT necessarily mean sacrificing your city life for the suburbs. Yes, more populous cities do have a reputation for being pricier, but you never know what you can afford until you ask a loan officer. There are also many other ways you can cut down city-living costs in order to afford a home there. Taking public transportation, volunteering at a co-op to get discounted groceries or hitting up secondhand shops for furniture and clothes are some alternatives. Simply, get creative. If you have the will to stay in the city, there’ll be a way.

4. “It’s a seller’s market right now”

A seller’s market simply means the demand for homes has outweighed supply. Although buyers will have to be more competitive in their offers, this doesn’t mean it’s impossible to find a good home in your price range. Financial expert Dave Ramsey suggests resetting your expectations. It’s more important to focus on buying in the best neighborhood rather than searching for the homes with the best features; these can always be upgraded later on. Additionally, be sure to check the home values in the neighborhoods you’re interested in. If they’re steadily climbing up, it’s a sign of a good investment.

5. “Apartments are cheaper”

Actually, this couldn’t be further from the truth. Perhaps the monthly payment of an apartment is lower than that of a mortgage, but when you’re paying rent on a property you don’t own, you’re essentially burning your money. There’s no return on investment. When you put that money into a mortgage, you start building equity, and you make a real investment.  

6. “I have no idea what I can afford”

… And that’s OK. You aren’t expected to know exactly what you can and can’t afford—that’s where loan officers come in. They can help you calculate your mortgage budget based on your income and expenses and walk you through the pre-approval process.

Figuring out how to afford a home can seem like a complicated situation at first. Fortunately, Summit has solutions for every concern you may have. Our company has more than 30 years of experience in home financing success, so we’ve got you covered. Contact a loan officer today for a rate quote, to get pre-qualified or simply to chat about your many options.

APPROVED offers work harder in low inventory markets.

A pre-approval from Summit Mortgage is a great strategy to get your offer to the top of the list. Our company is respected and recognized by real estate agents working hard to get their clients to closing.

We’re excited to meet you!

By submitting this form you agree that Summit Mortgage may call or email you.

Summit Mortgage is one of the highest-rated mortgage lenders on

© Copyright 2022 – Summit Mortgage Corporation, NMLS# 1041

9600 54th Ave N, Plymouth, MN 55442

Summit Mortgage Corporation licensed as Summit Home Mortgage, Inc. in NC, OR, UT, and WA; 9600 54th Ave N, Suite 100, Plymouth, MN 55442; AZ Mortgage Banker license 1038277; CA – Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; MN – This is not an offer to enter into an agreement. Any such offer may only be made in accordance with the requirements of MN. Stat. Section 47.206 (3) and (4); Licensed by the N.J. Department of Banking and Insurance; WA – CL-1041; NMLS ID #1041 (

In New York: Achieve Home Mortgage in lieu of true name Summit Mortgage Corporation.
This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.