NerdWallet's Smart Money Podcast

From Broker to Budget: How to Buy or Sell a Home in 2025

Mar 24, 2025
Guest
Kate Wood
Guest
Jonathon Haddad
Jonathon Haddad, President of Next Door Lending, brings his mortgage brokerage expertise, explaining the financial benefits of using a broker, including potential savings of over $10,000 in interest. Kate Wood, NerdWallet's mortgage expert, tackles budgeting strategies for home buying, highlighting overlooked expenses first-time buyers face. They explore the ins and outs of mortgage shopping, the impact of down payment sizes, and how to navigate today's changing housing market, equipping listeners with essential knowledge for informed decisions.
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ADVICE

Improving Loan Terms

  • Aim for a 760 credit score and a 40% down payment for the best conventional loan rates.
  • Consider down payment assistance programs if a large down payment isn't feasible.
ADVICE

Down Payment Options

  • Research different home loan types (conventional, FHA, VA, USDA) to understand down payment requirements.
  • Conventional loans can require as little as 3%, while VA and USDA loans may not require any down payment.
ANECDOTE

20% Down Payment Regret

  • Kate Wood regrets making a 20% down payment on her home.
  • She could have stretched her budget or had more cash for home improvements with a smaller down payment.
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