In Episode 6 of Good Money Moves, I dive into the intricacies of the home buying process with Andrea Allen, Chief Revenue Officer at First Alliance Credit Union. We explore essential steps for prospective homebuyers, starting with understanding your credit score and income stability. Andrea emphasizes the importance of setting a realistic budget and discusses the role of pre-qualification in empowering your home search. We also cover key factors like debt-to-income ratio, loan-to-value, and the often-misunderstood private mortgage insurance. Whether you're a first-time buyer or looking to refresh your knowledge, this episode provides valuable insights to help you navigate the journey to homeownership with confidence. Tune in to equip yourself with the knowledge needed for a successful home buying experience. For more resources, visit https://www.firstalliancecu.com/. Time codes: 0:00 intro 1:36 - How to Prepare to Buy a House 2:36 - Is Income a Major Factor 3:48 - What is the First Step 7:00 - What does Getting Preapproved look like 9:10 - Other Factors That Lenders Look At 11:08 - Down Payment - Lets Talk About It 13:55 - Private Mortgage Insurance 16:31 - What Happens After Your Offer is Accepted 19:35 - Closing Cost First Alliance Credit Union is federally Insured by NCUA & an Equal Housing Lender