How I Bought My First Home: A 24-Year-Old Engineer in Maryland

This week, I chatted with Noah*, a 24-year-old engineer in Maryland.

First-time homebuyers often face challenges like limited inventory, rising prices, and competition from cash buyers.

This range wasaffordable for my current salaryincluding the additional insurance, utility, and tax costs.

To calculate this, I usedonline toolsto roughly estimate what size loan would provide me with comfortable monthly payments.

What should first-time homebuyers know about mortgages?

Don’t expect the first mortgage offer you receive to be the best one.

I recommend comparison shopping with at least two, but preferably three lenders to fully evaluate your options.

Roughly half of my monthly take-home income goes toward mortgage payments (49%).

My biggest regret as of right now is that I waived the home inspection prior to closing.

The only major unexpected cost came with the AC system repair.

Don’t get emotionally attached to any one house early on.

It’s very easy to get attached to a property while on a tour or during an open house.

There will always be another home that you’ve got the option to win and make your own.

Keep hard copies of all the documents you receive at closing.

I first reached out to my real estate agent’s team on Feb 28th, 2023.

In total, the home-buying process took me between seven and eight months.

*Name changed to keep the subject anonymous.

This interview has been lightly edited for clarity.