March signals the beginning of homebuying season as the weather improves and more sellers list homes after waiting through the slower winter months. 

Some buyers will wait in hopes of aligning closing with the end of school year; thus, buyers in March may have less competition and more options.  

Before scrolling Zillow, open houses, and finding a real estate agent, let’s discuss things you need to implement.

Define Your Priorities. 

Think about what you need in a home, make a list, and then prioritize #1-25, as not everything can be #1 or 1A. Consider factors like location, bedrooms, outdoor space, designated areas (i.e. office, kids’ playroom), open concept, amenities, etc. Also know your preferences: move-in ready v. fixer-upper, few neighbors v. neighborhood, and public v. private school. And whatever you do, don’t let listing photos redefine your priorities. 

Do Your Research. 

Research the local market to understand pricing trends and gain an idea of what to expect when making offers. Learn what’s going on with schools, public safety, property taxes, new ordinances, and city/town infrastructure. Also, if you don’t want to live on a busy road, know the existing commercial and industrial zones.

Get Pre-Approved for a Mortgage. 

This shows sellers that you’re a serious buyer and can afford the property. Pre-approval also helps you understand how much you can borrow. Don’t confuse pre-approval with ability to pay, as an underwriter is viewing your financial situation today - not what you have planned.

Explore Loan Options. 

When buying a home, securing the right mortgage is critical. Here are some common types:

Conventional Loans – Not backed by the government, these are offered by banks or private lenders. Down payments are 5-20% with required credit scores higher than 620, best rates for scores 780+. Benefits include competitive rates and flexible terms, however, there are limits on the amount borrowed. 

FHA Loans – Government-backed Federal Housing Administration loans are designed to help first-time homebuyers or those with lower credit scores qualify for a mortgage. Down payments are as low as 3.5% for credit scores of 580 or higher. While lower down payment and easier to qualify, Private Mortgage Insurance (PMI) is required, which increases overall costs. 

Jumbo Loans – A type of mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Down payments are often 20%+ with higher credit scores, incomes, and investment assets. 

Adjustable-Rate Mortgages (ARMs) – Offer a lower initial interest rate for a fixed period, typically 5, 7, or 10 years, then adjusts based on market conditions. Down payments are 5% or more with eligibility similar to conventional loan requirements. Ideal for those expecting to refinance or move again in 5-7 years. There’s a risk of higher payments as rates adjust or if the refinancing or move doesn’t (can’t) occur. 

Understand the Full Costs.  

At closing you may need more than the down payment, this includes escrow (property taxes and insurance), prepaid interest, and other closing costs for $5-15K additional. This can be rolled into the mortgage, so get a breakdown from your lender to avoid surprises. 

About that Financial Plan.

As a CFP, I’ve helped many clients with their homebuying (and selling) process. What eases stress is knowing what happens AFTER moving into your new home. Knowns include a new monthly budget, adjusted cash flow expectations, spending timelines on renovations, and any short-term lifestyle compromises. Additionally, we’ve run scenarios planning for the unexpected, family additions and/or desire to change jobs for greater work/life flexibility. 

Through planning, you’re confident in aligning your home with your financial independence.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Glenn Brown is a Holliston resident and owner of PlanDynamic, LLC, www.PlanDynamic.com. Glenn is a fee-only Certified Financial Planner™ helping motivated people take control of their planning and investing, so they can balance kids, aging parents and financial independence.

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